Do This Before You Buy Vacant Land For Your Custom Home
If you have decided to design a custom home and have it built on a vacant lot, you have a lot to think about. You may have been shopping around, looking for a property that you can see yourself living on. There are a few things you need to know about buying land on which you can build a custom home.
Consider Nearby Homes
If you do want to get a construction loan, it is a good idea to build only in an area with similar budgets and home values. Lending companies are less willing to provide a loan if the home value is way out of range for the neighborhood. Plus, your home simply might not fit in the way you want it to. Similar tastes and values often work best together.
Have Your Budget in Mind
When you shop for your land, you should have an idea of how much you can spend on your custom home as well. You also need to remember that not all lenders work with those who want to build homes on undeveloped land. You may need to provide much more of the funding on your own.
Ask a Real Estate Agent
If you are building a home, you need to know everything about the property you are buying. What kind of easements are part of the property? What zoning restrictions do you need to worry about? What kind of rules do you have to pay attention to?
In fact, you should work with a real estate agent to find the perfect plot of land for your custom home build. Agents help you through the process of negotiating as well, and this is a valuable resource you cannot do without.
Remember the Environmental Concerns
Keep in mind that vacant land comes with its own set of challenges. Before you can build on a plot, you may need to have tests, like those done on soil, conducted. You should also consider the potential for serious dangers, like flooding.
Talk to Home Builders
If you already have a custom design in mind or have a general idea of what you want to build, it is a good idea to talk to the custom home builder as well. Your build can advise you as to whether a home would work on a particular plot of land. Call a professional to learn more about the potential to build a house that you love in a place you love.