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Real Estate

Buying Residential Lots for Sale: The Ins and Outs

Admin

December 23, 2018 09:38 PM

Before building your dream home, you need to find a suitable land, acreage or residential lot in which you will create a family and build your dream house. You need to remember that the most critical aspect of seeing a lot for sale is the location. You need to make sure that the area is accessible. In this article, we will put up a list of important things you need to know and need to consider before you decide on buying a piece of land or property.  You need to remember that the adage of the real estate is very important when choosing a property to build your dream home.

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Things you need to consider before your big decision :  

Before you decide on what property or piece of land to buy, you need to find out if the city or the area has a proper sewerage and water connections. If there is no suitable sewerage system, make a proposal to buy land contingent with the ability to build an appropriate septic system needed for your planned number of bedrooms. You have to find out whether home buying contract contingencies are required for lot purchases.

For example, in some places, water right does not project with the land, meaning, you could not dig and build a water well. You also need to make sure that phone services and electricity are available. You have to check cable services if that is one of your priorities. If the area is not reachable by a road, you need to make sure that a road maintenance consent is properly in place. The document will make sure that everyone in the area that is in the vicinity of the road will help maintain the road.

Deeded right-of-way should be in place for areas or communities that are not passable by a public road. The document will give the owners as well as future owners, legal rights to access the lot or the land, known as an easement. You also need to see the property's deed restriction. Make sure that the type of house you are trying to build is allowed in that community.

For example, some cities do not allow fabricated housing, or some areas don't let you raise chickens, and some communities only allow houses to be built within a specific amount. I know a subdivision that doesn't allow you to create a home that's worth less than $100,000. If you are buying Little Rock, Arkansas lots you should check whether Little Rock, Arkansas has specific laws and regulations about property sale.

If the lot you are planning to buy is in a development stage, you need to get a duplicate of the restrictive covenants. That is where you will find any restrictions on the minimum size of the house allowed in the community, other structures allowed, and limitations. Ask the county or the city where the lot is located if any zoning changes are expected in the area, or if there are plans to create new roads or if there is a plan for road widening.

If there is some environmental hazard in the area like old buried gas or oil tanks, you need to decide whether you are ready to remove the tanks, or whether the seller is willing to shoulder the cost of removing them. You also need to determine whether you want your boundary to be surveyed. In some areas, surveys are significant and standard, but they are seldom required in some states or cities. But doing a survey is always a good idea. If you are planning to build your house soon, you need to talk to talk with your lender about loans.

(To know more about different environmental hazard in the real estate business, visit https://study.com/academy/lesson/environmental-health-hazards-risks-in-real-estate.html.)

Don't get discouraged with the term " subdivision and development." If you are a city dweller, you might think that subdivisions are consist of small lots or side-by-side houses. But in rural areas, development and subdivision mean the lot is most probably at least 10 acres in size. Restrictive covenants will help how property owners to keep the value of their home by requiring your house to conform to certain standards. You have to read them very carefully, so you know what is allowed or not allowed. You also need to check the documents if other people or land tracts has access to easements to use your property in any way.

 

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