You've found the perfect house, but the land it sits on isn't quite what you
have in mind. Or maybe you've seen a great piece of land, but the house doesn't
fit your needs. If nothing really says home to you, it might be time to consider
building. Buying land may seem intimidating at first, but it really isn't
difficult at all if you plan a course of action and stick to it. Know Your
BudgetTalk with a loan officer to find out how much you can afford. Both down
payments and interest rates can be higher for land than for homes, so it's
important to get the facts before you go shopping. If you plan to build soon,
the loan officer should explain construction loans, including the closing
procedures you'll encounter while the house is being built. Building CostsTalk
with area contractors to determine the average price you can expect to pay per
square foot for the type of home you wish to build. Include estimates for
building a driveway or road to the homesite. Don't forget estimates for well
digging and septic installation if your home will not be connected to community
water and sewer. How will it take to construct the home? To find the maximum
amount you can spend for land, deduct building costs from your total budget,
then deduct a bit more for unexpected expenses.Target A LocationIf you've
already looked at homes in the area, you may know where you want to build. List
locations by order of preference. If you're undecided, become more familiar with
the area by driving around, reading newspapers, and talking to locals. Your
Wants and NeedsMake a list of all features that would exist on the ideal piece
of land. Review the list, highlighting your must-haves, such as a great view,
privacy, or a waterfront building site.How Much Land Do You Need?What's the
minimum size lot or tract of land you are willing to consider? Keep in mind that
a heavily wooded, 1-acre lot may be more private than a 3-acre lot that's all
lawn. Tour a variety of neighborhoods and pay attention to the settings. Land
Use ConsiderationsHow will you use the land? If you plan to build a duplex, you
must choose a site where zoning or other restrictions allow multifamily
dwellings. If you know you want a manufactured, consider only tracts of land
where those structures are allowed. Consider Restrictive CovenantsDevelopments
are governed by guidelines called Restrictive Covenants. I know of one
development where cats are not allowed, even if they are indoor pets. Some
prohibit metal roofs, which are very popular on log homes. Some dictate paint
colors or have an architectural review committee that must approve your home
plans. Study covenants carefully to determine if you can live with them. Start
Your Search Look for 'For Sale' signs as you browse the area. Search for
properties on the Internet. If you see interesting tracts of land, note their
exact location. A visit to the county tax office is usually all it takes to find
the owner. Find a real estate agent who likes to work land sales. Talk with the
agent about all of the categories above, and any others that might help her
locate the perfect tract.Does the Land Suit Your Home Plans?Ask a builder to
accompany you to your top choices, to offer advice about the best building
sites, and to suggest home plans that will work with the topography. UtilitiesBe
sure to consider well and septic installation expenses for land without
community water and sewer hookups. Check availability of electric, gas, and
telephone services. EasementsAn easement is the right to use another person's
land for a stated purpose. Does someone else have the right to use the property
you want to buy? Find out before you make an offer, or add a contingency to the
offer that you must approve of existing easements or the offer is void. One way
to find easements is to take a look at past deeds for the property you are
considering and for surrounding parcels, but a real estate attorney or other
title researcher can give a more accurate opinion. SurveysDoes the bank require
a survey? Updates to existing surveys can often be used, and are less expensive
than a new survey. In our area, surveys are most important for tracts of land
that are not part of a development, since plats for developed lots are typically
on file at the courthouse. If there's a question about the number of acres in
the tract, your offer can be stated as "X dollars per acre as determined by a
new Now, you'll need to word it a bit better, and state who will pay for that
survey. This method can work to either the buyer or seller's advantage,
depending on how the acreage count turns out. Locating the BoundariesLook for
iron pins at the corners of property, or at any point where the property line
makes a turn. You might find iron pins flush with the center of the road, too.
In wooded areas, watch for cut-throughs, pathways cut by surveyors when they
marked a property line. Cut-throughs that go through wooded areas are often
visible for many years. Sometimes trees or bushes that border property lines are
marked with brightly colored paint or plastic wrappers. Road MaintenanceIf the
property is accessed from a private road, there should be a formal Road
Maintenance Agreement. Some banks will not lend without a recorded agreement
that shows all owners have promised to help with road upkeep Restrictive
Covenants normally cover road maintenance issues. Environmental LiabilitiesIf
homes or other structures were on the land in the past, ask for a signed
statement that discloses facts about buried items, such as oil or gas storage
tanks. Their removal and cleanup can be expensive. ContingenciesBefore you make
an offer, think about the what ifs--things that would make the property unusable
for your purposes. Add these to the offer as contingencies, which means if they
do not happen, the offer or contract is void. All offers for land without sewer
hookups should be contingent on your ability to obtain permits for a septic
system. If an architectural review committee must approve your home design, the
offer should be contingent on obtaining that approval. The offer should be
contingent on obtaining the type of financing you desire. There must be a deeded
right-of-way to the property. You get the idea. Your buyer's agent, contractor,
or real estate attorney can help you determine if other contingencies should be
added. Searching for land can be a fun adventure. If you look hard enough, you
may find a perfect building site just waiting to be cleared from an overgrown
jungle of brambles and weeds.Buying land may seem intimidating at first, but it
really isn't difficult at all if you plan a course of action and stick to it.
