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Monthly Archives: January 2017

Tips To Subdivide Property

Acquire The Property

Basically, you cannot subdivide and sell a parcel of land if you don’t rightfully own a certain property. Perhaps, you already own the parcel of land or maybe you have stumbled on the property you fancy to buy. Before you subdivide the land, you have to acquire the land free and clear.

Research The Zoning Ordinances In Your Locality

Explore and learn more about the county records to know all the zoning ordinances in your locality and get familiarized with city utilities. Work with a title and abstract company to conduct an intensive title search of the property, in case you do not yet own the property. This will provide you information regarding the current status of the property. Moreover, you will be able to discern if there are liens filed against the land. Working with a title and abstract company allows you to verify first the title before you buy the real estate.

Survey The Land

Survey the perimeters and boundaries of your property. A preliminary survey is performed as a fundamental step of your buying process, which will be conducted by a certified land surveyor. In this phase, the surveyor looks into their findings, dimensions and measurements next to the county records to find a blue line survey that will provide an officially authorized description of your property. In case you already acquired the property, you need to you need to survey only the portion of the land you want to subdivide from the rest of the property you own.

Identify The Division

Decide on how you want your land or a portion of your property to be subdivided. If you want to split the whole piece of real estate into single lots, you have to work with a land survey specialist all over again. To make the measurements, have a look at the individual lot sizes. You need to identify where the streets would be situated and how much space you want to divide each plot. Furthermore, provide an area for right of way, utility easements, drainage areas or park areas.

Plat The Property

Once you and your surveyor subdivided the property, you have to plat the property once you have finished the development plan of your property displaying all the subdivided parcel of land. Then, file the plat in the county tax office. This process is also a way of informing the tax office that the land is being developed and will be altered from being taxed as acreage to individual plots assessments in the upcoming years.

About Housing And Land Valuations

What to expect during a home valuation

During a home valuation, there will be certain factors looked at, that will enable your valuer to determine how much your property is worth or how much you should get for it. When the valuers visit your property, they will measure it, and make notes about the details of it, such as the structure, any faults in the structure, the rooms, the layout of the house, the presentation and the fixtures and fittings. After this, any improvements made to the house will be looked at. If you have made recent improvements to the house that make it better, then you will be able to sell your home for a lot more than if you had only made certain improvements to it that did not enhance the functionality of the house. The age of you home will also get judged, as this is a big factor when it comes to pricing. Then the house will be compared with others of its type, meaning that an overall aggregate of its value will be reached.

What to expect from a land valuation

When you own a piece of land, there are a lot of other factors that come into play, namely whether or not the land is for commercial, farming or residential use, and where it is zoned. You cannot for instance, sell a piece of residential land at the cost of a piece of commercial land, if it is not in the correct zone. There are some zones that do not allow for the operation of commercial business. A piece of land that is available for farming will be valued in how arable it is and also what types of produce it can grow. The better the climate and the more arable the land, the more expensive it will be. In terms of commercial land, the better located it is to arterial routes and ports, the more expensive it will be to buy.

Information about Land for Sale

Buying a house isn’t a terribly difficult process. You usually know what you like and what you’re looking for, so it’s easy to tell if the property is a good fit or not. But when you’re buying property without a home, it can be a more challenging process to make sure the property is a good fit for your building needs. Here are some key qualities to look for when you’re buying land.

Get to know the land for sale. Walk every foot of the property until you’re familiar with it. This will help you determine what would need to be done to the landscape, such as clearing trees or leveling it for building. You’ll also get an idea of what access you’ll have to utilities and which ones you’ll need to have installed. You will have to determine for yourself whether a lot that requires a lot of work is worth paying a lower price for than a lot that’s already cleared and set up for utilities.

In addition to getting to know the land, get to know the people. You’ll probably want to know your neighbors, even if they aren’t too close by. They may be able to give you key information about the lot you’re looking at, like if it’s prone to flooding. Neighbors can be a great resource when researching the land for sale.

Once you’ve picked out a property you want to purchase, you’ll need to go through all the different departments and commissions for more information on building codes, zoning, and everything else your area requires before building. The tax assessor will get you additional information that will affect where you can build and what you can do with the property. Once you’ve gone through all this red tape, you’re able to take the next step to buy that land.

Now you’re ready to visit a lender offering a land-buying mortgage program. These “land loans” usually have different terms than regular mortgages, including shorter repayment terms and significantly higher interest rates. They also tend to require a much heftier down payment because they’re riskier than typical home mortgage loans, so make sure you’re financially prepared for this purchase. You’ll also need to secure a construction loan for building a home.

Buying Farmland

Buying farmland can be an alluring prospect to many, for a host of different reasons. Whatever your reasons may be; it’s imperative to have complete knowledge of what you are getting into, because the legal processes are typically more complicated when it comes to purchasing agricultural land.

Depending on the state you belong to, there are certain laws that will prevent you from purchasing farmland, unless you can prove you have a background in farming, or own another plot of farmland. These laws are in place to protect the integrity of farmers, and to prevent complete urbanization of agricultural land in the country.

That being said, it is not impossible to own a piece of farmland. It depends on how you plan to utilize the plot. Read on to familiarize yourself with the pros and cons of such an investment.

Advantages of Buying Farmland

Owning agricultural land can generate one of three main incomes; you can get income from selling the crops and produce, by leasing it out to a farmer, or from renting out a house built on it.

  • Perhaps the one advantage that tempts people to invest heavily on agricultural land, is tax exemption. The profits you make from your farmland, will not be subject to wealth tax, which is a kind of tax typically levied on profits made from properties.
  • You can also plant your own crops and apply for government grants, if you’re ready to invest your time and energy. You can rent out your land to other farmers and share the profits, but that would depend heavily on various natural factors.
  • You can opt to do crop sharing, and let someone else plant crops on your land. You can take a portion of the dividends as payment. This way, you can ensure that your land is also looked after. You can reap big benefits on the long run. You can receive tax credits, or even divide your land and sell it for a hefty profit.

Disadvantages of Owning a Farmland

  • The major disadvantage would be, adjusting to the drastic change in lifestyle, since you’d have to move closer to your farmland, which is likely to be found in a rural area. Even if you don’t, travelling regularly to your plot to ensure its upkeep will take up a lot of your time. Unless you have a trustworthy relative or friend staying nearby, you’ll also have to invest heavily in protecting your land from encroachers.
  • If you plan on leasing out the land to a farmer, the profit you reap depends on the quality of the crops grown. Too many extraneous variables like weather and water supply, affect the produce, making for unreliable earnings.
  • There are laws in place restricting the construction of a farmhouse or a holiday house on your agricultural plot. You’ll need to be well versed with these additional laws in order to avoid legal hassles.