Posted on: 13 February 2017
Buying a residential lot on which to build your dream home is more than just choosing land that is in a neighborhood you like. There are many variables to be considered that could influence the quality of the land and your ownership of it. Here are some tips to help you narrow down your lot choices.
Check With a Land Surveyor
Even if the seller has provided information about the land, you still need to commission your own survey. A survey report of the lot includes information about the boundaries of the land, an illustration of the physical aspects, and recommended improvements that need to be made to the land.
In addition to learning more about the land, you will have a legal document that can be used in court if there should be a legal issue that comes up later with the land. For instance, if the owner of an adjacent lot sues you for building on his or her land, you can point to the survey to prove that you actually had ownership.
Check With the Local Planning Department
Unfortunately, what you have in mind for the plot of land might not be possible. There could be limitations and restrictions placed on the land by the local planning department. If you discover this too late, your dream home might not be fulfilled the way that you want it to.
There are many restrictions that could influence what you can and cannot build on the land. For instance, some cities have restrictions in place that limit the height of buildings in certain areas. You could even be limited on exactly where you build your home and the direction it faces.
Check the Utility Fees
Since you are buying a lot, you will have to worry about the costs of utilities and other infrastructure. For instance, you will need to consider the cost of plumbing and connecting your home to the city's water supply. All of these costs can add up.
There is also the possibility that the land will have to be specially prepared for the installation of the utilities. Before buying, take the time to get estimates from the builder and the various utility companies so that you can add in the estimated costs to your budget for your new home.
Your real estate agent can help you determine what other steps you need to take before you buy a residential lot.Share