Real estate housing shortages across North America have motivated more and more families to consider buying land and building a home that meets all their needs and wants. Finding the perfect piece of land is an exciting process that can be a good investment when done the right way. Below are 6 tips for buying land to build your new house plan design:
Work With a Real Estate Agent
Purchasing land can present some unfamiliar obstacles compared to a conventional home purchase. Working with an agent who specializes in land purchases can make the acquisition experience more pleasant. The experience a professional brings will help you with things like zoning, fair market value, and negotiation of price.
Consider Location and Potential Hazards
Selecting the perfect location for your home may seem easy, but there is a lot to consider before committing. Beware of flood plains, mudslides, and other potential hazards that could exist in the future. As a buyer, it is crucial to assess the land for all seasons. The next important thing to consider is the ease of building on the land. For example, does the land slope and require a basement? Or, does the buildable area require a narrow house plan?
Research Utility Sources
It's easy to take water and electricity for granted. Before purchasing land, you'll want to find out how your new home design will gain access to electricity, gas, waste, and water. This research is most important in remote locations where the expense to hook up to municipal utilities can add thousands of dollars to your building cost.
Consider Tear-Down Properties
Finding land in metro markets with dense populations may be notably competitive or challenging. An overlooked alternative is to purchase a property in need of complete demolition and to build a brand new home. Some benefits of building in an established area are good schools, a short commute to work, and close proximity to shopping. It is important to consult with your real estate agent before investing in a tear-down property to verify permitting and zoning requirements, demolition challenges, historic preservation, and whether the architectural style of your dream home will fit with the surroundings.
Choose a Builder Before Purchasing Land
Hiring a custom home builder before you purchase a lot has many benefits. Your builder can guide you in choosing a house plan that suits the site conditions and suggest modifications to the house plan that will take advantage of view and light. Furthermore, professional builders can make you aware of land improvements or other potential land prep challenges before you make any commitments.
Hire A Professional Surveyor
A plat (or map) of the lot may give you a general idea of the boundary locations, but hiring a professional surveyor will clearly define your property line which is crucial when you delve into legal matters like easements. Another benefit of obtaining a new survey is the ability to help you make precise elevation determinations and plan out the dimensions and orientation of your brand-new house plan.