Building a Home on a Purchased Piece of Land
As working from home becomes more common, this is becoming a more popular option of buying a home. Less Americans are having to commute to and from work every day. They are working from home office, and choosing to get away from the city life.
Instead, they are buying land outside of the city, but still close enough to go into town if they need to go shopping for supplies.
If you have land in mind, the first important step is to work with a building contractor to make sure that infrastructure can be developed on that land. The building contractor will be able to tell you if it is possible to bring out all of the necessary services including:
- A septic system
- Gas lines
- Electrical lines
- Garbage services
The right contractor will have the knowledge and the resources to help you make sure that all of the services will be available BEFORE you purchase the land.
You should also speak to a Construction Mortgage Broker. They can help you figure out how much it would cost to build the home you want on a specific piece of land, so you then know the budget you have left to purchase the land.
For example, say you are approved for a home loan of $500K. When speaking to the builder, they tell you it will cost you $300K to build the home you have in mind. You then know you have a budget of $200K to spend on the land.
Does this sound like the route you want to take? Let me help. As a Real Estate Broker, I can help you find identify the right area for you to purchase land within your price range. I can also connect you with the most trusted contractors in town who can help you determine which option is best for you.
Schedule an appointment now so we can discuss your land buying options and start finding the spot for you to build your dream home.