Purchasing Small Lot - Questions (sales, lawyer, homes)

[svband76]

Hello kind and informative people. I am considering purchasing a small 2 acre lot in a tiny rural subdivision.

Listing agent/company is reputable. Land owner is offering financing but I am thinking a cash offer would get a better deal. Not sure which is better. Hire a lawyer to look things over? Thinking yes. And for budgetary purposes I'm trying to picture a 3-5 year timeline to get property ready and small cabin built. Any advice or suggestions, comments would be much appreciated. Thanks everyone.

[atlantatomaine]

I just bought 4 acres...paid cash...did title search...all the properties I wanted sold within a day...I lost out on 2 properties...my property is near highway 1..there is an unpaved driveway with a clearing established...good luck.

[OutdoorLover]

Suggestions:
Find the zoning map for the town, and then review the zoning ordinances for the town in this zone, to ensure that whatever you have planned isn't in conflict with them. Check also if there are any restrictive covenants (from the developer and/or any HOA) on the land that conflict with your desires.

Check to see if there is any "builder tie-in", meaning if you buy said lot, you are obligated to work with a given builder who is the developer. Mind you, that's not necessarily a bad thing, but it might be something you care about.

Use a realty website and investigate closed sales in the town within the past 3 years to help you establish what fair value is.

Since it's a small development, if anyone is already living there, pay a visit and chat up your would-be neighbors to find out what their experiences working with the seller and living in the neighborhood have been.

[nm9stheham]

The above is a very good post. I'll add that you ought to view the property and look at 'how the land lays'; having the lowest lot in an area, or on the edge of, or in, swampy ground, can be a drainage problem for the owner; low, wet land can be a misery, may present troubles in putting a septic system, and end up with a damp crawl space or basement if that is the plan. Also, ask about the water source, or do you ahve to drill a well.

[OutdoorLover]

And along those lines, re various water issues... many creeks and rivers in New England have a tendency to flood in early spring, sometimes spectacularly. If the homesite is anywhere near a creek or river, check the ground elevation relative to that water surface. I am just pulling these figures out of the air, so, la caveat emptor, but if the homesite is 30-ft or more above the elevation of a nearby creek or river, I am not worried about that water making it up there... but if it's 10 feet or less above a nearby creek or river, I get curious to find out more about flooding risks.

[svband76]

Thanks so far to eveyerone - great suggestions.