Everybody nurses the dream of owning a home. Some want to buy an already-built house, while others want a custom home. The good thing about custom homes is that you can mold and design them to taste. However, there’s a lot to consider, especially land purchase.
Konnect Building Solutions has been providing custom home solutions for years and has seen firsthand some common mistakes new homeowners make, especially when buying lots. The construction contractor has shared some important things new homeowners should know before buying land to build on.
1: Location Is Important
There’s much to consider when purchasing land for your custom home project. The location ranks among the top factors, especially as this can affect your home’s value, access to amenities, and peace of mind in the future. When considering the land’s location, keep the growth potential, readiness of the area, and flood potential in mind too.
For the growth factor, consider the area and its development rate. Consider what the area would likely be in the next 10 years. Building your home in an area with no real growth potential can affect you and your investment in the future.
The area’s readiness refers to how improved or developed the location is. Based on this, residential areas can be classified as build-early, unimproved, and raw. Raw areas have a lot of speculative value and no real growth or investment. The projections could be true or false later in the future. The unimproved areas do not yet have access to utilities or basic services. Buying land in such an area exposes you to more unforeseen costs. The build-early areas are often more expensive but are ready to be built on.
The area’s susceptibility to flooding is also a great consideration. Flooding can affect your property and put you at risk of financial losses.
2: Zoning and Ordinances
Checking to know if you can build the desired structure on a lot can make a lot of difference. You should check the zoning and ordinances to know if the lot supports your dream home.
Checking for zoning and ordinances can be as simple as searching online, depending on your area. You could also contact the local office for building permits, zoning, and ordinances to confirm your suspicions. Researching this information ahead of purchase can save you a lot of stress and financial hassles. It can also improve your chances of achieving your dream home.
3: Surveying
Your dream home will be within the perimeter of your purchased lot. Surveying the lot before making a final decision can make a difference. With a survey report, you can work with your custom builder, architects, or building planners to determine whether the land will support your dream home. If yes, you can proceed with the purchase, but if No, you will save yourself a lot of money and compromise.
4: HOAs and Deed Restrictions
Zoning and local building codes are not the only problems you may face when planning a custom home. You also need to consider whether the lot is part of a subdivision that has covenants in place. Investigating to know if the lot is part of a HomeOwners Association or has certain restrictions can help you understand your choices.
Lots under HOA are required to follow specific building codes and patterns. They can also be costly to join. Buying a lot in an HOA environment may not be the best option if you’re not looking to conform to specific rules regarding your home’s structure, color, and appearance.
5: Amenities
The joy of owning a custom home is to have access to all the important amenities that make your life simpler and better. It may not be worth the stress if the lot is in an area without access to important amenities.
When planning to build a custom home, consider your family’s needs and look around for those amenities. Some common amenities general to all homeowners are road access, utilities, easements, parking, school or recreational parks, small businesses, and more.
6: Liens
A lien is a legal notice attached to the lot. A lot with a lien on it means there’s an outstanding debt that you may need to pay in addition to the purchase price. Most homeowners are unaware of this lien when purchasing their property and may face a serious financial setback when the collectors call.
Paying attention to the above considerations can help you determine what’s right for you and your custom home-building needs. They can also save you money and prevent you from making regrettable decisions.
