Factors To Evaluate When Buying A Lot To Build On

9 August 2018
 Categories: Real Estate, Blog

If you want to buy a new house and are leaning towards building one, one of the first steps you will need to take is buying a lot to build on. Buying a lot is not as easy as it might sound, as there are a lot of factors to evaluate, but here are some tips to help you know what to look for as you begin your search for the right land to buy.

The number of homes in the area and future expansion

In any given area, you might find dozens of different communities to choose from that have vacant lots for sale. Before you rush into choosing one, evaluate the number of homes that are currently in the neighborhood as well as the number of homes the developer plans to build in that area. You should also look into future expansion with local businesses, just so you know what the area will be like in five or ten years.

The covenants and restrictions in the neighborhood

Secondly, take a close look at the homes that are currently in the area, as you can tell a lot about a neighborhood by the homes that are there. All the homes built in a community must follow certain rules, which are often called covenants, and looking at the homes will help you learn some of these rules. For example, some communities will not allow single-story homes. Other neighborhoods control the color of the siding you use and the size of the house. To learn more about a community's rules, ask to read the covenants for the neighborhood. This will help you determine if this area would be a good one for you.

The elevation of the lots

The third factor to evaluate is the elevation of the lots. If you want a basement under your home, are the lots set up for this? If the elevation is not high enough, you might be able to still put a basement on the lot; however, it might cost you more money, simply because you would have to build the lot up with truckloads of sand.

If you are ready to buy a vacant lot to build a home on, you will need to evaluate these factors before you choose one. Additionally, you will need to evaluate the prices of lots, sizes, and locations compared to your job. To find lots for sale, contact a real estate agent in your city.