subject: How To Buy A Lot As A First Time Homebuyer [print this page] If you're building your home as a first time homebuyer, the first important step is to find the lot. Just like buying the home, there are certain things you need to look for when searching for the ideal plot of land. In addition the lot's location, you will need to consider the types and styles of properties on other lots in the area, the number of trees and water features around the area, accessibility to power, and a number of other important amenities.
Robert Irwin, author of the book "Tips and Traps When Buying a Home" recommends using a checklist when searching for a lot as a first time homebuyer so that you don't miss any critical details. Here are some more tips on choosing the lot for your first home:
1. Map out nearby cities and towns. If your lot is located in a rural area, find out how far the nearest cities and towns are. This will help you decide if a commute from your future home will be worth it, and what your lifestyle might be like if you have to travel to the city on a regular basis.
2. Review natural features. How many trees are in and around the lot? Do you have access to a lake? How far is it from your new home? Many first time homebuyers overlook these important details when they have found what looks to be like their ideal lot. However, building a house that is very close to a lake or a forest means you may need to deal with wildlife and flooding during certain times of the year.
3. Check the water source. If you build a home in an urban area, you may not have to worry about where you will get your water from. If you decide to build your home in the countryside, you may need to find a private water company or find alternative solutions to be able to get water into your home.
4. Check the soil quality. Determining the quality of the soil on your lot is an important factor when building your new home because you need to work on soil that will accommodate for a solid foundation. You can hire a professional to inspect the soil if you are unsure of what to look for.
5. Find out about building restrictions. Knowing what the building restrictions are in the area that you plan to build a new home will aid you in your planning. It is highly possible that there are restrictions on what you can build, how much you can renovate or remodel, especially if the property is located near a national forest, a wildlife preserve or a major landmark. Being aware of any restrictions will can help you decide what to do and save you from investing in something that you might regret on a later date.
Aside from assessing the physical features of the lot, you have to review the title in detail. Find out if it is a clear title and if there are no easements of any kind on the lot. Try to use these tips to help you find that ideal lot to build your dream home.
