Though common for many luxury buyers, purchasing vacant land on which to build a dream home can be a little intimidating, unless you know what to look for.
This leads to today’s topic – what does one need to know before purchasing vacant land?
- Location – is the community in which the home is located one you can live in, or one that is marketable in the long run?
- Will you need title insurance to secure your investment or a survey to determine elevations and exact property lines?
- What are the zoning restrictions on the property? What can be built? Is there a restriction on the style of home that can be built?
- What regulations are the property subject to? Is the land part of a subdivision or part of a neighborhood with a homeowner’s association? Is it part of a city and subject to city regulations?
- Are utilities available? Is electricity, sewer, gas, etc. already set up on the property, or will you need to pay to run lines?
- Will you need permits to move forward with construction? Hint: the answer is yes.
- How about the neighbors? Can you live with them? What condition are the neighboring homes and businesses in?
- Do you have access to roads? If the land is surrounded by other owners’ land you’ll have to ensure you have legal (in the form of easements) and physical access to roads. This is more of a concern in rural areas, but important nonetheless.
If you are ready to build your dream home on the perfect piece of land, contact my team today!