Buying land anywhere can feel like a big step, but buying acreage in New York’s Adirondack Park can have some additional pitfalls to avoid. Inside the Blue Line of the Adirondack Park, there are some additional factors to weigh before making your land purchase. Knowing what not to do when buying land in the ADK can save you a lot of headache and hassle.
Due to the Park’s protected status and patchwork of public and private land, there are some additional regulations to be aware of. Also, due to the rural nature of much of the area, there are some other variables to consider. Working with an experienced local real estate agent is a great first step to get your Adirondack land buying process moving in the right direction.
At Adirondack Premier Properties, we specialize in helping clients find and close the deal on their ideal Adirondack parcel. Read on for our expert tips on what not to do when buying land in the Adirondacks.
6 Pitfalls To Avoid – What Not To Do When Buying Land in the ADK
1. Shop Without Crunching Numbers First
The first step to any land purchase is to get a solid budget in place. Know how much you can afford to spend before you start visiting properties. Be aware that land purchases are often done in cash because lenders rarely provide funds for undeveloped land. Take the time up front to honestly assess how much cash you have or can secure before purchase, and determine your budget from there.
Proof of funds is also important when making a cash offer. This helps the seller feel confident that you have access to the money you claim to, similar to a mortgage pre-approval when buying a house. To be sure your cash is available exactly when you need it, take it out of any investments prior to making an offer. This will help you avoid sudden loss of funds from an unexpected market dip.
If you are applying for a construction loan to build, consider how to streamline that process by having a well detailed plan and budget in place. You’ll have a much better chance of being approved for a construction loan for a building you intend to build on the property. The structure that you build will serve as collateral on the loan.
2. Forget About Utilities
It’s easy to take for granted access to running water, electricity and sewers when you’re buying an existing house. Remember that with vacant land, these are not always a given. Forgetting to assess existing and needed utilities can be a big misstep in what not to do when buying land.
Particularly in the Adirondacks, many parcels of land will need a well and septic system installed. You may need to get an extra permit from the Adirondack Park Agency (APA) if you are near a lake, river, or wetlands. Also, be sure to double check to see if it is easy or more difficult process to bring electric to the property.
3. Overlook Permits and Surveying
Verifying documentation associated with the parcel is one thing that you definitely don’t want to let slip through the cracks when considering what not to do when buying land. Check for zoning regulations, any easements and whether there is an existing survey or any liens. If the seller provides a survey, make sure it is very recent. If not, consider paying for a new survey, so there are no questions about the property boundaries later on.
There might also be setbacks, wetlands, or topography issues which could inhibit building, or which require a geotechnical evaluation prior to building, which is expensive. Again, if you are near water in the Adirondacks, you’ll need permits from the APA. Make sure you have mineral, water, and timber rights to your property, which should show up on the title search.
4. Ignore What’s Going on in the Neighborhood
One of the biggest draws of buying land to build your dream home is the ability to customize it. Before making a final decision about land, be sure it is in a neighborhood similar in taste to your planned home. If you’re building on a lot with large acreage, there will likely be enough buffer to not have to worry about the architecture in the rest of the neighborhood so much.
If it’s a smaller lot, it may be a good idea to get to know the neighbors first. Be aware of how people could react to your potential building plans. Speaking to neighbors when you’re looking at buying an existing house may be a great idea to get a feel for an area. However, discussing your plans to build on a vacant lot can be different. If neighbors don’t like your plans, a conversation could easily lead to organized opposition to your future dream home.
Also be aware of property boundaries when avoiding pitfalls of what not to do when buying land. Especially if the land is in a neighborhood and has been vacant for years, neighbors may have encroached beyond property lines, intentionally or not. Also, know that neighboring properties have a bearing on the future value of your home. If you are the most expensive house in the neighborhood and decide to sell, you may not get the price you want. The neighboring properties will ultimately affect the resale value of your new home.
5. Miss Land Testing
Similar to a home inspection and background research on a house, a plot of land needs to be subjected to tests and checks. This helps ensure that you know what you’re buying and will be able to execute your plans to build on it.
The land’s potential for flooding or potentially poor soil conditions for building are also a concern. Any reports regarding flood risk or soil quality should be interpreted by a professional. Although typically filled with knowledge about their local area, experienced real estate agents don’t usually have the technical knowledge to interpret technical reports. They can’t guarantee that your land is a good investment based on that data.
6. Turn A Blind Eye To Restrictions and Regulations
Each local governing body has its own zones, codes and ordinances that limit what can be built on any property within its jurisdiction. Additionally, the municipality will often require certain steps and inspection processes throughout the build to ensure your structure is sound.
Examples of various requirements that may be found throughout the Adirondacks include: required setbacks from the edge of the property, mandates to build a seawall if property is on waterfront, or a percentage of the parcel being restricted from development. While there may be processes to request rule exceptions or variances, this isn’t easy, and there’s a chance you could be denied.
Zoning is the first thing a prospective buyer should check when looking at land. Depending on the type of regulations that apply, your options for building and development could be limited. For example, 2 story homes could be prohibited on your parcel because the height would block the neighbor’s views. You never know until you check.
Rather than trying to rezone a property, it’s best to keep your building vision within existing limits. Seek land that will allow you to build the home you want, but know your plot’s restrictions before finalizing the plans.
With all of these pitfalls aside, buying land and building your dream home can be amazing. Do your homework ahead of time to ensure the best experience possible. Put in the time to crunch numbers and collect data to avoid the common pitfalls of what not to do when buying land.
To get started on finding your perfect Adirondack parcel, get in touch with an Adirondack Premier Properties forever agent. Contact us online or call 518-523-3333 today!