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.
Fortunately, understanding the laws within your area of interest should be easy. You can get all the information you need by getting in touch with the local zoning department. This kind of information is always accessible in an instant to all members of the public. Once you identify the zoning classification, you should be able to decide whether the property is the right choice for what you plan to use it for.
In total, there are five general zoning classifications. They include industrial, residential, commercial, mixed use and agricultural zoning. If you intend to build a block of residential apartments after purchasing your parcel, you should ensure the area is zoned as residential and not agricultural or any other classification. Just do your due diligence by inquiring about all this beforehand.
Another critical concern is the topography and general geology of the area. It is no secret that Florida has a vast limestone base beneath its topography. You want to purchase a piece that has the least chance of developing sinkholes. Other topographical aspects to look at include the presence of ravines, cliffs and flood prone sectors. Topography is especially critical as it has a direct impact on the feasibility of constructing buildings.
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.
Fortunately, understanding the laws within your area of interest should be easy. You can get all the information you need by getting in touch with the local zoning department. This kind of information is always accessible in an instant to all members of the public. Once you identify the zoning classification, you should be able to decide whether the property is the right choice for what you plan to use it for.
In total, there are five general zoning classifications. They include industrial, residential, commercial, mixed use and agricultural zoning. If you intend to build a block of residential apartments after purchasing your parcel, you should ensure the area is zoned as residential and not agricultural or any other classification. Just do your due diligence by inquiring about all this beforehand.
Another critical concern is the topography and general geology of the area. It is no secret that Florida has a vast limestone base beneath its topography. You want to purchase a piece that has the least chance of developing sinkholes. Other topographical aspects to look at include the presence of ravines, cliffs and flood prone sectors. Topography is especially critical as it has a direct impact on the feasibility of constructing buildings.
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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