Tips & Articles
What to Consider When Buying A Vacant Lot
We can all imagine what the perfect home might look like.
A lot of the time, we want to put our own touches on it and truly make it a reflection of ourselves. To get that, you might be considering buying a vacant lot and building it from the ground up.
But you must be thorough when buying a vacant lot. No matter how perfect a property may look on paper, research and review are crucial when ensuring you’re getting what you want.
So, what should you consider when you want to build from scratch?
Location, Location, Location
Nothing is more important than where your lot is.
You can change the house in any way you need, but you can never change the view or location.
Google maps and the street view feature can help you narrow down your search, but it is also important to get out there and experience the area first hand!
Where you choose has to be a good fit for what you intend to use the land for and how long you intend on staying.
If you plan on building a forever home, building it within beautiful valleys or on an island might pose a problem for accessibility services or if the land changes over time. Will the shoreline get closer? Is there a chance for rock fall? Long, snow-filled winters? These are all things to consider.
Similarly, road accessibility might be something that has slipped your mind. A secluded house might require you to build your own road to connect up to the rest of civilization.
This is a big investment of time and money. When you’re buying a lot and building, the costs can add up quickly.
Aside from the building costs there are some other costs that you might not have considered.
1. Land Survey
This might not be a necessity if you have an up to date survey. When you first see the map of lot boundaries, it’s often difficult to visualize the actual land. Professional surveyors will research your property and mark the exact boundaries of the lot.
2. Title Insurance
Title insurance is important because it protects owners and lenders against property loss or damage. You are protected from the legal complications involving your property.
Depending on where you want to go and how you want to live, you may have to consider utilities into the equation. Electricity, heat and phone lines are very necessary for a lot of people. Not only that but you may need a septic tank or even a well for access to water and a sewage system.
If you’re moving into an already developed area, however, this may already be available to you.
What and Who is Next Door?
Like location, what’s surrounding you should be taken into consideration when deciding where to buy the perfect lot.
Depending on where the lot it, you might want to consider what the land around you is or will become. Is it going to become commercial or industrial?
Similarly, who is next door?
If you need specific utilities that you don’t currently have, it’ll have to be put somewhere. Sometimes it means that you have to go through your neighbour’s land. And you’ll need permission.
If negotiating with the neighbours isn’t something you signed up for, then the lot isn’t for you.
What are the Restrictions?
When it comes to real estate, there is no escaping the required permits.
- Government zoning before construction starts
- Building permits
- Burning permits etc.
From the electrical to the septic tank, permits are required for everything, to keep the property safe.
For land built on subdivisions, there are often restrictions placed upon the property, such as homeowner’s associations. Property restrictions can dictate where you park your car to how often you cut your grass.
These restrictions are there for a reason though, they help protect you and the land you own.
Buying property is a big decision. It’s an exciting time when looking for the perfect lot! But there are so many things to consider when purchasing a lot. It can be overwhelming so make sure you thoroughly research the locations you’re considering!
For more information, get in touch with us to see how we can help make this decision easier and stress free.