Florida is a lucrative location to own land for many reasons. The weather is wonderful, the business opportunities seemingly endless, and the taxes low. Whether looking to build a dream home or a commercial property there are a few important things to know before purchasing land in the Sunshine State.
#1: Location matters
The adage about location, location, location when it comes to real estate rings true. Yes, the weather in Florida is wonderful. Except when its not. Then it can be bad — hurricane bad. Make sure to check prospective locations and keep the potential for hurricane damage in mind. Is the land you are looking into in a flood plain or near an area that is prone to hurricanes? If so, do a careful risk analysis to make sure the location is right for your needs.
Other important due diligence when it comes to location will vary depending on the goals of the purchase. If looking for commercial property, make sure it meets your business’ needs. Check for possible competitors and clientele. If a home, check neighborhoods and school districts.
#2: Do not forget the legalities
There are a handful of legal hurdles to jump when purchasing land, with or without a structure already in place. A title search is important as transferring the land is very difficult if there are any encumbrances, or other claims, on the plot. This could include a former owner, heir, contractor who claims work completed without payment, or previous tax issues.
It is also important to review zoning laws. This could impact what you can and cannot do on that land.
An attorney can review the title, zoning, or other legal needs. Your counsel can then review any potential issues and come up with a plan to resolve any problem and move forward.