One of the first steps leading up to you having your own custom-built home is to acquire the land on which the home will be built. The most convenient way to do this is to buy a lot on a premium site set aside for custom home builders. Even so, you may want to buy your own piece of land that will fit your specific needs and your budget. Not to worry, this can be done too, but you need to have a good plan in place to make the process as painless as possible. Here are a few tips on buying land, particularly if you are on a budget.
- Take your time
Finding and buying the right piece of land that matches your needs and budget can take some time. It’s important not to be in a rush if you’re serious about getting the best possible deal.
- Determine how much you can afford
This is a big decision as any good deal includes you buying within your means, so you need to be realistic about how much you can afford.
Your budget is a big decision! Be realistic about how much you can afford. Many people purchase land and then slowly pay it off before building a house on it. Or live in a small trailer on their land while they pay it off. Others save up and pay cash outright for their land. Did you know that land loans and construction loans can be rolled into one if you’re prepared to begin building right away? Yes they can! That was what my husband and I chose to do and we are really happy with how it all worked out in our budget. So whichever route you are planning figure out how much you can afford and try hard to stick with it. Via Happy Money Saver
- What size of land do you need?
You also need to figure out how much land you need, which would be based on what you want to do with it.
- Find out about the covenants for every potential piece of land you consider
Covenants place restrictions on what you are allowed to do on your piece of land. Although they can sometimes be quite strict, they may also save you the trouble of noisy neighbors.
- Find out about the water rights
Water rights stipulate how much of your lot you can water. Full water rights are preferable, particularly if landscaping is an important part of your custom home. There aren’t many people that would want to live on property that they are not allowed to water.
- Located near good schools for your kids
If you have kids, their education is a priority, so you need to find a lot in a location with good schools.
It’s advisable to have a list of the things you want before you start searching for a piece of land. You may not get everything on your list, but it will help you not to leave out anything important when making your final decision.