Searching for the perfect plot of land is a different experience compared to house hunting. Instead of settling for a home’s location and design, a piece of land offers various opportunities. You have the power to determine where you’d like your home to be built and how you want it to look.
Though many homeowners have turned their backs on this American Dream, due to strong real estate markets and an absurd amount of regulations, there are a few who are willing to take the risk. We have provided you with a list of what to consider when buying land.
1. Survey the Land
When you find a piece of land that you like, it’s important that you survey the land by walking the entire property. This will help you gain a better sense of the suitability of the land, and whether you need to clear any brush to make way for building or determine where to install certain household necessities, such as septic tanks or power hookups.
2. Take a Trip to City Hall
After you have chosen your dream lot, you must drive to city hall to gather a full account of the condition of the property. Keep in mind that many sellers do not know this knowledge first hand, so those at city hall can help you gather the information you need. For example, the health department can give you information regarding the local water and sewage codes, the planning commission can provide you with details regarding zoning restrictions, and the assessor’s office can provide you with tax information as well as records about flood-zone boundaries and wetlands proximities.
3. Calculate the Final Cost
Being financially prepared is key to building a home on a piece of vacant land. Many aspiring homeowners who purchase land underestimate the cost of developing it. According to the 2000 U.S. Census Bureau, the cost per square foot to build your own home is $82, which doesn’t include the cost of buying the land and preparing it.
In order to make sure you don’t become an unsuspecting victim to spending more than you budgeted for, it’s recommended that you invest in a land-buying mortgage program. Your best bet is to go with a local bank for this matter. However, be aware of the following:
-You will need to put down a 50 percent down payment
-The loan term is usually 15 to 30 years.
– The interest for the land is typically between 6 to 8.5 percent.
– You will need a separate construction loan.
As one of the leading brokerages in Fulton County, Atlanta Fine Homes knows the Milton real estate market inside and out. Contact us to view or learn more about the available listings at The Manor Golf & Country Club today!