Purchasing a vacant lot is like purchasing a blank canvas. On that blank canvas, you will build the home of your dreams. Many people have an idea of their perfect home – maybe it’s a certain style of home or maybe you are desperate to live out your fantasy of having a big back yard with a swimming pool or a garden. Whatever the case is, there are a lot of things to think about when purchasing a vacant lot. You may realize that you can only build up to a certain size or height on the property you purchase, so you want to do your research before your buy or start the home construction process. Here are five things to consider when purchasing a vacant lot to build your dream home.
- Zoning laws. Before you hire a construction team, like Shank Builders, to construct your dream home, you want to make sure that you know what the zoning laws are. In fact, before you purchase the property, you should know exactly what you can and can’t build on your property. For instance, you may not be able to build past a certain height or you may only be allowed a certain number of rooms in your home.
- The costs. When you purchase a vacant lot, you may be purchasing a major headache. Some lots aren’t built on solid ground, so you need someone to survey the land. When you actually do build a home, you may have to spend a fortune to level the earth, which could not only be exorbitant, but it could also take a long time. For instance, homes built on bluffs or cliff sides require stilts and complicated engineering. So, be sure that you know what you are getting yourself into financially before you draft any agreements.
- Utility installation. Another unexpected cost that vacant lot owners run into has to do with utilities. For instance, most lots should have some sort of plumbing or electrical system attached. If the home is not attached to these basic utilities, it may cost a fortune to have them attached. This is especially the case in more rural areas.
- Access. When you purchase a vacant lot, you want to be able to access it. If you purchase land in a particularly remote area, it will be hard to build anything on it, because there will be no roads to get trucks and other equipment to the site. So, unless you have millions upon millions of dollars to hire helicopters, you want to make sure that the lot you purchase has close access to a road.
- Natural disaster risks. One of the biggest risks is flooding. What happens if you purchase a home that is close to a flood zone? You either want to make sure you are above the flood zone or you want to make sure that you build above it. Not only that, but if you are building in an area where there are a lot of earthquakes, you want to think about how you will enforce your foundation. In the end, knowing what the risk is for disaster may even determine your lot buying decision.