Find Look for a company that will buy your lot to build a house, or contract your property. When the supply of vacant land increases, you can expect the market price of your lot to go up as well. Ask if the construction company has a surety bond
A surety bond provides protection by eliminating unqualified contractors. Before a construction company can get a surety bond, they go through a strict prequalification process to determine whether theyre capable of executing a given contract. Since the bonding capacity of the company affects their ability to get work, they give more information to the surety provider. If the construction company has a surety bond, you can have peace of mind knowing that they can finish the job within the specified schedule.
Verify zoning restrictions
Make sure that the property can be used for your desired purpose. You can ask the selling agent about land use laws and zoning restrictions for the property. If the agent is unsure about the zoning laws in the area, you should contact the county or city government. In case you're buying an undeveloped lot, have it re-surveyed first to determine and verify where the property line is.
Dont forget to conduct your own research
If you're working with a real estate agent, make sure they're telling the truth about a purportedly budding area. You should do your own research, by asking local businesses if the place is indeed growing. Since the real estate agent wants to close the deal as soon as possible, you may only get a couple of days to make a decision. Make it clear to the agent that you want to have several real estate properties to pick from. This will help you evaluate up-front costs and long term returns.