For example, it makes a lot of sense that you’d want to know about the neighbors surrounding the land. There can be a lot of regulations about how you build and develop your land. This guide covers the facts you need to know, including the different ways you can purchase land and then build, and how financing differs from a standard home loan. Your first step (after buying land!) Overseas buyers may have the right to buy land, but land with planning permission to build can be hard to find. And, if you’re not well versed in the process of land buying, the challenges you’ll face here may well surprise you. Building a house after buying land. Here are the do's and don'ts of buying vacant land: Do work with an agent to find the land. Although you might assume that land is a safe investment—after all, “they’re not making any more of it”—lenders see land … As a real estate agent in Colorado Springs, for many years I’ve been helping people buy not only existing homes, but I’ve also helped many families buy land to build a new home on. You certainly need to have some long-term plan for the plot because it will determine what and where to buy. Since most people buy land with the intent building on it, you will definitely want to be aware of anything that could become an obstacle to that objective. Do consider the value of homes in the neighborhood. At the same time, it’s really important to know all the steps involved so you can make the best decisions along the way. Buying land is an often overlooked form of real estate investment that can produce good returns. “It’s because they know what block of land you need to buy to put the house you want on.” They should also be able to warn you about potential unexpected site costs, such as removing large rocks — adding up to $15,000 to your build. Read on for how to do so intelligently, avoiding some of the common issues that come with land that hasn't yet been used for a home. Perhaps you see land as a better investment than stocks and shares or other assets. Another thing to consider when buying land is to check if there is a governing HOA. If you’re also going to build a house and plan to finance both the land purchase and the construction, there may be … DAVID OTERO says. How will you finance your land purchase? May 17, 2015 at 11:07 pm. Aside from the issues associated with working with architects, staying on budget and keeping to a timeline, there’s the small matter of finding the land you need to build on. The cost of a plot of land to build on averages $3,020 per acre.
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