There are many aspects of the lot and surrounding property that can have a huge impact on the desirability and value of a home. A few things to examine before writing that offer:
Boundaries and Encroachments – Find out where your lot ends as well as any building setbacks. Are all fences, sheds, and structures located far enough away from the property lines? Is there room to add onto the house or build a deck in the future? If necessary, consider getting a professional survey.
Easements – Electric, gas, water, and other utilities may have been granted permission to run their lines on your property. Make sure any of these easements won’t negatively affect your ability to use or improve your property in the future.
Septic System – If the waste disposal system for the house is a septic tank, find out where the field lines are located. You won’t be able to plant any trees, build outbuildings, or place a swimming pool in the septic field. If sewer becomes available in the neighborhood, you may be forced to hook up to it before the house will qualify for a VA or FHA loan when you eventually sell the house.
Police & Fire – Neighborhood crime statistics and the proximity of fire hydrants and police and fire stations can have an impact on the cost of homeowner’s insurance as well as resale value.
HOA and Deed Restrictions – If the home is in a subdivision, find out whether there is an active homeowner’s association. What is the HOA fee? Do you have the ability to opt out of the HOA? If there are deed restrictions, read them carefully. They can limit your choices on such things as fences, sheds, swimming pools, etc.