Low Resale Inventory, Why Not Buy Land and Build Instead!
I want to buy land and build my dream home. Where do I begin?
When buying any land it’s important to determine whether the plot is improved or unimproved. Unimproved land is defined by its lack of services and utilities such as electricity, water, telephone or even street access. These plots are just large, open patches of land. Attempting to build any sort of structure would take significant work, but some have easements in place to make construction easier. Unimproved land usually sells for very cheap.
Improved land tends to have services such as electricity, telephone, water and sewage readily available. These plots are commonly controlled by zoning laws which dictate what can be built on the land and how those structures can be used. Because of their higher earning potential they are more expensive than unimproved plots.
The three most important things in real estate are location, location and location. While you may enjoy living completely off the grid, remember this is still an investment of sorts. If it takes more than an hour to reach the nearest signs of civilization—like grocery stores and gas stations—then future buyers might hesitate or not even consider it! Figure out which schools you’re zoned for, the property’s proximity to highways and stores, and distance from emergency services.
Work with your Real Estate agent to check with your city, county and state zoning ordinances to see if it’s even possible to build a home on the land you’re looking at. Your agent can help you research and examine any future plans the government may have that could impact the land value like new highways. It’s common for problems like this to pop up, so it's important to watch for red flags. Don't worry, we're here to help you from start to finish!
The land might not come with access to city water, electricity, cable lines and city sewage systems. In this case, you may have to invest time and money into building your own septic system, water well or electricity access. Many lots of land that are available are within subdivisions that have already taken care of these concerns. We can't forget that in this day and age, you’ll also want to check your cell service when you visit your potential purchase!
How Quickly You Can Start Building?
Undeveloped land may need a lot of work before you can build anything on it. Will you need to clear trees or fill in ravines? If the land has an existing structure that needs demolition, that’s even more time and money to include in your budget.
If you're purchasing improved land, we will work directly with the builders to generate your building timeline. Improved land purchases and home building move at a faster pace but still come with their own challenges along the way.
No matter which option you choose, we are here to help you through the entire process.