6-Step Guide to Purchasing Vacant Land for Sale in Las Vegas
Buying land can be one of your greatest investments. Whether you’re looking to purchase land to develop it or build your dream home on top of, it’s important to understand the process. It will help you narrow down the search, find what you are looking for, and not end up overpaying. Here’s a simple, six-step guide to purchasing vacant land for sale in Las Vegas.
Why Buy Land for Sale in Las Vegas
Las Vegas is undoubtedly one of the most vibrant cities worldwide. Considered a top destination for entertainment, the upscale lifestyle and fast-paced living seem to be the norm. But, Las Vegas is more than just the famous Strip. In fact, there are numerous areas outside of it that offer family-friendly places for living.
If you’re considering purchasing land in Las Vegas, you should know that Sin City is one of the fastest-growing cities in the US that offers ample opportunities. Not only is Las Vegas one of the sunniest cities in the US, but it has a booming economy and a business-friendly climate. It’s worth mentioning that neither Nevada nor Las Vegas have a personal or corporate income tax.
Moreover, Las Vegas is one of the fastest-growing employment bases in the country. As a result, the city is attracting a number of established businesses relocating from other cities. Moreover, startups are looking to build their businesses from the ground up in a city with a more favorable cost of living compared to other startup hubs like Silicon Valley.
6-Step Guide to Purchasing Vacant Land for Sale in Las Vegas
Nevada is one of the top ten states to purchase raw land and offers plenty of options. Whether you’re looking for the best small or big lots Las Vegas has to offer, they all come with prices starting at $6,990. But, to find the ideal lot, you need to take several things into consideration. We did the heavy lifting and curated a simple six-step guide to help you make a more informed buying decision.
When considering lots of land in Las Vegas, you will want to check that you can actually build a residence there. Zoning regulates the property size, shape, and other aspects of the building. You can use the city’s zoning search tool to quickly research the lot.
Pay attention to the long-term land use and potential planned construction for that area. These can affect your ability to turn your plans with the property into a reality or decrease its value. You might even want to check with the city planner to learn more about this. You defenitely wouldn’t want to get stuck with a piece of land that would ultimately lose its value.
When buying land, you need to ensure you’ll be able to transform your vision about it into reality. Therefore, zoning isn’t the only thing you need to have in mind. If you’re looking at land that is part of a subdivision or is in an already developed community, there’s likely a homeowners’ association that dictates the rules in the area. Furthermore, it could command everything from the looks of your front door to the paint of your property.
Likewise, subdivisions have deed restrictions which are private agreements between the buyer and landowner. Some of the most common deed restrictions include obstruction of the neighbor’s view, removing trees, the number of bedrooms allowed, building fences, and the number of vehicles allowed to park on the property. Make sure to get copies of the HOA’s rules and regulations, as well as subdivision’s deed restrictions before purchasing a piece of land.
Other Limitations of the Land
In addition to zoning and building restrictions, some issues with the land might prevent you from building. Take into account that bad soil can impact your ability to build the type of property you want. This is why it’s wise to hire a soil engineer to examine the quality of the land and determine what needs to be done with it before assembling your home project.
Moreover, inform yourself about any environmental restrictions to ensure that the land is clear of any endangered species of animals and plants. Even in the nearby vicinity, their presence can restrict what you can and cannot do with the land. It’s a good idea to check with your city or property appraiser to better understand what’s in your area.
Setbacks and Utilities
Setbacks are governed by local, state, and federal laws and might be required in certain locations. These establish the distances in regards to different aspects of the building. Some examples are how far from the street the property may be or how close the home should be to other homes or a fence.
While planning the placement of your property, you should also confirm your access to electric, sewage, water, and other utilities. In this way you can ensure they won’t interfere with the building process or you using the property. If the property doesn’t come with utilities, see if you can install power and get other utilities to the land and how much would it cost you.
A feasibility study can help you determine whether buying the vacant land in Las Vegas you want is the right move before committing time and resources. Doing a feasibility study is costly, but not conducting one can become even more expensive in terms of the poor decisions you might make in the lack of proper analysis.
The study will inform you about everything that you need to know about the parcel. This includes cost analysis, zoning information, and land evaluation. You will be able to determine the potential of the property and ensure that you’re getting good deals on the estate for sale.
Liens and Easements
Liens and easements won’t necessarily impact your land purchase but you should know about them to avoid potential hassles. A lien is a legal notice attached to a property’s title due to unpaid debt. The property owner might not be aware there’s a lien to their property. Eitherway, you can easily check with a simple search on the county’s recorder website, notify the owner, and ensure the debt is resolved prior to buying the land.
On the other hand, easement gives a third party the right to access your property without your permission. Some easements will benefit you as a homeowner. Hence others can negatively affect your ability to do certain things on the land as you won’t be able to block or impede the easement holder’s use. Do a thorough title search to be aware of any easements to protect yourself and your investment.
There’s hardly a better investment than buying lots for sale in Las Vegas. But, that isn’t a decision you should make lightly — without proper research, due diligence, and a thorough checklist, the investment might turn into a money pit. Follow our six-step guide and ensure the land you’re planning to buy is exactly what you want. The team at Discount Lots is always ready to help in your quest if you need professional help to make your dreams of owning a land turn into a reality.
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