The Colorado land market is highly sought after by property investors, developers & people looking to build their dream homes. With its beautiful landscapes, booming economy & low property taxes, CO is an attractive location for anyone considering real estate investment. But before you buy your next piece of land there are several things you should consider.
Price
This one may seem obvious, but make sure you know your max budget before buying. You don’t want to overspend & find yourself in financial trouble. Especially if you are purchasing for investment purposes, it’s important to stay within your comfort zone. Do your research & consult with a real estate agent to understand what comparable properties are selling for in the area.
Zoning
It’s critical to understand the zoning of the CO land buyers you are considering. It will ultimately determine what you can & cannot do with your property. For example, if it’s zoned for agriculture, it might not be able to be used as a home site. Also, check to see if there are any planned zoning changes for the area. Covenants
These are the rules that have been placed upon a particular land by the local authorities. If you are planning on building a home, these can restrict the size of your home or even prevent you from building it at all.
Access
Getting your land surveyed will give you a better understanding of the exact boundaries of your property. It will also ensure that you are not being charged for acreage you don’t actually own, like when someone is assessed 150 acres but only owns 100. Check to see if the property has access to a public road, as well as if there are any easements in place.
Water Rights & Wells
If you are planning on purchasing mountain property or land that doesn’t have city water hookup, it is a good idea to have a well engineer examine the land & provide an estimate of how much it will cost to get a well dug. It’s also a good idea to have your attorney review the deed to ensure that it properly conveys any water rights.
Working with a trusted we buy land Colorado company can help you avoid potential pitfalls that could arise during the sale process. Vetting buyers thoroughly will reduce your risk of encountering unethical companies or individuals that are only interested in flipping the property quickly & profiting off the seller’s hard work. Performing due diligence includes asking for proof of real estate licenses, checking their Better Business Bureau profile, and requesting references from other sellers they’ve worked with. If a company is reluctant to divulge this information, it’s best to move on.