Thursday, May 23, 2019

5 Things to Evaluate When Purchasing a New Property

Purchasing any type of property, whether for personal,
recreational use, business, or a new home can be a 
substantial investment. More than anything, you want
 to make sure you're getting a good deal and that
there's no hidden catch when it comes 
to how you use your new property.

Whether you're looking for land for sale in Michigan 
or a new house in Maine, the following criteria apply. 
However, they may be more critical if you're looking 
at empty land or a vacant lot that you intend to build 
up in one way or another.

Look at Comparable Listings
As a preliminary evaluation step, even before you visit a property, 
it's a good idea to know the going rate for what you're looking for 
and the area you're looking in. Not only can this help you make a 
stronger offer when the time comes, but it can also help you notice 
any red flags or ensure you pay attention when something seems
 too good to be true.

Discover Any Restrictions on the Property
Depending on the state or country you're looking in, 
the property you're looking to buy may have certain 
restrictions on it. In some cases, land may be set aside 
for a certain number of years with no building, hunting, 
or farming allowed. However, you can purchase it and 
intend to do these things after that time is up.

For many, this is a solid investment strategy. For those 
that intend to use the property immediately, it could be 
an issue. In some cases, these restrictions may be lifted, 
or a piece of the property may be made exempt.

Animal, farming, maintenance covenant, and home business 
rules and restrictions may also exist. To avoid hefty fines and 
penalties, later on, it may even be helpful to talk to any 
 neighbors about these issues. If your concerns are related 
to wildlife and nature, you may want to contact the local DNR.

Seasonal Issues
Snowfall and freezing rain can turn an idyllic, meandering 
driveway into a major winter-time obstacle. Further, how is 
the property's drainage? Are there trees that look weak or 
diseased? Does the property flood? These are all things that 
can add up to added costs in the long run.

Replacements and Upgrades
Are there any recent upgrades to the home or property? 
Were these made to sell the house? In some cases, choosing 
a home with a solid structure but fewer upgrades are less 
expensive, and the cost of the updates will not make up the difference.

In some cases, the owner of the property may also offer an 
allowance or credit toward specific upgrades and repairs to 
bring the property in line with comparisons and estimates.

Taxes and Utilities
Are these estimates or actual documents that prove the 
property tax and utility rates for this property or those
 in the local area? Not only can this help you estimate 
what your costs may be after purchasing the property, 
but they can also help you understand if there are any 
significant issues or inefficiencies in utility setup or 
with an existing house.

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