Before you purchase commercial property in the Raleigh-Durham area, you must carefully weigh legal, financial, construction, and aesthetic considerations. Using this Land Purchase Checklist will help you make the best decision.
Questions to Ask About the Property
As you are examining the land, keep these critical questions in mind concerning the property itself, the development potential, and the property’s location.
Legal Concerns
- Is the lot buildable?
- Are the boundaries clearly marked and outlined?
- Is there enough road frontage to build?
- Will I own the water/mineral rights?
Construction Concerns
- Is there easy access for construction equipment?
- Are there soil problems that may require extra construction?
Design Concerns
- Is the land sloping or flat?
- Is the area sunny or shaded?
- What is the wind exposure?
Additional Concerns
- Who are my neighbors?
- What is the school district?
- How close are shops, restaurants, and employers?
- Is there future development nearby?
Financial Costs to Keep in Mind
As you are considering whether to purchase the property, consider these often overlooked costs that may be associated with the land’s construction and development.
Main Costs
- Cost of land acquisition
- Legal fees
- Water/sewer fees
- Connection/utility fees
- Septic system/well
- Landscaping
- Land clearing/excavation
- Permits/fees
- Road/driveway construction
Additional Fees
- Fire protection
- Insurance rates
Choose Craft Commercial
When purchasing land in the Raleigh-Durham area, you can make the best financial decision by working with an experienced and reputable real estate team. At Craft Commercial, we want to help you find the right property and maximize your return. To schedule your appointment, contact us at 919-446-5000 or info@craftcommercial.com.
