Mission Viejo, California. is nestled in the heart of Orange County, with access to several nearby cities, and is just a short drive to Los Angeles. Due to the convenient location and thriving population of more than 96,000 residents, buying land in this location can be a very lucrative investment for those who do their homework. Mission Viejo isn’t as large a tourist attraction as Los Angeles, but because it’s so close, many tourists do pass through, bringing additional income to the city.
Before buying land in this area, it pays to have a clear-cut concept of what you will be building on the property, so it is advisable to choose the right area and property size as a foundation. This is because there are different city zoning laws in Mission Viejo, and certain areas are designated to be residential, retail, or industrial. To build certain structures, you may require a permit, and special permissions from the city government. Fortunately, much of this information is available on the official city website.
To avoid as much red tape and building delays as possible, it is helpful to consult with a realtor. A realtor will be able to walk you through the process of obtaining the right documentation and permits for your building. Having a list of qualities you are seeking in a property allows your realtor to create a list based on the specifications you require, and avoid choosing land that won’t work for your chosen purpose.
Mission Viejo Land for Sale & Lease
The decision to buy is a big one, but leasing, especially long-term, can be just as daunting if you’re unsure of what to expect in the marketplace and you’ve never leased land before. Leasing land usually means that you’ll also obtain access to a building. This makes leasing the property very close to leasing a retail space or commercial lot which would be measured in cost per square foot per year.
Deciding whether to lease or buy is dependent upon the future use of the land, your financial standing, and whether you’re ready to put in the time and effort into cultivating the property. Land in Mission Viejo can be a valuable investment if you build something which reflects the current need of residents. Buying land close to the business sector, for example, will increase the value of the property when you’ve constructed an office building or retail space.
Mission Viejo Land for Sale
Land for sale in Mission Viejo ranges in price from $12,000 to $800,000, depending on the size and location. Land located within residentially developed areas will run more than that on the edges of town. The larger lots are measured in acres, while small ones are quoted in square feet. If you’re planning on purchasing, you’ll find that a steep down-payment is needed. Sometimes this amount runs as high as 30 to 50 percent. The reason behind this is that financial institutions find land to be a big risk, when there isn’t a building on it to use as collateral.
Buying land is recognized as a long-term investment; unlike a building which can be renovated and flipped for a profit, land requires a lot of attention and proper maintenance. You’ll need a professional to survey the property and determine whether the land is on the city sewage system. If it isn’t, a septic tank should be installed, along with a well. Drilling a well takes days, as the depth must clear more than 100 feet in depth. The cost of this process alone can be close to $10,000.
While purchasing land in Mission Viejo takes dedication to reach income potential, it is still a good investment opportunity, especially if you have the funds to pay for the property upfront. Because undeveloped land is less costly than property which has a building in place, it is an affordable alternative for individuals who want to add real estate to their investment portfolio.
Mission Viejo Land for Lease
As with any real estate lease, the land you rent will belong to the owner, and be placed in your use for the term of a contract. If you’re leasing land for business use, you should consider a long-term contract, and be specific in the possible uses you have for the property. Paying to build on land which is leased is a bad idea because there’s no guarantee of a return on your investment.
Land leasing is popular among mobile home owners, campground operators, and other individuals or businesses which don’t make any permanent changes to the property. If you plan to build on a site, you may be able to strike a deal with the land owner to cover some or all of the costs, as long as you commit to a long-term lease and pay enough to make the renovations worth the effort and cost.