Know Your BudgetTalk with a loan officer to find out how much you can afford.
Both down payments and interest rates can be higher for land than for homes, so
it's important to get the facts before you go shopping. If you plan to build
soon, the loan officer should explain construction loans, including the closing
procedures you'll encounter while the house is being built. Building CostsTalk
with area contractors to determine the average price you can expect to pay per
square foot for the type of home you wish to build. Include estimates for
building a driveway or road to the homesite. Don't forget estimates for well
digging and septic installation if your home will not be connected to community
water and sewer. How will it take to construct the home? To find the maximum
amount you can spend for land, deduct building costs from your total budget,
then deduct a bit more for unexpected expenses.Target A LocationIf you've
already looked at homes in the area, you may know where you want to build. List
locations by order of preference. If you're undecided, become more familiar with
the area by driving around, reading newspapers, and talking to locals. Your
Wants and NeedsMake a list of all features that would exist on the ideal piece
of land. Review the list, highlighting your must-haves, such as a great view,
privacy, or a waterfront building site.How Much Land Do You Need?What's the
minimum size lot or tract of land you are willing to consider? Keep in mind that
a heavily wooded, 1-acre lot may be more private than a 3-acre lot that's all
lawn. Tour a variety of neighborhoods and pay attention to the settings. Land
Use ConsiderationsHow will you use the land? If you plan to build a duplex, you
must choose a site where zoning or other restrictions allow multifamily
dwellings. If you know you want a manufactured, consider only tracts of land
where those structures are allowed. Consider Restrictive CovenantsDevelopments
are governed by guidelines called Restrictive Covenants. I know of one
development where cats are not allowed, even if they are indoor pets. Some
prohibit metal roofs, which are very popular on log homes. Some dictate paint
colors or have an architectural review committee that must approve your home
plans. Study covenants carefully to determine if you can live with them. Start
Your Search Look for 'For Sale' signs as you browse the area. Search for
properties on the Internet. If you see interesting tracts of land, note their
exact location. A visit to the county tax office is usually all it takes to find
the owner. Find a real estate agent who likes to work land sales. Talk with the
agent about all of the categories above, and any others that might help her
locate the perfect tract.Does the Land Suit Your Home Plans?Ask a builder to
accompany you to your top choices, to offer advice about the best building
sites, and to suggest home plans that will work with the topography. UtilitiesBe
sure to consider well and septic installation expenses for land without
community water and sewer hookups. Check availability of electric, gas, and
telephone services. EasementsAn easement is the right to use another person's
land for a stated purpose. Does someone else have the right to use the property
you want to buy? Find out before you make an offer, or add a contingency to the
offer that you must approve of existing easements or the offer is void. One way
to find easements is to take a look at past deeds for the property you are
considering and for surrounding parcels, but a real estate attorney or other
title researcher can give a more accurate opinion. SurveysDoes the bank require
a survey? Updates to existing surveys can often be used, and are less expensive
than a new survey. In our area, surveys are most important for tracts of land
that are not part of a development, since plats for developed lots are typically
on file at the courthouse. If there's a question about the number of acres in
the tract, your offer can be stated as "X dollars per acre as determined by a
new Now, you'll need to word it a bit better, and state who will pay for that
survey. This method can work to either the buyer or seller's advantage,
depending on how the acreage count turns out. Locating the BoundariesLook for
iron pins at the corners of property, or at any point where the property line
makes a turn. You might find iron pins flush with the center of the road, too.
In wooded areas, watch for cut-throughs, pathways cut by surveyors when they
marked a property line. Cut-throughs that go through wooded areas are often
visible for many years. Sometimes trees or bushes that border property lines are
marked with brightly colored paint or plastic wrappers. Road MaintenanceIf the
property is accessed from a private road, there should be a formal Road
Maintenance Agreement. Some banks will not lend without a recorded agreement
that shows all owners have promised to help with road upkeep Restrictive
Covenants normally cover road maintenance issues. Environmental LiabilitiesIf
homes or other structures were on the land in the past, ask for a signed
statement that discloses facts about buried items, such as oil or gas storage
tanks. Their removal and cleanup can be expensive. ContingenciesBefore you make
an offer, think about the what ifs--things that would make the property unusable
for your purposes. Add these to the offer as contingencies, which means if they
do not happen, the offer or contract is void. All offers for land without sewer
hookups should be contingent on your ability to obtain permits for a septic
system. If an architectural review committee must approve your home design, the
offer should be contingent on obtaining that approval. The offer should be
contingent on obtaining the type of financing you desire. There must be a deeded
right-of-way to the property. You get the idea. Your buyer's agent, contractor,
or real estate attorney can help you determine if other contingencies should be
added. Searching for land can be a fun adventure. If you look hard enough, you
may find a perfect building site just waiting to be cleared from an overgrown
jungle of brambles and weeds. ABOUT THE AUTHOR Ajay Pats is a
professional manager.He manages real estate site "Real estate
broker"(http://realestatebroker.nexuswebs.net/realestatebroker/index.html ),a
community for home based business entrepreneurs "Venturecon/Home business
opportunities"(http://groups.msn.com/venturecon) and inspirational ezine
"Discover secrets of happy and prosperous
life"(http://www.topica.com/lists/venturemall).
You may view the latest post at
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