Inventory remains super low in today’s market, and many buyers are getting discouraged about purchasing a home. Many buyers are deciding to build their own homes. There are several things to consider before purchasing a lot on which to build a home:
1. Complete a physical inspection of the lot. Check out the views, check for any barriers to building on the lot, and look for utilities. Are water, gas, and electric lines already running to the property? If not, it’s an additional cost you’ll incur down the road.
2. Hire a professional to conduct a site assessment. They’ll check for things like rock below the soil and other barriers that may add to building costs or prohibit the lot from being used altogether. If there is no sewer line, you’ll need to have another inspection done to ensure the soil is suitable for a septic system.
“Make sure that your lot is zoned appropriately for what you want to build.”
3. Hire a real estate attorney or title company. They’ll check to see if there are any liens, encumbrances, or encroachments on the property. You’ll also want to make sure that you have legal access to the property, which is usually more of an issue with rural lots.
4. Review any subdivision restrictions. If you’re building in a subdivision, be sure to check the bylaws, restrictions, and deed restrictions. You’ll also want to ask about the process of having your building plans approved.
5. Speak with local government officials. Make sure the lot is zoned appropriately for what you want to build, and check for any future rezoning plans.
If you have any questions about building a home, buying a home, or real estate in general, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.
