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Choosing the right property to build your new home is one of the most significant decisions you will face. There are many important factors to consider to ensure that you can construct a quality home at an affordable price. Here, we will discuss some key items that you should review prior to purchasing your land.
One important guideline is the 20% rule. If you are buying a lot in a community, it’s crucial to avoid overpaying for it. So, what constitutes “too much”? Generally, the value of the lot should be approximately 20-25% of the total market value of the property, including both the home and land, after completion. If you overpay for the land, you may find yourself with a home that is difficult to sell in the future.
In addition to the 20% rule, there are several other factors to consider before purchasing a lot or land for your new home, including…
- When considering a property for building your new home, it’s important to investigate several factors to avoid future expenses and complications:
- 1. **Local Zoning Requirements**: Check the zoning laws for your property and the surrounding area.
- 2. **Easements**: Identify any easements for utilities and access, as these areas are off-limits for construction.
- 3. **Available Utilities**: Determine which utilities are currently accessible to the lot, including water, sewer, electricity, gas, phone, and cable.
- 4. **Subsurface Soil Conditions**: Understand how to assess the soil quality and why it matters for construction.
- 5. **Topography**: Be aware of steep inclines, as they can increase building costs.
- 6. **Location**: Remote properties may incur higher shipping and labor costs.
- 7. **Building Department Fees**: Factor in fees for impact assessments, permits, driveways, tree removal, and more.
- 8. **Setbacks from Roads**: Consider the costs associated with the distance from the road, including driveway construction and utility installation.
*By thoroughly researching these aspects before purchasing, you can mitigate potential costs and issues down the line.
