When you are looking for land to build a house, there are several factors to take into consideration before you make your purchase. Building a home on your own plot of land can be a monumental decision that benefits your family for years to come. But it should not be a hasty decision, so take the time to:
- Conduct extensive research.
- Talk to people with experience.
- Consult experts for professional advice.
Consider these five things before signing on the dotted line to ensure you make the best possible choice.
Size of the Property
The size of the property is one of the most important factors to consider when buying land to build a house. Make sure to measure the lot and get an idea of how much space you will have to build and whether the lot is conducive to building a sturdy structure. Extensive research should be done before buying any piece of property, but when it comes to building your own home, this is especially true.
Figure Out Your Budget
Building a house is a costly endeavor, no matter how you slice it. Factor in the price of the land, the cost of construction, permits, and any other associated fees to get a realistic estimate of how much your dream home will cost you.
It is also advantageous to budget for any possible complications, like weather-related delays or pricey repairs during the building process. However, keep in mind that building your home on your land is an incredible investment that reaps rewards in the future, whether you decide to sell or hold onto your property while it accumulates value.
Each municipality has its own zoning regulations, which dictate what kind of structures are allowed on a particular plot of land. Make sure to check with your local officials to see what is and isn’t permitted on the property.
Zoning regulations vary from town to town and even street to street. Also, consider your city’s future plans in the area—public roads and highways, community buildings, parks, schools, etc.
Location of the Property
The property’s location is another important consideration when buying land to build a house. It is essential to think about the advantages and disadvantages of the property:
- Is it close to public transportation, stores, or schools?
- Does it face a busy street or a quiet neighborhood?
- Do you have easy access to public roadways?
- Is there access to high-quality broadband or a comprehensive buildout plan?
Also, consider the weather patterns or natural disaster risks in the area: flooding, hurricanes, tornadoes, etc. It’s best to weigh the pros and cons of the location before purchasing. Of course, no property is perfect, but it’s better to be prepared for possible issues rather than be surprised and risk damage to your home.
A title search is a simple way to guarantee a clear, permanent record of who owns the property you are interested in buying. It verifies that the seller actually has ownership of the land and that no liens or outstanding debts are attached to it. You can find out if the property has a lien on the county recorder’s website. It’s crucial to ensure all liens are resolved before purchasing because the lien stays with the property in spite of owner changes.
Purchasing land is a huge investment, so it’s imperative to do your research before buying property. Do some digging and learn more about the property where you hope to build a home. And, of course, consult with expert builders to find out if building your dream home is possible!