People buy land for many different reasons. Some people buy land as an investment, some buy land for retirement, for their kids, or to simply build their dream home. Whatever the reason for purchasing land may be, there are some common mistakes to avoid when buying land in The Bahamas.
Here is a list of what to avoid:
Find Out If the Lot Will Have Infrastructure In Place Or Not
Many times buyers are so excited about buying land that they forget to find out if the lot that they are purchasing has infrastructure (poles, sewerage, etc) in place for when they are ready to construct their home. Land without infrastructure is less expensive than land with infrastructure.
If the land doesn’t have infrastructure in place, find out if it will be put in place by the vendor. This is where you will be able to decide if you want to purchase the lot without infrastructure if it doesn’t come with any. If you decide to purchase without infrastructure, do remember to factor in the infrastructure cost for when you are ready to build on your lot.
Know If Your Lot Is Mutlifamily, Single Family or Commercial
When purchasing vacant land you must know the zoning for that area before purchasing your lot/acreage. You dont want to be placed in a situation where you purchase a lot thinking you can build a triplex on it when that particular area is zoned for a Single-Family Home. Do your due diligence before purchasing so that you won’t make this grave mistake.
Know The Property Setbacks
When you purchase vacant land keep in mind that every area has different setback distances. Setbacks are the distance a house or structure must be from a property line (boundary). Know of this before purchasing so that you and your architect will know if the property size will be able to fit the structure you want to build.
Are There Any Easements Running Through Or Near The Property
An easement is a nonpossessory right to use and/or enter onto the real property of another without possessing it. Simply put, an easement allows a person, company or government to use your land/ pass through your land even though you are the owner of the land.
This can happen on many occasions, this can happen if you have a huge property and somehow decide to sell a portion in the back of your property but the only way for that person who bought that property to get to the main road is to pass through your property. That portion of land that will be used to get to the main road that runs through your property is considered an easement. That’s one example of an easement. You are able to find out if your lot has an easement by checking the deeds to the property.
Check Deed Restrictions And CC&Rs
When purchasing land, there are some restrictions that may be in place either by the government or by the community that you live in. Knowing the deed restrictions, covenants, and conditions, is a must when you are purchasing vacant land. You can find out more about CC&Rs here where I give a full breakdown about this.
In summary, one of the ways to avoid making one of these mistakes is by hiring a real estate agent. An agent knows what to look out for that you may not pick up on. An agent is a professional in the industry and are able sniff out an issue if there is one. In any event, do your due diligence when purchasing a vacant lot or a home.
If you are considering buying or selling real estate, reach out to me so that I can assist you in your investment. You can call me direct or WhatsApp me at 1-242-565-4758, or you can send me an email at perez@crbahamas.com.
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