Implications of buying unapproved land

[katiedido]

I'm considering buying unapproved land and building a house for cash.
I know no bank will lend me money for building of course...but are there any other potential pitfalls of building a house on unapproved land?

[*KRONIK*]

No. There are not.

[De Dragon]

If you want to sell it later, you reduce the pool of potential buyers.

[Lance]

If you building with cash funds then it seems like no one cares.

[RGF Asset Management]

if you construct anything on said unapproved piece of land, you run the risk of town and country coming in and ordering structure demolished for non-approval.

I know this guy who is presently dealing with a similar situation where he took his retirement funds to construct an apartment building so as to create a sustainable income stream. Good plan in principle but he did not obtain proper approvals and now the building is just sitting idly for more than a year pending the outcome of the matter which is now before the court. Meanwhile, he cannot rent, sell or do anything with the building and more than likely he would eventually have to demolish.

Moral of the story; always try to ensure that any such transaction is above board and proper approvals are obtained before you pelt out any $$$. You may not get caught but if god forbid you run afoul of some miserable or jealous neighbor and/or family member who reports you to T&C, this could turn into a nightmare.

My 2 cents

[*KRONIK*]

After you get your deed and finish the house, you van excise the parcel of land and have it approved... so once you have the cash to proceed, you can.
Build house within town and country spec

[toyolink]

A lot depends on location/town where you plan on doing this construction.
Rural areas which are not densely populated create less of a problem,but try this in Port-of-Spain,San Fernando or other like places and every authority may be on your site quickly and talk about people squealing.
I have noticed at least one credit union financing projects of this type once the land deed is okay.

[pugboy]

if the land is in an area or close to area zoned for what you eventually want
maybe if you lucky T&C will permit plans later on down the road.
water,ttec..

I was told there is some rule, if your land is large enough and your structure built is inside
away from the boundaries you can build whatever you want

[Lance]

if you construct anything on said unapproved piece of land, you run the risk of town and country coming in and ordering structure demolished for non-approval.

I know this guy who is presently dealing with a similar situation where he took his retirement funds to construct an apartment building so as to create a sustainable income stream. Good plan in principle but he did not obtain proper approvals and now the building is just sitting idly for more than a year pending the outcome of the matter which is now before the court. Meanwhile, he cannot rent, sell or do anything with the building and more than likely he would eventually have to demolish.

Moral of the story; always try to ensure that any such transaction is above board and proper approvals are obtained before you pelt out any $$$. You may not get caught but if god forbid you run afoul of some miserable or jealous neighbor and/or family member who reports you to T&C, this could turn into a nightmare.

My 2 cents

Ironic that the T&C seems to get teeth when it's a construction project that has income generation potential (apartments, auto garages, neighborhood supermarkets).

It's hard to not be cynical. But optimal kickback conditions?

[pugboy]

all it takes is for the neighbours to complain

[10-01]

at least one credit union financing projects of this type once the land deed is okay.

venture Credit union lends loans for non approved lands ....

i myself acquired a piece of Non approved land , its jus a process you have to follow to get it approved ....... if the area is still developing ( no drainage light etc ) your can try for outline approvals ... and follow the guidelines until...

[redman24]

Just ensure that you keep within the stipulations set by town and country 15 feet to the front and not less than 8 feet on either side of building from face of wall to perimeter fence. That's all.
All other headache really has to do with requirements set by the bank if you going to them for financing.
You building cash so you ain't got no worries.
Get your deed first and foremost.
Build within spec.

[De Dragon]

if you construct anything on said unapproved piece of land, you run the risk of town and country coming in and ordering structure demolished for non-approval.

I know this guy who is presently dealing with a similar situation where he took his retirement funds to construct an apartment building so as to create a sustainable income stream. Good plan in principle but he did not obtain proper approvals and now the building is just sitting idly for more than a year pending the outcome of the matter which is now before the court. Meanwhile, he cannot rent, sell or do anything with the building and more than likely he would eventually have to demolish.

Moral of the story; always try to ensure that any such transaction is above board and proper approvals are obtained before you pelt out any $$$. You may not get caught but if god forbid you run afoul of some miserable or jealous neighbor and/or family member who reports you to T&C, this could turn into a nightmare.

My 2 cents

Ironic that the T&C seems to get teeth when it's a construction project that has income generation potential (apartments, auto garages, neighborhood supermarkets).
It's hard to not be cynical. But optimal kickback conditions?

Those types of structures should be regulated more closely because of the potential for loss in the event of an accidental collapse, fire etc.

[ReBeLz]

if you construct anything on said unapproved piece of land, you run the risk of town and country coming in and ordering structure demolished for non-approval.

I know this guy who is presently dealing with a similar situation where he took his retirement funds to construct an apartment building so as to create a sustainable income stream. Good plan in principle but he did not obtain proper approvals and now the building is just sitting idly for more than a year pending the outcome of the matter which is now before the court. Meanwhile, he cannot rent, sell or do anything with the building and more than likely he would eventually have to demolish.

Moral of the story; always try to ensure that any such transaction is above board and proper approvals are obtained before you pelt out any $$$. You may not get caught but if god forbid you run afoul of some miserable or jealous neighbor and/or family member who reports you to T&C, this could turn into a nightmare.

My 2 cents

^ this