When purchasing a piece of property, there are so many things to consider. What are you looking for? Some are looking for a mountain-top piece of property with great views. Others are looking for something in the city limits for convenience. Then there are some that are looking for something in between. The options are endless, but you must decide where you and your family would feel most comfortable.
Once you decide WHERE you want to live, you should then consider some other questions:
1. How much acreage do you want to purchase? Some people want a simple building lot that consists of ½ acre to 1 ½ acres.Others want a mini private estate consisting of 3 to 5 acres. Then there are others that want a large parcel or 5 acres or more, and maybe as large as 20 acres. What are you looking for?
2. How much do you wish to spend on this piece of property or real estate? Depending on where you want to live, an acre of land can cost anywhere from $5,000 to $1,000,000 and up. Then there are larger parcels that could cost a lot less per acre if you buy the whole 20 or 30 acres.
3. What type of home do you want to build on this property? Restrictions can regulate what your neighborhood will become in the future. If there are restrictions, you can make sure that you home value will rise and that no homes will be built in your area to compromise that. A good question that our Realtors are ready to answer is "What are the restrictions on this piece of property?"
4. What will your home appraise for on this building lot? Some clients and lenders ask for a "Pre-Appraisal". A Pre-Appraisal is an estimation of what your new home built on this piece of property will be worth when it is completed. Some get a Pre-Appraisal and another Appraisal once the home is finished. When you get an Appraisal after the home is finished, it sometimes shows the value a little higher than the Pre-Appraisal because they are looking at a finished product and not just a concept. The Post-Appraisal being a little higher will also allow you to get a better mortgage rate.
This is simply a starter guide when looking for a piece of property. Some other questions to be considered:
1. Size of your property? Will the home you want fit on it?
2. How should the house sit on the property to allow for a garage and driveway?
3. How much grading and clearing will need to be done on the property?
4. Will you need to build or improve access to your home? Will the improvements/construction require a gravel or paved surface? How about drainage for the road?
5. What type of foundation do you want or what type of foundation is required? Whether you install a slab, crawlspace or full basement will determine the final cost for your home.
6. Does the area have access to a public water and a sewage system, or will a water well have to be drilled and septic system need to be installed?
7. Is there adequate space and drainage for the septic system needed for the size home you want to build?
8. How far away from your daily routine will your home be? Is it convenient to your job, family/friends, grocery store, gas station or church? Or will the distance matter to you at all?
9. Are utilities (electric, cable, gas) available in the area, or will you have to add these costs to your building budget?
10. Will your home increase in value over the years? Is this what you are anticipating?
11. How are taxes assessed and at what rate in the area you've chosen? Will your home raise in value as the taxes do? Is this a concern for you?
12. Has the property been approved for building by the local permitting office?
There are many bases to cover when dealing with Real Estate. Make sure you ask questions, negotiate, and feel completely sure about the deal before you make a purchase.
Author: Janet Marie http://www.AshevilleBuildingAndRealEstate.com
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