The lovely piece of property you found in Massachusetts is perfect for what you have in mind and the only thing left to do is to pay for it. Your buddies and family are also excited for you and are encouraging you to go for it. The problem is that you had not done enough research about the parcel of real estate to form a better opinion about it, and that is bugging you. You called your real estate agent who suggested that you also engage another broker since this person has more experience about raw property issues. What are some of the main things you need to take into consideration before you pay for the plot?
You will need to confirm what type of property you really want and whether the parcel you have identified is suitable. So for example you will need to check whether the plot is a residential parcel, an agricultural or farm property or it is a commercial parcel. You may need an expert broker to help you assess the property and check for any zoning issues that might arise. You may also check the location for proximity to certain school districts, as well as to get an idea about the profile of the town or city. The demographics and population distribution are also great information to have, so for example if you are looking at Cape Cod real estate you may want to look at how densely populated the area you are interested in is.
If you already have the funds to pay for the property you are in a good position to make an offer to the seller and follow through. If however you need to raise the money to purchase the property you will need to find a suitable lender who will assist you. Not every lender is in the business to finance the purchase of undeveloped Boston properties so you have to search carefully. Once you locate a suitable and willing lender you will need to qualify for the loan. For this your credit score or rating should be good. Purchasing an open and undeveloped parcel of property may make good sense if it is in an area where prices are generally cheap. In urban centers where prices are usually more expensive, you may consider finding property that contains a house from which you can earn income.
Purchasing property for commercial construction has its own set of considerations. First of all, a determination of the type of development you are interested in is crucial. Is it an office complex? A shopping mall? A warehouse facility? Whatever the needs you are seeking to fulfill, the purchase and development of the commercial property must also follow municipal guidelines and zoning laws as well as comply with certain restrictions that are applicable. Your finances also need to be robust and you may need other investors to support your project from concept to final construction. Another thing you will need for successful commercial development is a permit from government authorities for the intended development.
Please contact http://www.tazar.com If you looking for a Boston apartments for sale or if your looking for a Boston real estate jobs that has the potential to make over 150k+ your 1st year. Thank you for reading and please let us know if you like to read more about homes for sale Brighton MA.
Please note the content is not intended to be, legal or investment advice. You should consult a licensed attorney or realtor for advice regarding your individual situation.