Taking the Anxiety Out of Buying Land, A Methodical Approach
Buying land for the purpose of building a home you will occupy can be intimidating. Carefully analyze your needs along with that of each family member before making a final decision on purchasing land for home construction. Not all types of land are suitable for home construction consult with a professional before making any purchases of land. Speak with a mortgage professional or a loan officer at your bank about the amount of financing you qualify for. Construction loans and closing procedures should be investigated and understood thoroughly before any contacts are signed and before land is purchased.
Determine what the average price per square foot to anticipate cost by talking with building contractors. Make sure to include estimates for the construction of a driveway or roads leading into the home sites. Estimates for the construction of well and septic systems if your home will not be connected to city water and sewer should also be obtained.
To determine the maximum amount you should have to pay for land, minus the estimated building expenses from the total budget and allow for unexpected expenses. Make a list that identifies the characteristics, benefits and features you are looking for in your land acquisition. Review your list with your family and ask each of them to make their own list as well. Purchasing your ideal parcel of land for your real estate structure requires planning and research.
Determine how much land will meet your needs and the needs of your family. Will you need to have trees cleared or other heavy brush? Visit a number of land sites to determine what land best meets your real estate building needs. What will you use the land for? It is a good idea to consider only land where home building is permitted. Restrictive covenants usually govern real estate land development. These restrictive covenants determine the size of the home, type of home and even the color of paint you will use on your home.
Begin your search for land to build your real estate construction by looking for signs that advertise the availability of land for sale. The Internet is an excellent source for real estate, building contractors and land for sale. Real estate professionals like brokers and agents are the very best sources for land desirable enough for real estate construction.
Determine if land you are considering for your real estate project will be a realistic decision by having plans developed based on the best place to build on your land. Before you buy land for real estate development, check with the city for utility services. Easements may be necessary for you or other landowners in the area especially if the land around you is also undeveloped or unimproved. Investigate the possibility of another adjacent landowner will not have a legal to use your land before you make an offer on the land.
Always have a professional survey conducted to insure you are indeed buying land that is available for sale. Too often surveys reveal discrepancies in ownership after it's too late. Before the professional survey, look for iron pins that should be located at the corners of the land being offered for sale. You may also see iron pins that are flush with the center of the highway. If your land is located in a wooded area you may see cut paths or even a fence to indicate a boundary between your property and another landowner. Surveys should be updated often.
You land may be accessed from a road that is privately owned by someone else. A written agreement should be provided to the Mortgage Company or bank indicating who will maintain the road. If there are environmental issues such as tanks of chemicals or other storage tanks a written agreement that resolves those issues must be part of the contract.
Before an offer is made on a land purchase think about any possible issues that may jeopardize your real estate contract project and investment and make these issues or contingencies part of the contract. An example would be problems with permits for a septic system or your inability to obtain financing. Speak with your real estate attorney, real estate broker and bank loan officer for any contingencies that should be included and provided for.
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