If you are considering purchasing a vacant lot to build a home on, make sure to follow these tips.
Ensure the community suits you.
Before you buy vacant land decide the location and community that will suit you. Do you like bile paths, sidewalks, shopping and schools closely or prefer the closest neighbor to be far away?
Select a builder.
Typically when you buy a vacant lot it requires selecting your own builder. Verify potential builders in the same way as you would the property. Are you looking for a customized home, selecting from a stock plan, or do you want a traditional development builder?
Check the distance of the lot to the street through satellite map.
Claim up to $26,000 per W2 Employee
- Billions of dollars in funding available
- Funds are available to U.S. Businesses NOW
- This is not a loan. These tax credits do not need to be repaid
You can check photos on Google Street View of the properties. It is possible to see what is next door, as well as two miles away. Maybe the choice vacant lot is available at a bargain price because it lies close to a pig farm down the road.
Check the condition of the property.
You must take a site visit and walk across the complete property. It could be wetland or the “gentle stream” may become a furious river with heavy rain. It could have environmental issues if you see a large area with no grass. Many things can happen, like a seller failing to tell about the hidden oil tank on the property.
Verify utility and infrastructure status.
Ensure that there are no hidden fees for sewer and water connection. In case you have to install a septic system, ensure that the “perc test” is positive. This calculates soils absorption rate in the proposed area. Find out about other things like high speed internet and cable television as well.
Evaluate roads and lot access.
It is best to get a lot that fronts on the street or has vehicle access to a public road. If that is not possible for the lot, ensure that right of way and proper easements are in place.
Find out about limitations and restrictions.
Check use restriction of the land to make sure that you can construct the home you want. There are several rules that affect property use. Get to know the restrictions for side and front usage.
You may know people who know about land, but it is best to engage an experienced broker estate agent. You can also get your architect involved before you finally commit too.