Land: Research your needs

In order to end up with the land best suited to your needs, you have to clearly understand what you are looking for and what options are available to you. This is done by researching in two areas.

Firstly, you research the market to find out what kinds of land is available, familiarizing yourself with the different features, styles and price ranges etc. Secondly, you examine your own unique requirements in land.

Research the market: Land essentials

The first part of the research step is to investigate just what's available in the land market. The range of options can seem daunting, but you can make a good start by understanding the following major features:

Situation: Almost any type of land can be sold as a building plot but some is more expensive to build on than others. Blocks that are steep, isolated, have difficult access or certain legal or environmental restrictions attract higher building costs and may limit the types of houses that can be erected.

Plot Size: Consider carefully not only the size of the building that you intend to put on the plot but also vehicular access around the structure during the build and the delivery and storage of building materials. Larger or rural blocks may have a 'building envelope', which is the only place on the block where a house may be located; check that this allows you to site your house in a desirable position.

Subsoil: Find out as much as you can about the subsoil as different foundations are needed in different circumstances. Certain soil types require more extensive landscaping or retaining walls and may limit the type of buildings that can be sited on the land.

Cost: Land prices vary radically and can depend on the seller as much as the market forces. As a rule city plots are the most expensive per hectare (1000 square metres) and can be 150% higher, or more, than a similar plot in a smaller town. A rural plot of the same size could be much less expensive than a city plot.

Research your needs: Questions to ask yourself

Now it's time to determine what your requirements are in land. For example, will you use the land only for an investment?

You can start this process by considering the following questions - as well as any others you think of yourself - and recording your answers.

Have I bought land before?
	If you have bought land, work out what you did or didn't like about the land and the buying process. You may be looking for a block exactly like it, hoping to upgrade, or even trying to avoid any particular features that you found negative, with respect to the land itself and the purchase of it.

What do I want to use the land for?
	Perhaps it will be used to build a single dwelling or you might be building additional houses to sell, to help finance your project.

Is location important?
	You might be restricted to living in a certain part of the country or you could want to start a new life in a remote area. Perhaps it is important that the plot is not overlooked by neighbors.

Is there a minimum size building that I am prepared to consider?
	Many plots have existing outline planning permission which can be difficult to change should you wish to build a larger house. It pays to think carefully about the house design prior to buying the plot.

Will there be enough room to store materials during the build?
	Building materials such as roof trusses and prefabricated elements can be bulky. Make sure there is sufficient ground area to store them otherwise it could make the build more complex.

How much will service connection cost?
	Some plots already have water, gas, electricity and drainage services on site; others may need to be connected over a distance at considerable cost.

How much do I want to spend?
	The ratio of land cost to building cost will vary. In cities the plot may cost as much, or more, than the house, in the country it could be one third of the actual build cost.

Understanding your needs is the key to a successful purchase and you can revisit your list of needs at any time during the buying process.

Once you complete this Research step, having informed yourself about the essentials of land and identified your needs, you are ready to move on to the next step: Evaluation.

Video Links

Buying & Reselling Land In Florida - Promo
Promotional video for a book which gives tips for buying land in Florida and reselling if for profit. (3m 0s)