Becoming a first time home owner can be a daunting and sometimes cumbersome process, and purchasing your first plot of land can be just the same whether it’s a lot in a development or acres of land. Let’s go over some of the basics to help ease your mind purchasing a spot for your dream home and allow you to sign that contract with confidence.
Getting started, it’s essential to identify exactly what it is you’re looking for and rank what qualities are most important to you in case you (and it’s quite possible you will) have to compromise on what you want. There is no “perfect” lot out there. This will help eliminate properties that don’t match your requirements and aren’t worth looking at. Create a checklist to help stay organized and rank the listings you look at.
Here are 3 questions you will definitely need to know the answers to:
Can you build the floor plan you desire for the lot?
You need to determine if the land can be used how you envision it. Laws from state to state vary so it’s important to research this before you look up anything. Keep in mind that selling a buyer an unbuildable (or not suited for what you want) lot is not illegal.
For example, say you would like to build a four-bedroom, two story house but the lot is restricted to only one story ranchers. This would be a problem.
Where is your water coming from?
The land you’re looking at could already have a well drilled or already shares a well with neighbors or you might have to drill your own. These are all potential options. If a well is in place, make sure to obtain the depth, flow rate, and quality of water from the well.
What is the Zoning?
For every lot there are zoning ordinances set up by the localized planning board. This is designed to regulate how the land is used and that is in accordance with their goals for the area. For example, say you wanted to start a cattle farm. You can view as many acres of land as you like, but if it is not zoned properly, you will not be having cattle.
Ask these Questions too:
What’s the soil type?
Are there high water tables?
Are there any issues with sewer drainage?
Purchasing land is an exciting venture and getting as much knowledge as possible will help make the process easier for you and hopefully, make it a pleasurable one.
Info courtesy of buildingadvisor