What is land called that you can build on?

Undeveloped land, often called raw land, is a vacant area without any public utilities, buildings or even driveways. Often, undeveloped land is in rural areas found off county roads and could be the place to build your forever home. It can be used for many other purposes as well, including: Recreational use.

rocketmortgage.com - Buying Undeveloped Land: The Pros And Cons - Rocket Mortgage

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When it comes to buying raw land, you’ll want to do your due diligence in understanding local laws and the finances and time needed to make your purchase. These can be considered cons of buying undeveloped land, especially if you’re not prepared for them.

Larger Down Payment

The down payment to purchase developed land is typically around 15% – 25%. However, this average doesn’t hold when it comes to raw land because there’s more of a risk to the lender. Because the land isn’t ready for a build and there may not be specific plans to build or use the land just yet, the lender doesn’t necessarily have a solid guarantee for the investment. Raw land is more of a “TBD” investment – to be determined. Because of this, you can expect to pay a higher down payment on the loan, up to about 50%.

Zoning Restrictions

Zoning laws dictate how certain pieces of land can be used. They can vary by location and could end up limiting or ruining your intended purpose for the land. Before buying land, do your research on the area’s zoning laws by visiting the department of city planning or another local government office. You may also be able to find them at the library or on the city’s website.

Permitting Costs

Permits are evidence of the official approval from a local government to build or complete another action on a piece of land. There are several permits you may need to get to build a house on undeveloped land. These may include septic, well, driveway and building permits. According to HomeAdvisor, you can expect to pay $424 – $2,315 for just the building permit to build a house.

Easements

An easement allows another person or organization the right to use the property for a specific purpose. You’ll want to make sure the property doesn’t have any easements and, if it does, that you’re OK with the access that’s granted and that it won’t impede on your plans for the property. You’ll also want to make sure the undeveloped land you’re thinking of buying isn’t landlocked, meaning it’s surrounded by property owned by others and doesn’t have access to things like a main road or utilities. If the property is landlocked, you’ll need to make sure you have an easement to gain access. If the property already has an easement for this purpose, just make sure you understand your rights fully.

Time

If you plan on building on your raw land, consider your timeline. You won’t be able to move in – or build on the land – right away. And it may take longer to build on undeveloped land than developed land because you’ll need to prep the property and gain access to and install utilities.

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