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Things to consider when buying an empty lot

When considering real estate purchases, a lot of focus is put on buying homes, businesses and other existing structures. However, there is still a lot of empty or vacant land in Arizona, and one option people have is to buy an empty lot and then build. If you're thinking about doing this, what should you be looking for?

The first thing to consider is location. Why is this particular location ideal for your needs? Buying an empty lot likely moves you out of urban centers. Will that help or hurt your goals?

You also need to consider zoning. Just because there is no structure yet does not mean the land isn't in a residential, commercial or industrial zone. This dictates what you can build and how you can use it. Don't assume an empty lot is a blank slate for you to do as you wish.

Access to utilities is big for business owners and homeowners. With some empty lots, the utilities already run along the nearest road, so hooking up the eventual structure is simple. With more remote properties, though, you may have to consider the expense of running lines.

Similarly, you want to think about road access. Is it close and easily accessible? Will you need to clear your own road or driveway? What type of expense does that add to your project?

Every property is unique, and these are not all of the factors you need to consider, but they will get you started. Make sure you understand what legal steps to take as the sale moves forward.

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  • Paul Faith David Ledyard Distinguished AV | Peer Review Rated | LexisNexis Martindale-Hubbell | For Ethical Standards & Legal Ability
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