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Buying a parcel of land can be used for various things, whether to build a home, use it as a long-term investment or even start a business. If you plan on investing in a lot, you should consider some factors before purchasing. In this article we will focus primarily on lots that will be used to build residential real estate; here are four things you should look for when buying a residential building lot:
Location, Location, Location
One of the primary and most apparent concerns a person may have is location. Purchasing real estate is investing, and you want to ensure there is resale value. When building a house, it’s essential to pick a lot located where you would like to spend time. If the forest does not attract you, don’t buy a lot near the forest.
Develop a general idea of where you would like to purchase before shopping for a piece of land. You will want to consider what area you enjoy and the amenities it has to offer. Think about the view from the lot. Will you be next to a lake, surrounded by mountains? If you have a family, ensuring there are schools and activities near is essential to the selection process.
Know What the Costs Are
Time and money are what you invest when purchasing a residential building lot. If you spend more time preparing and comparing, you’ll be more ready to spend your money wisely. You have to consider all of the costs that come with buying land. Investing in insurance is never a bad thing, as well as the potential costs of land surveys. You may not require a survey if it has been completed recently, but it’s essential to figure out when it was last conducted.
Building costs and utilities will also contribute to the overall cost. Before construction, you may have to pay to have water or electricity run to the lot, as well as install a septic tank or drill a well. When purchasing a lot to build a home on, you must understand the associated costs.
Residential Building Lot Restrictions
If you are buying land in a subdivision, there may already be restrictions on the residential building lot. These subdivisions can set rules and decorum regulations. So if you dream of building a mid-century gothic house and purchasing a lot in a modern subdivision, there could be restrictions on how your home looks. These rules can also extend to minor details such as: how long you can have your grass, where you can park, and even what pets you can have. These restrictions can sound like a headache but can also be a blessing. The rules and zoning regulations prevent someone from buying the neighboring lot and building a Walmart or a six-story home right next to yours.
Before you start building, you must obtain a building permit. These permits keep you in line with the building codes and ensure your new home is a stable structure. There are permits beyond permits when building a new home. No sewage? You need a permit for the septic tank. No water? You need a permit to dig a well. From electrical work to plumbing, the process of constructing a home is laden with requirements for permits. However, once your house is built, you can be confident that it is a solid, legal investment.
When purchasing a lot, there are many things to consider. There’s no rush; take your time and think about the investment. Ensure that the lot meets all your requirements and you can obtain all the necessary permits. Take into account all the costs and if the lot is in the right location for you. Tassie Creek is one of the Okanagan’s residential lot developments that offers a great location with lake views and nearby amenities. Visit our website to learn more about the real estate they offer.