After weeks of searching, you’ve finally stumbled upon a few hectares of land and bought the property. Congratulations. But, now what? What you do with your newly bought vacant land determines how valuable it will be in the future. Here are a few things you can do with raw land.
1. Protect it from encroachment.
Owners of vacant land are usually victims of land encroachment from both malicious and unsuspecting people. To make sure that your land is protected from that, set up a small construction on it.
Even better, install an aluminum fence along the perimeter of the land. GreatFence.com can help you with that.
2. Find out the regulations regarding development.
If you intend to develop the land soon, then find out what restrictions there are regarding what you can do on your property. Hopefully, you’ll have already done this before purchasing the piece of land.
But given how long these processes can be (especially when you are seeking approval), it’s not shocking to take months after the purchase to get everything done.
3. Decide exactly what you will do with your land.
As soon as you find out what you can legally do with the land, you could start making choices. This is the fun part, provided you are do some due diligence and have the capital ready.
If you want to build your home on the land, now’s the time to decide whether to build a bungalow or something more formal.
4. Draw a budget.
Even if you have enough money saved to develop the land, you still need to create a budget for the whole project. Depending on the type of building you want to set up, costs could start from $250 per square foot.
You’ll also need money for landscape, solar, and other amenities to make the property comfortable, so budget for that as well.
Buying land is only the first part of a worthy investment. As soon as the land is yours, knowing what to do with it can keep it safe besides making it more valuable to you.