When looking to invest in real estate, few people ever consider the prospect of buying vacant land. For many, real estate means buying developed property that is bound to bring in a steady stream of cash. However, one of the core benefits of buying vacant land is that you get to decide what kind of investment project to use it for. Here then are some of the considerations you should bear in mind as you look for land for sale in Okeechobee FL.
The first thing you should research on is the local zoning regulations. It is a well known fact that many areas in Florida are urban. This means zoning regulations are not the same throughout the state, with jurisdictions such as Okeechobee having their own distinct laws. Certain land activities may be prohibited within a jurisdiction depending on how it is zoned.
Luckily, finding out what the law says about your area should not be hard. All you should do is contact the authorities responsible for zoning within that jurisdiction. This is information that is available to everybody. Once you get the information you need, you will know whether purchasing the parcel of land is the right thing to do based on the intended use.
Zoning classification usually covers five areas. This includes residential, commercial, agricultural, industrial and mixed usage. Each of these classifications only permits the construction of specific types of properties. For this reason, you might want to ask the department what kinds of buildings you will be allowed to construct.
Topographical and geological aspects are equally important to bear in mind. The subsurface terrain in most of Florida is known to harbor vast deposits of limestone. As such, some areas in the state often make news headlines owing to the proliferation of sinkholes. Also be sure to check for flood zones, ravines and cliffs. A parcel with a very steep and uneven surface may pose a serious challenge when it comes to construction.
Nowadays, you can do all the inspection you need without having to be on site in person. There are many free online tools to choose from, with Google Earth being one of the renowned options. This notwithstanding, you will require a good internet connection to view topographical features such as cliffs and hills clearly.
Taxation is a major thing to consider too. Taxation rates are often calculated annually based on property value. As such, large pieces often draw higher tax rates than smaller ones. This is something that you should be able to get information on from the local administration. Needless to say, the annual rates in many areas in America fall in the range of one to four percent of the total property value.
Lastly, only purchase a parcel that has easy access to the relevant public utilities for maximum resale value. However, this should not be a key concern for buyers who are intent on off grid living. The most fundamental utilities to have in close proximity are electricity, sewer lines and piped water.
The first thing you should research on is the local zoning regulations. It is a well known fact that many areas in Florida are urban. This means zoning regulations are not the same throughout the state, with jurisdictions such as Okeechobee having their own distinct laws. Certain land activities may be prohibited within a jurisdiction depending on how it is zoned.
Luckily, finding out what the law says about your area should not be hard. All you should do is contact the authorities responsible for zoning within that jurisdiction. This is information that is available to everybody. Once you get the information you need, you will know whether purchasing the parcel of land is the right thing to do based on the intended use.
Zoning classification usually covers five areas. This includes residential, commercial, agricultural, industrial and mixed usage. Each of these classifications only permits the construction of specific types of properties. For this reason, you might want to ask the department what kinds of buildings you will be allowed to construct.
Topographical and geological aspects are equally important to bear in mind. The subsurface terrain in most of Florida is known to harbor vast deposits of limestone. As such, some areas in the state often make news headlines owing to the proliferation of sinkholes. Also be sure to check for flood zones, ravines and cliffs. A parcel with a very steep and uneven surface may pose a serious challenge when it comes to construction.
Nowadays, you can do all the inspection you need without having to be on site in person. There are many free online tools to choose from, with Google Earth being one of the renowned options. This notwithstanding, you will require a good internet connection to view topographical features such as cliffs and hills clearly.
Taxation is a major thing to consider too. Taxation rates are often calculated annually based on property value. As such, large pieces often draw higher tax rates than smaller ones. This is something that you should be able to get information on from the local administration. Needless to say, the annual rates in many areas in America fall in the range of one to four percent of the total property value.
Lastly, only purchase a parcel that has easy access to the relevant public utilities for maximum resale value. However, this should not be a key concern for buyers who are intent on off grid living. The most fundamental utilities to have in close proximity are electricity, sewer lines and piped water.
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Get an overview of the factors to consider when purchasing property and more information about land for sale in Okeechobee FL at http://www.tucker-group.com now.
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