If you want to build a house on a vacant lot, you have to take a number of factors into account. Even before buying the land, for example, consider where the land is located, the funding capacity and the restrictions set by the developers, if the package is in a new community. Taking the time to plan your purchase will result in making an informed decision, rather than a choice based on sheer emotion, which can potentially lead to disaster.
- Define where I want to build your house. Families with young children need to determine if the place has more valued schools, for example. In addition, people with medical problems may wish to choose a location that is close to a hospital to be prepared in case of a medical emergency.
- Determine your budget. If you find a place that you like, find out the price of the land. Make a list of your favorite places based on lower to higher cost. Make sure you have additional charges that you will have to pay for the privilege of living in a certain community.
- Choose a real estate agent who knows the area. To find out if this person is a true expert, you should ask for references. If you belong to any of the organizations in the area, the group members may be able to recommend a good real estate agent in the area.
- Be aware of the zoning regulations. In the event that you decide to build a house on land that is outside of an urban area, make sure that you are able to build the type of structure you are planning. Understand that you can be forced to build a house that fits with the other houses in the area.
- Contact local regulatory agencies. You can avoid the nightmare of having a new extended road near your home by calling the local planning or zoning board in advance. Know that if you are buying near an area with a lot of construction, you should be willing to withstand the noise during the construction phase.
- Choose an architect. You can get recommendations from your friends, family and co-workers of the architects who have done work for them in the past. Be sure to see the previous projects of the firms that you interview by telephone or in person, and require that each architectural firm provides references of satisfied clients.
- Secure financing for the project. If you decide to depend on a lender that is being recommended by a builder, interview other lenders before making your final choice. Builder’s lender will tend to favor the builder and may not have their best interests in mind. Other possible options include local community banks, credit unions and private investors. Weigh the pros and cons of each option, and decide on financing that has the best conditions of interest rates and loans.
- Investigation of what is required to install public services. Determine the feasibility of digging a well in the ground. He knows that some land brings many challenges when it comes to digging. Areas that do not have an adequate sewer system will require a septic system; find out the price of installing a septic system. You can also install an alternative energy source such as a generator to provide protection during a power loss.