5 Tips to Finding the Best Lot to Build a Home
The lot is where it all begins when it comes to building a house. Subsequently, it could decide how much capital you actually have to build the physical property. It’s not always easy to find a lot that suits your needs and fits your price range, but there are some great methods to achieving this. Read on to find out more.
Check out the so-called “undesirables”
The perfect lots are always going to cost more than you’d like, which is why you may want to consider going for the less desirable ones.
It may sound counter-intuitive, but its not. Lots that may be considered too narrow or uneven won’t sell so easily, so you’re likely to get a nice price for them. Plus, with the right contractor, a so-called “problem lot” won’t be much of problem, at all. Look into hillside lots, fill-in locations or oddly-shaped locations. Clever contracting can bypass these obstacles and fit you with a great, over-looked location.
Consider all the “water-side” lots
The same goes for water-side properties. Everyone wants a house on the beach, but these kinds of lots can cost of fortune, and you always run the risk of being at the mercy of weather damage.
Try investing property near a lake or canal. These are locations that are more affordable and safer investments. At the same time, you still have the convenience of building a home on the water.
Go for the combo deal
Getting the right lot property can be difficult, especially when the owner offers a huge chunk of land at a high price. You may only need a section of that land. Unfortunately, many property owners aren’t keen on dividing up what they have to offer, as this knocks down the value of what they have left.
A way to get around this is to find someone to co-pay with you on a larger piece of land. This way, you can ascertain this desired lot and then divide it with your co-payer. It’s a great way to get a fantastic section of land and especially useful if you have a willing family member or close friend to join you in the investment.
Be aware of site preparation
When looking at potential lots, be aware of natural obstacles and challenges to the construction. This could be anything from trees and boulders to ditches and mounds. Think about hauling in dirt and doing extra grading.
Always consider if a lot will take too much site preparation. The more prep that needs to be done, the more costs you’ll incur before you even get to the building phases.
If you find a lot you like, which needs a reasonable amount of site preparation, carefully consider a plan of action to get everything ready in time for building. If not planned ahead, site preparation can slow down and drag out a construction project, causing huge increases in costs. You don’t want to run into these avoidable consequences. Plan ahead as much as possible.
Check out the neighborhood
If you want your future house to fetch a high resale value, be aware of where that house will be situated. Look at the houses around it. A big Mcmansion surrounded by much smaller properties won’t get a fair resale price. Context is very important.
Neighborhood qualities should always be considered. What’s the community like? What are the income levels and crime rates?
Houses, no matter how lavish and amenity-filled, simply won’t be as attractive as similar properties located in safer communities. So, don’t get so hung up on the lot, itself. What’s around the lot can be even more important.
A lot could be considered the most essential step to the homebuilding process. After all, it’s where it all begins. Because of this, don’t rush into buying a lot; look at all the options, and then some.
A good philosophy is to organize your priorities. Think about what you absolutely require in a property and what aspects may be open to variation and flexibility. Different lots will likely have their own pros and cons, so be willing to practice some pragmatism and creativity. The more thorough you are in your search and the more thoughtful you are in your approach, the more successful your homebuilding venture will be from the very outset.