What to watch out for in buying a vacant lot?

I'm planning to buy out a vacant lot so I can turn it to a parking lot.

I'm not well educated, yet, in buying property. I just want to know, off the top of minds, on what to avoid or watch when buying property.

I'll answer any question with additional info; if I catch them on time.

5 Answers

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  • 8 years ago
    Favorite Answer

    1) What is the zoning for the lot? CAN you use it for parking? Will you be required to spend money (maybe a lot of money) to mitigate any issues associated with the lot?

    2) What are the 'set-back' requirements? Side-walk requirements? etc.

    3) How much are the property taxes? What will the taxes be after you "improve" the lot for parking use?

    Do you have an experienced commercial real estate agent to help you assess all of the risks associated with buying this lot?

    Best wishes and good luck.

  • 8 years ago

    zoning. Depending on the zoning, you may have a problem turning it into a parking lot.

    Also, you need to see what the requirements are for entering and exiting the lot, how many cars can be parked and the rate you can charge so that you can make money.

  • Bill
    Lv 7
    8 years ago

    You need to check with the local city or county building department to see if the lot is zoned for a parking lot or commercial structure. Do this before you buy it. Good Luck

  • ?
    Lv 7
    8 years ago

    Zoning

    Municipality Regulations

    access roads

    utilities such as electrical

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  • 8 years ago

    make sure the lot you buy can be turned into a parking lot..

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