Real Estate Raipur
You have decided to build the custom home of your dreams, but first, you need a place to build it. But buying a plot where you can build a house is not simple. There are many factors to consider before buying a property.
Step 1? You need to start by Research, research, and a lot of research. One option, if you don’t want to take care of all the responsibilities yourself, you may consider finding a property through a builder. However, if you are ready to dive into the land search (and research) process on your own, we have put together a convenient list that will help you avoid some common pitfalls and become an educated buyer, eventually owning land with no unexpected problems now or in the future.
- Location – This is the most important consideration when buying a lot. If you’re looking at lots in the neighbourhood you live in, you must already have an idea of the area you want to build a new home. Probably a promising neighbour that is surrounded by beautiful nature or in a large up-and-coming neighbourhood that will be a great investment. Even if you already have a sense of location, it is necessary to check the city’s comprehensive plan to see what areas are planning to grow in the near future. In addition to choosing the right place on a macro scale (for example, in terms of the city you want to live in), it is also important on a micro-scale. For example, if you have children, you want to think: About nearby school districts or If you are still working, consider a location which is not far from your workplace, If you are retired or retiring, it is a good idea to inspect facilities in your areas, such as medical services, recreation facilities, clubhouses, and fitness centres.
- Readiness – Not all lots have the same level of accommodation preparation. Lots are categorized in three ways: constructed, unimproved, and raw. The raw land is intended for speculative investment and is not intended to be built anytime soon. Undeveloped land does not yet have basic services or amenities, which mean additional issues and unforeseen costs are possible. As basic improvements are needed in the unimproved lot, construction will take more than several months (and bank loans for this type of lot can be difficult to obtain). As the name suggests, the constructed lots are ready to build right away (provided all the necessary permits are in place). Among the different types of lots, banks prefer constructed lots because it is less risky.
- Floodplains – Flooding can seriously affect your property, your home and your quality of life. Flood insurance for people living in high risk areas can cost a lot of money every year, depending on the level of risk. And a house built on a flood plain can be a tough sell. These risks can be avoided, so you should check if the area of the lot is in a flood zone on the website of the Federal Emergency Management Agency. To avoid the risk of flooding, look for land labeled Zone C or Zone C.
- Don’t Forget Zoning & Restrictions – Before you buy land, you’ll want to check if you can actually build a residence on it. Your city or county may have an online zoning finder that you can use to quickly find the land. Buying a non-residential lot happens more often than you might think, so this is a simple but very important step! You should also keep an eye on your city or county’s long-term land use plan and planned road additions, as these changes could affect the property you’re interested in (and it’s good to be already prepared).
- Utilities – It is important to make sure that you understand exactly how you will be supplying power to your home and handling water and waste as these items can be a deal breaker in some cases. Before finalizing the purchase, you will want to know exactly how you will have access to the following:
- Water (from a utility company or a well)
- Waste (septic or sewer)
- Gas ( utility company or propane tank)
- Telephone and Internet services
For example, you may be interested in a lot that’s in a very remote location, and you may see that the property is listed as having access to municipal utilities, water and sewage systems. However, if you are far from other homes or from a utility provider, you may be charged significant costs for delivering power lines to your residence.
- Lot Loans – As mentioned earlier, ready-made land is favored by banks when it comes to loans. Once you have found your dream plot, you will need to provide the bank with a new survey and information about zoning and land use restrictions on the property (including accessibility utilities and public roads). The more the land is improved, the lower your borrowing costs.
- HOA’s or Deed restrictions – Zoning isn’t the only potential limitation to what you can build on a lot. Many lots for sale are part of approved subdivisions. If you are looking for vacant land in a small area or in a developed community, there may be an association of owners. HOAs can have expensive membership fees, in addition to setting regional rules. These rules can dictate everything from the color of your front door to the types of animals you can keep. One of the great things about. HOA-run communities often also have community centers and swimming pools, which is a big plus.
Deed restrictions are separate agreements between the landowner and the buyer. Common restrictions include obstructing the view of neighbors, the type and number of vehicles allowed to park on a property, building fences, removing trees, adjacent structures and even the number of rooms. Make sure you get a copy of the HOA rules and regulations and the zoning deed restrictions (which should be included in the deed or master deed) before purchasing any land.
Hope this is a useful list to consider when purchasing land. Good luck with your search and if you have any questions, please feel free to leave a comment below.