Mistakes To Avoid When Buying A Residential Lot

Construction & Contractors Blog

Building a custom home is something most people dream about; there is nothing like having a home that you designed from the ground up to perfectly suit your lifestyle. However, before you can proceed with building a custom home, you first need to buy the right lot. The lot that you build on will make a big difference in your home's eventual value, as well as how much you enjoy living in your home, so it is important to take your time and be patient when buying a residential lot. Unfortunately, some people make errors when choosing a lot to build on. Use the following tips to avoid major mistakes when purchasing a residential lot for sale:

Failure to Secure Proper Financing

If you want to purchase a lot and then build a home on it, it is important to know that financing land and securing a construction loan is quite a bit different than taking out a standard mortgage loan. You will most likely need to have a bigger down payment when you plan on buying a lot to build on. The process of securing financing to purchase a residential lot can also take some time, so it is in your best interest to begin the process as far in advance as possible.

Not Knowing ff a Lot Is Improved

Residential lots are either improved or unimproved. With an unimproved lot, you are basically buying raw land that has been zoned for housing. If you buy this type of lot, you will be responsible for having the lot connected to the electrical grid, water line, and other utilities. If you are buying a rural residential lot, you will also need to install a septic tank if the lot can't be connected to a municipal sewer. With an improved lot, the land is ready to be built on when it is purchased. While an improved lot usually costs more, it is much more convenient to not have to worry about preparing it before construction can begin.

Failing to View the Lot Multiple Times

When you're looking for a lot to build on, you may find one that you like and immediately be ready to make a purchase. However, doing so can be a major mistake-- you are much better off viewing the lot multiple times, at different times of the day. Visiting a lot for sale several times will give you a better idea of what living there will be like-- you will be able to see if the area has a lot of traffic or noise from nearby trains or airplanes passing overhead. 

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Adding a Man Cave to Your Home: Tips

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