Buying Land/Building a home...

[krd7_99]

We are looking at buying a small piece of land (~3/4 acre) and building our own home...for those that have done this, do you have any tips/regrets on the whole process...what are some questions to ask/think about when buying the land...

I feel like I have a pretty good pulse on the situation, but I wanted to hear some others thoughts and to make sure I am not missing anything obvious...

I'd love to hear your thoughts...also can't wait to hear that I am making a big mistake!

 

[Big Blue 1977]

This is my goal someday, damn the expense. Still, I'm going to need much more land than an acre. When I'm at home, I really don't want to be annoyed by anyone I'm not married to or related to. A nice big clearing in the woods with a long private driveway would be fine, however, so long as I don't hear anyone else.

 

[Willy4UK]

Not sure where you live. But if you're looking for vacant land. See if you can find any vacant land with improvements on them. It may help having some stuff already there (septic, electricity capability, etc. Here in Florida, people look for improved land first because it costs money to add stuff like septic systems.

Just a thought.
This post was edited on 4/10 2:42 PM by Willy4UK

 

[TransyCat09]

How big of a house? If you don't need a huge place I've been going back and forth about the pros and cons of a modular home.

 

[Perrin75]

When I was younger I remember visiting the Xanadu House in Gatlinburg and ever since I've always been fascinated by Dome Homes. They are extremely strong and energy efficient. There are tons of options for kits you can get on the internet. here are a couple of examples.

One thing I would recommend. With all the tex credits that are out there I would certainly look into installing some alternative energy options. The ROI on something like Solar Panels would probably only be a couple of years for a new construction with significant long term cost savings.

 

[BreckCo.Wildcat]

Know something about the ground you plan to purchase; ie soil type. Not all land is built the same. Some ground is suitable for building and septic and some is not. Checking out a flood map is also a good idea.

 

[Willy4UK]

Originally posted by BreckCo.Wildcat:
Know something about the ground you plan to purchase; ie soil type. Not all land is built the same. Some ground is suitable for building and septic and some is not. Checking out a flood map is also a good idea.

That's why I say that he needs to look for a nice piece of land with improvements already done. Like in Florida. Let's say it cost $27K for an acre without improvements. To even start to put a septic and make improvements I think it's about $15-$20K for what is called an Impact fee. Not including the cost to actually put the stuff in the ground. Not sure about Ky, but there's a $10K to $15K Impact fee before the ground gets broken.

A parcel could have an existing survey which could save the buyer $500 to $1000 depending on the size. Especially if the survey was done within a recent time frame.



This post was edited on 4/10 3:52 PM by Willy4UK

 

[blueboy08]

Are you looking in city limits, or not? That makes a huge difference.

I would be sure you build to your market, too. Depending where you buy land (which is hard to get a loan for if you aren't building immediately), you will only be able to get a loan for the home that market will support. If 3br 2ba homes sell on comparable lots down the street for $150,000, you aren't going to get a loan for a $300,000 3br 2ba custom home most of the time.

 

[BlueRaider22]

Hang around........a lot. Bring the guys coffee/donuts at times. Keep the workers happy. But what you really are doing is watching/observing.

I've seen crews miss entire walls of insulation. Wire switches backwards......or sometimes not at all. Plumbing nightmares. And those are the workers.

I've also seen times when neighborhood kids come by after hrs for some fun. Rewiring stuff.......tearing up floors.......or taking a dump in the newly installed bathtub.

 

[krd7_99]

Originally posted by blueboy08:
Are you looking in city limits, or not? That makes a huge difference.

I would be sure you build to your market, too. Depending where you buy land (which is hard to get a loan for if you aren't building immediately), you will only be able to get a loan for the home that market will support. If 3br 2ba homes sell on comparable lots down the street for $150,000, you aren't going to get a loan for a $300,000 3br 2ba custom home most of the time.

^It's in city limits...it's actually in a subdivision, but there are about 5 empty lots left (in a fairly small subdivision)...

I guess I really should have said I am buying a lot...semantics...to me, it's still land to build on...

 

[funKYcat75]

Be sure to build your house taller than the rest, to establish dominance.

 

[krazykats]

Where are you looking, which neighborhood? Does the builder own the lot and building suit?

That is a huge part of it right there because they will or should have a lot of your answers. If there isn't a builder and your buying land then like mentioned before those loans are tough and require at least 40% down. Depending on neighborhood or lot that could be a huge chunk.

Then as far as building do you have plans or ideas yet of where to get plans? Do you know who your planning to use as a supplier? Around here 84 Lumber and K-I are the biggest lumber, window and door suppliers.

There is a lot to go thru on these projects and usually when homeowners try to GC themselves it becomes a mess.

 

[Lord_Crow]

Originally posted by krd7_99:

Originally posted by blueboy08:
Are you looking in city limits, or not? That makes a huge difference.

I would be sure you build to your market, too. Depending where you buy land (which is hard to get a loan for if you aren't building immediately), you will only be able to get a loan for the home that market will support. If 3br 2ba homes sell on comparable lots down the street for $150,000, you aren't going to get a loan for a $300,000 3br 2ba custom home most of the time.

^It's in city limits...it's actually in a subdivision, but there are about 5 empty lots left (in a fairly small subdivision)...

I guess I really should have said I am buying a lot...semantics...to me, it's still land to build on...

Like the other poster said, build one of those dome homes. Your neighbors will be so excited to see that puppy going up.

 

[trueblujr2]

If you're buying a lot in a cookie cutter neighborhood with cookie cutter homes ane plan to build a cookie cutter home that looks exactly like every other house in the neighborhood, save your time, energy, money and heartache and just buy the one for sale down the street. (I'm sure there will be one) going through all that hassle just so you can pick what color carpet, paint, and countertop color just isn't worth it, you can switch all that stuff out in any existing home.

Now if it's in a neighborhood that favors some variety and allows you to truly build the house you want then go for it.

 

[Chuckinden]

How long do you plan to stay in it? Is your situation permanent?