In the 1986 comedy "The Money Pit," a young Tom Hanks finds himself struggling to iPhone Repair near Burpengary a decrepit mansion that's falling apart around him. The gigantic house seems like a good deal at first - until the staircase starts collapsing and chimneys begin caving in. Important lesson: Never buy a house without doing your homework. Buying a vacant lot may not be the same as buying a house, but similar rules apply. You should always know what you're getting yourself into and how much it costs to build a house. Buying a vacant lot is an important and complex decision, just like any real estate purchase. For starters, there are plenty of reasons to buy a parcel of land. If you buy a house, it's probably so you can live in it; but with land, you could choose to build your own house, use the property as a long-term investment or even to start a business.

Property also introduces a host of issues you don't normally face when buying a house. There are all sorts of restrictions that could apply to a vacant lot; you might not be able to build a house on it at all. Here are 10 things, including everything from the basic expenses and city ordinances to land surveys and easements. Location, location, location. The old real estate adage nails our first, most basic concern in land purchasing dead on. Think about it: No matter why you're purchasing a piece of property, nothing is more important than location. If you're making an investment, don't buy land with no resale value. If you're aiming on starting up a business, don't buy land completely isolated from potential customers. And if you're building a house, buy where you can enjoy spending your time. Before shopping for a piece of land, you should develop a general idea of where you'd like to make a purchase. You can go for an exploratory drive and use online resources to help you.

For example, if you're buying a few acres of land to build a house you'll likely want to consider things like access to schools, your job, grocery shopping and restaurants. Later we'll delve into specific land concerns. When you've scored a win in both categories - community and land - you'll know you've made a good choice. If the land is for business use, choosing won't be so easy; you'll have to carefully analyze a prospective location's business value. But if you're already planning a business, you should have that in mind already. Whatever kind of land you're looking for, the costs can add up quickly even before you start construction. Next we'll hit on some of the basics to be ready for. Real estate is an investment of time and money; the more time you spend preparing, the more ready you'll be to spend your money wisely. What kind of expenses can you expect to incur when buying a vacant lot?

At some point during the purchasing process, you might want to consider title insurance. Consider it your shield against legal complications involving your property. While title insurance isn't necessarily required during a property transaction, if you apply for a bank loan or a mortgage, the financial institution may recommend you purchase title insurance to protect their investment and your own. Another potential cost to consider: a land survey. It's possible you won't need a survey done on land you're interested in buying. The land could have been recently surveyed, and with a little legwork you should be able to find out if and when a survey's been done. We'll get into surveying in-depth later, but keep in mind that you may need to hire a professional surveyor to chart out the boundaries of your property. Because surveys vary based on location and a host of other factors, it's hard to give a general estimate of how much one will cost.

In some cases, you may have to pay to have electricity and water run to your house before you even begin monthly service fees. On some land, you'll have to drill a well or install a septic system before home construction. If you're buying a piece of land as an investment, you'll bypass quite a few of those headaches. But no matter what kind of property you've got your eye on buying, you'll want to know exactly what kind of government zoning restrictions are in place. We'll discuss those next. Zoning laws govern what can and can't be done with land. Essentially, zoning laws are the reason you don't have a Walmart in your back yard or a sewage processing plant right next to a town square. Make sure you'd even be allowed to build a house on a vacant lot before buying and trying to start construction. Figuring out the basics of zoning shouldn't be too difficult.

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