Have you been shopping for a new home and coming up short? Do you know what you want but can’t seem to find it? Think about building!
Buy a vacant, residentially zoned property, and you can create your own personal paradise, specifically to your customizations!
Building your own home fits perfectly into the American Dream, giving you a chance not just to own your own home but to create it. There are definitely some considerations you need to think about first, though, before you make the big purchase.
Step One: Budget.
Think about your financial situation and decide how much money you can spend. What is the minimum you’ll pay and what’s the absolute maximum? Remember, you’ll be paying for not only the vacant land, but also the building of the home and everything that goes along with that. You’ll have to apply for loans, such as the vacant land loan. You might also consider taking out a home equity loan on your current residence. You can enjoy tax deductions by doing so.
Step Two: Location.
As with buying a home, research the different areas you are considering. Do you want to live on a coast or inland? Do you want a rural setting or a city setting? Are you looking for a breathtaking view or a spot in the best part of town?
Where’s the land in proximity to things you need like grocery stores, your work, a beach, a mall or anything else that’s important to you? If you’re retiring to this home, being near commuting won’t be as important as being near daily conveniences or recreation. It all depends on what exactly your dream is for your home.
Step Three: Investigate.
When you settle on an area and the details, go take a look at the vacant properties that are available at BuyOwner.com. Consider the terrain, the size of the lot, if there are wetlands and if you’ll need to clear the lot. Either hire an inspector or very carefully look over every aspect of the land yourself.
You’ll also need to find out about utilities. Check with the local utility companies if there are electric, gas and public water services for the land as well as if there are public sewer lines that run to the property. If these things do not exist, you’ll have to allow for the expenses of adding them.
Step Four: Paperwork.
When you’ve settled on a property, you’ll have to file paperwork and obtain titles. Before construction, you’ll need an entrance permit and a construction permit. If there are any restrictions to the lot, you’ll have to make sure they are met while building. Contact the town building department to make sure your land is correctly zoned for building your home on, and contact the assessor’s office to find out about tax information, flood-zone boundaries, how far away the home has to be from the street and whether there are any easements. (An easement is the right to use a part of land owned by someone else for a specific purpose.) File your blueprints and the building permit application, and confirm you won’t have any troubles getting a permit. Once everything is in order, let the building process begin!
Buying vacant land can be an incredibly exciting, yet very nerve-wracking time. So it’s good to keep in mind the end goal. Because you’re starting from scratch, the home will be completely customized to you and your tastes. You’ll have total control over everything from the flooring to the roof and everything in between, so your dream home can become a reality!
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