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| Finding a Place to Build |
Make a list! Every great plan starts with a list. First
things first…location, location, location. Be sure to research the area to
determine if you can see your family living there. You might be moving from the
city to the country for a life change, however positives and negatives should
be considered. Some examples include…What is the travel time to and from work?
How far is the nearest hospital? How long will it take you to “run to the store”,
etc.? If you have a family or will be starting your own in the future, consider
the school district, as well as going to after school events, classes,
practices, or even just making new friends.
What are the local regulations and is what you want to build
allowed? There will be setbacks from fence lines that need to be considered for
both town planning and building codes. These may vary, so make sure you are
aware of them both. With a simple phone call to the local planning and zoning
department, most offices can give you the answer to this question in a matter
of minutes.
Some other things to research are services such as power,
water, and septic or sewer. How far away is the power supply? Contact the power
distributor to find out how much it may cost to provide power to the property
and they will give you a budget estimate. Connection fees have a very wide
range, so it’s essential to know what the site requires. Do you have access to
town water? Is the water main close or under the road? Does the soil percolate
(aka “Perk”) or have access to a nearby sewer system? If a property doesn't
have easy access to the local sewer system, a perc test is required to
determine whether a septic system can be installed on the property. Be sure to
give the county health department a call and ask what is required to install a
septic system or connect to the local sewer in your area.
Something else to consider is the slope of property. While
the property isn’t likely to be completely flat, there can sometimes be extra
costs associated with building on a slope. Extra site work could be required,
as well as design elements. Although this will add interest and character to
your new home, accounting for extra expenses will be required when working with
a sloped site.
Back to your list…start to write down your dream piece of
land. Take other factors into consideration. How much land? 1 acre or more? Do
you have animals? Is a pasture a must-have? Do you want a big backyard or
woods? A garden? A playground or pool? How big do you want your garage and
driveway?
The hardest part of your project is to decide what you can
afford. Your budget is crucial throughout every step of building your dream
home! It’s important to be realistic on how much you can afford before falling
in love with a property. It’s easy to get lost in beautiful views or the
perfect location, but you’ll need to take the time to research other essential
characteristics of the property. Each property has its own unique challenges
and there will be things that you will discover along the way requiring extra
cost or consideration. Keep in mind the more areas that require spending on the
site, the bigger the impact will be on the money you have left for the building
of your home! The best way to avoid expensive surprises is to know what to look
for and asking, “What extra costs could be associated with this property?”
How you intend on paying for your project is huge when
building a home. Many people purchase land and slowly pay it off before
starting the project. Others live in an RV on the land while they pay it off.
Some save up and pay cash outright for their land. However, did you know that
land loans, home and construction loans can be combined into one? Well we’re
here to tell you, they can! You’ll be happy to know that getting prequalified
is quick and easy, letting you begin the process right away with this option.
Whichever route you choose, figure out what you can afford and try hard to stick
to it!
It isn’t about finding land that is 100% perfect, with no
risk. It’s about being completely informed,
and knowing what the risks are and being okay with them. But just like any home-buying
venture, if you put the time and effort into the project, you will be rewarded
for it! Last thoughts: Make a good investment. Know what you are getting into.
Prepare so that there are no surprises along the way. Get exactly what you want
for your dream home! Happy land-hunting!
