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Land Buyer's Checklist: Part II - Location, Zoning, Taxes

Land Buyer’s Checklist: Part II - Location, Zoning, Taxes

Last month, I began a series of posts on what land buyers should consider before purchasing land (see Land Buyers Checklist: Part I – Due Diligence). Remember that we call the research to ensure that a property satisfies all of the buyer’s criteria “due diligence.” Last time, I discussed due diligence on access, boundaries and deeds. Today, we’re on to the next group of considerations.

Location

The location of the land for sale is an important consideration. The owner’s primary use, whether it’s for investment, recreation, a second home, or a blend of these uses, will dictate where the property is located.

For those seeking a recreational get-away that can be visited on the weekends, many buyers try to limit the travel time to about a half day’s drive. That way, one can sneak out of work on a Friday afternoon, drive about four hours, and be grilling steaks on the deck over-looking Lake Margarita by dinner time. Other buyers, seeking more remote retreats, may only need to have a local airport within an hour of the property with someone local to drive them the rest of the way. Keep in mind that “remote” has many meanings and is sometimes more of a feeling than an actual geographic location.

Timberland investors who may need to visit the property once a year can acquire tracts in any part of the country or even abroad. In the Northeast, most large (> 500+ acre) investment-grade tracts are located in the northern regions and require a good day’s drive from Boston or New York. While the actual location may not matter for timberland investments, there are three important location related attributes that timberland investors must consider: 1) a good road system for hauling forest products; 2) a variety of wood markets within the region; and 3) availability of forestry services and an established logging and trucking workforce.

 

Source: Landthink 

 

 

 

 

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