Tips for Finding Your Perfect Lot
Purchasing the right lot to fit your new home construction project is no small task. Consider these tips as you shop for the right piece of land.
You’ve done your shopping around and have decided to build a new home. While the home design and builder are certainly important, you’ll also need to dedicate time and effort in picking the right lot. There are a number of factors that go into lot selection, and we’ve seen borrowers make the mistake of buying a lot without any consideration of the following.
Location may seem obvious to some. But making a list of important factors can be helpful. Do you appreciate privacy, or would you rather get to know your neighbors? How long is the commute? Take a drive around during the evening rush to get a sense of traffic. Yard space and maintenance are two other aspects to consider.
Site improvement costs can be a hidden concern for some lots, depending on what type of home you want to build. It’s not uncommon to need extra fill, and landscaping can get very expensive if retaining walls become necessary. Extra site improvement costs can make or break a new home construction project.
Neighborhood, Association and Municipal restrictions also play a role. There are often requirements related to minimum and maximum home sizes. Styles of homes can also be restricted. Material requirements may impact your costs. Exterior stone and siding are two items that are controlled by neighborhood associations.
Not sure where to start? Ask an experienced Great Midwest Bank Loan Officer for some direction on a qualified Real Estate Agent or Builder to point you in the right direction. But most important, be patient. With a somewhat limited supply of lot inventory on the market, it may take some time to get your dream lot for that dream home.