To build or not to build…this is frequent question buyers ponder when they are looking for a home and it seems their dream home doesn’t exist. Whether you are purchasing an existing home or vacant land there will be tradeoffs of time, cost, convenience, and customization. Finding the right location, home style, amenities, utilities, livable square feet, lot size and more within your budget can sometimes feel like a daunting task. So why not just build what you want where you want?
Let’s take a closer look at vacant land considerations:
- Location. This is the first point to consider. Do you need to stay within a particular school system or distance from work? How far are you willing to travel for day to day needs like groceries, fuel, entertainment, medical services and family? Is there land for sale in that area? Does the area have covenants and restrictions that you need to be mindful of? HOA’s? Zoning? Flood plain? Get the answers BEFORE you purchase.
- Visualize. If you are the first to build in a subdivision try to imagine what the development will look like when it is completed. Would you still want to live there? If out in the country side, will those pastures be there in the next 5-10 years? Is there zoning in place or could you find yourself next to a new hog operation? Would you still want to live there and how does that affect your home’s future market value?
- Surveys and environmental issues. If you are the first to build in a subdivision try to imagine what the development will look like when it is completed. Would you still want to live there? If out in the country side, will those pastures be there in the next 5-10 years? Is there zoning in place or could you find yourself next to a new hog operation? Would you still want to live there and how does that affect your home’s future market value?
- Utilities. Are they available? If so, how close to your building site? Some hefty fees can be levied to get water, sewer, gas, and electric if you are in a remote location where there isn’t a pre-existing infrastructure. If you’re in town, you can expect to pay tap-on fees. Calling all utility providers in advance and getting estimates on costs can determine if the location is even feasible.
- Building permits and setbacks. Check with your local Planning and Development Department to understand what permits and setbacks are needed for new construction.
Next, read about how to select a real estate agent!