You have the perfect vision for your dream home in your head - now you just need the perfect place to build it. More often than not, this requires buying a vacant lot of land so you can build your custom home from the ground up. But where do you even start? What should you know before making a piece of property yours? There are several factors to consider since a lot of work goes into transforming a lot into a dream home. With the right knowledge backing your decision, though, you can buy a plot of land with confidence, moving you one step closer to your dream home.
How Do I Find Land for Sale?
If you’re new to buying land, finding a lot to buy can be daunting. Buying land can be harder than buying a house since it’s a smaller subset of the real estate market. That’s why having professional help, such as from a realtor, can make the process easier and more efficient. But there are other ways to search for land on your own.
Search the MLS
The multiple listing service (MLS) is one of the most common places to search for plots of land. Real estate agents use this site to post land for sale, allowing you to find different properties. Platforms like Zillow, Trulia, and Realtor.com help you search the MLS. However, for inexperienced buyers, it can be difficult to find the important information they need to make informed decisions on their purchase. Real estate agents can help you understand the important information to feel confident in your land purchase.
Word of Mouth
Sometimes the best way to find things is good old-fashioned talk. Speaking with friends, family, and coworkers can help you find available land and even if it isn’t officially for sale yet.
Contact Vacant Lot Owners
If you see a vacant lot you’re interested in, it may be more accessible than you realize. Many owners of vacant lots are willing to sell even if they don’t have the property listed. These off-market properties can get you a lot without tying you up in bidding wars.
What Factors Should I Consider When Buying a Lot?
Location & Proximity
Finding a property in the right location is arguably one of the most important factors when buying land. Whether you want something more remote or urban, you need to determine the factors that are important to you. While remote locations may have the scenery and privacy you want, they might have fewer available amenities. And though urban areas are closer to things, it puts you near the hustle and bustle. Inspect how close the lot is to neighbors, waterfronts, airports, and towns to find a plot that has the access (or privacy) you want.
Understand the Costs
Investing in real estate requires time and money. With proper preparation, though, you save on both. Purchasing land involves more costs than the amount the land is worth.
In addition to the purchase price, you may also pay for:
- Inspections
- Taxes
- Title insurance
- Land surveys
- Development Costs
- Paperwork
Adhere to Zoning Restrictions
If you have big plans for your land, you’ll want to check what zoning restrictions apply before you commit. Most properties are deemed residential, commercial, agricultural, industrial, or mixed-use. Make sure you check with your county and/or municipality to ensure your vision for the land lines up with the zone it falls under.
Road Access & Utilities
While getting to your land seems easy enough, it becomes surprisingly difficult if you don’t have road access. Installing roadways will ensure you and others can easily reach your property.
In addition to accessing your property, you need to install the right utilities:
- Consider if you can get good cell phone and internet coverage.
- For water and sewage, you may have to use a septic tank if you’re not close to a municipal water supply.
- You’ll also need to add electricity and gas to finish off your utility installation.
Flooding
Most landowners don’t want to turn their plot of land into a swampy pool. That’s why checking the flood zones where the land is located is essential before buying the property. You can find this information by checking the plat of the land or with the help of a surveyor. Reviewing this information now can prevent any structures you build from taking an unwanted swim.
Prior Property Use
Before making an offer, you should research what the property used to be. Learning the prior property use can identify any environmental, health, or legal issues associated with the land as well as help you negotiate a price.
Feel Confident With Your Land Purchase
Buying a plot of land is an exciting venture, especially if you’re building your dream home on it. With these tips in mind, you can take the first step towards building your custom home. When you’re ready to take the next step, Hunt Custom Homes is here to help. We are expert builders dedicated to creating beautifully designed homes that have your comfort top of mind. See if we’re the right fit for you by viewing our work. Like what you see? Contact us today to start building your dream home.
