Hi,if I buy the open land for future to built the custom house, whsat should I consider for the land, ple advi

In Buying Property - Asked by Ahmed Q. - Jan 6, 2010
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Answer(s)

Tia N.
Broker/Agent
Mountain View, CA

Utilities accessibility. What are the restrictions from the city. Loan program is something to consider.

Jan 6, 2010
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ted m.
Owner/Investor
Oakville, ON

I am a custom home builder and your question is just in my category. When considering to build custom this is what to consider.
1-land locations, and bi-laws(is their service on the lot or do I have to bring in service)
2-size of home and type of home., 2 story, bungalow, walk out basement, ranch style,
high or low end materials, stone, siding, stucco etc.
3-A contractor how has experience and you can trust and work with
If you wish to get more advice my e-mail is teamworkhomes@yahoo.com

Jan 6, 2010
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John M.
Broker/Agent
Ponte Vedra Beach, FL

Please make sure you complete "due diligence" before buying. You need to know what adjacent properties are zoned at as well as what they are identified as in the county comprehensive land use plan. You do not want to buy your dream property and have a Wal-Mart go up next to you at any point. It happens!

Jan 7, 2010
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Suzanne G.
Lender/Mortgage Broker
Prescott, AZ

I am a commercial loan officer and do a lot of lot and construction financing for custom homes. I have also purchased vacant land and built my own custom home. Right now lot loans are almost non-existant. So, if you can get a home equity line on your current house or pay cassh for the lot you will be way ahead when you are ready to build.
Before buying check the utilities and see if they are provided by the city or do you have to drill a well and septic, check about the electric and other utilities as well. You should have a builder look at the lot and see what he thinks about he building envelope and if the size of house you are considering will fit. Also, check the CC& R's to see what restrictions there are (size and height of house, set back requirements, architectural requirements). Find out what the taxes are ( and Homeowner fees and assesssments, if applicable) and see if there are any city or county restrictions now or being proposed for the future.
I would also pull some comparable land sales in the area to make sure you are not over paying for it. Some title companies may require a survey. You may want to do one anyway just to confirm the size and legal desription of the lot.
if you get a nice lot and a good builder, the process can be a lot of fun. If you don't, it is pure misery from the beginning and only gets worse.
Check out your builder and be sure to get everything in writing.
Good luck!

Jan 7, 2010
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