Purchasing land can seem like a monumental task to those who have never ventured down that road. There are many different laws and regulations that accompany land transactions that you never have to deal with or even think about when buying a traditional home. A few questions that you need to first consider are whether or not you want to buy a plot of land in an already subdivided location or would you rather purchase your parcel far away from the city limits?
What is the difference between an infill lot and raw land? An infill lot is a parcel of land that is located in an already developed subdivision. The surveys have been done, the land has been leveled and graded, and the parcel sizes have been marked and divided. In most cases utilities have already been run to the lots and roads and sidewalks have been paved. Also most infill lots are located in developed neighborhoods that have an established Home Owners Association which will have it's own rules and guidelines you must follow if you wish to be a homeowner in that subdivision. Your HOA dues will also go towards maintaining the common areas of the neighborhood and the cost of street repairs and other community fixes that will need to be done. Due to the fact that infill lots are ready to be built upon and are usually located closer in to a major city a buyer will pay a much higher cost to purchase a lot of this sort.
Raw land is just that. It's a piece of land that is still in it's natural, undeveloped state. The owner of the lot should have a copy of a survey showing boundary markers and perhaps has already had utilities run to the property but it isn't a guarantee. If you purchase a piece of raw land, most likely you will incur the cost of leveling and grading the land, obtaining a new survey if needed, and paying for utilities to be run to the property. Because of these extra expenses and due to the fact that raw land is generally a great distance away from a largely populated area, it is not as expensive as buying an infill lot. Raw land is almost never located in an area with a Home Owners Association meaning you usually will not have amenities such as sidewalks, street lights, or paved roads leading to your property. Raw land almost never has access to city water and sewer services so septic tanks and wells must be dug and installed at your expense.
Gilbert, Arizona has seen steady increases in land and property values since 2012. Those families and individuals wanting to escape the confines of traditional new build or resale homes are branching out to have their own custom home made to their exact specifications.
Sales information for Gilbert, Arizona Land Lots January 2016:
Total Land Lots Sold: 1
Average List price: $184,800
Average Sold price: $175,000
Approximate Total Acreage: 0.5
Average Days on Market: 514
Click Here for a list of current Land Lots for sale in Gilbert, Arizona.
There is quite a wide range of lots and locations available in Gilbert. Purchasing land does not have to be a scary proposition. Let the Gilbert, Arizona real estate experts at Zion Realty help you through the process of determining whether purchasing land is right for you. Contact us Today!