5 Things You Need to Know Before Buying Land in Philadelphia
Before buying land in Philadelphia or any other location, it’s crucial to be well-informed to make sound decisions. Here are five things you need to know before buying land in Philadelphia:
- Zoning Regulations:
- Familiarize yourself with the zoning regulations in Philadelphia. Zoning laws dictate how the land can be used and what can be built on it.
- Check the zoning of the specific parcel you’re interested in to ensure it aligns with your intended use (residential, commercial, agricultural, etc.).
- Understand any restrictions or requirements imposed by the zoning regulations.
- Utilities and Infrastructure:
- Verify the availability of essential utilities such as water, electricity, gas, and sewage. Some parcels may not have immediate access to these services, impacting your development plans.
- Assess the quality of existing infrastructure, including roads, and consider the cost of connecting to utilities if needed.
- Environmental Considerations:
- Conduct an environmental assessment of the land to identify any potential issues such as soil contamination, flood zones, or protected habitats.
- Environmental factors can affect your ability to develop the land and may have long-term implications for its use.
- Survey and Boundaries:
- Obtain a survey of the land to clearly define its boundaries and understand the exact dimensions of the property.
- Verify property lines to avoid any boundary disputes with neighbors, as accurate boundary information is crucial for any development or construction work.
- Permitting and Approvals:
- Understand the permitting process in Philadelphia. Different types of developments may require various permits, and the timeline for approval can vary.
- Research any ongoing or planned developments in the area, as this may impact your plans and property value.
In addition to these key considerations, it’s advisable to work with professionals such as real estate agents, surveyors, and legal advisors who are familiar with the local market and regulations. They can provide valuable insights and help navigate the complexities of buying land. Thorough due diligence and a clear understanding of all relevant factors will contribute to a successful land purchase in Philadelphia.
5 Things You Need to Know Before Buying Land in Philadelphia
Much like before diving headfirst into unknown waters, you need to check the depth when you’re in the market to purchase land. You should take precautions by performing due diligence to protect yourself and your financial future.
We will cover five things you need to know before buying land in Philadelphia.
Location
Purchasing a piece of land is a significant financial transaction. You must take steps to ensure that you will see a healthy return on your investment, the long-term value dependent upon the physical location. Naturally, the intent for using the land must come into play. You should physically walk the property and ensure there aren’t issues with the site that don’t show up in listings or photos, such as less than desirable smells, sights, or sounds in the surrounding environment. No matter why you’re buying real estate, At Tristate Holdings 167 can help you assess the potential value in the future, which is an essential factor you need to know before buying land in Philadelphia.Â
Zoning
Another thing you need to know before buying land in Philadelphia is if you will be able to use the land for the intended purpose without restriction. Zoning keeps property value high, with compatible uses of land organized in one area, such as the industrial zone, to maintain the general character of a given area of Philadelphia. Zoning also prevents new development from interfering in the full use and enjoyment of previously existing properties. Often, zoning variances are granted based on lawful nonconforming use, so don’t lose all hope. Just be ready to present your case for a larger building than allowed or use outside the current guidelines.
Access Rights
Accessibility to the property from a public roadway doesn’t always exist, and this is a crucial factor you need to know before buying land in Philadelphia. Landlocked property, or land with no public right of way, brings with it difficulties that may affect your ability to use the property for the intended purpose. While it’s likely in your best interests to walk away from this piece of real estate, it’s possible to gain access rights. However, it has been the cause of feuds between neighboring property owners. Save time, money, and stress by working with a professional agent like those at At Tristate Holdings 167 to help you avoid such issues.
Permits
The ability to attain any necessary permits for the development of the property is a legal point you need to know before buying land in Philadelphia. Suppose you’re hiring a general contractor to build. In addition to building permits, they may need to obtain permits for sewer, water, and even zoning permits may be needed along with others, including any special regulatory issues, such as being in a historic district. Working with experts like those at At Tristate Holdings 167 makes it easier to help guide you through the process.
Your Finances
Consider any additional costs that may add up. Loans for raw land require more time and paperwork than conventional home mortgages. Your financial ability to see the project through completion is something you need to know before buying land in Philadelphia. Knowing all the numbers, you can garner the financing you need upfront, making the process as smooth and stress-free as possible for everyone involved. Investors like the professionals at At Tristate Holdings 167 are familiar with the time and costs to develop Philadelphia land and are here to help you reach your goal.
At Tristate Holdings 167, our job is to help you achieve your real estate investment dreams. The professionals at At Tristate Holdings 167 can help you with everything you need to know before buying land in Philadelphia. Call At Tristate Holdings 167 at 1-(888) 788-7478 or send us a message today!