Everybody has a dream house, but only a few has a dream lot. That is probably one of the biggest real estate mistakes that most people make – they always plan their dream house in details, but they rarely consider the lot or land where their dream house will be built.
In this week’s segment of SubNet Construc-Tips, SubNet Construction will be sharing with you the things you have to consider before buying a residential lot. Remember, if your dream house is the biggest investment you will ever make, it won’t hurt if you will invest as well in the right lot or land. Like what Sai Baba believed in, “A house must be built on solid foundations if it is to last”.
1. Consider the location of the residential lot.
First off, where exactly do you plan to live for good? Do you prefer to settle in the city or in the province? Does country living appeal to you more than urban living? Or are you more likely to reside in the Metro than in the rural area? Do you want your future house to be near your workplace to avoid being stuck in traffic? Or do you want it to be more child-friendly and yet faraway from the business district? Consider your options well.
2. Consider the size of the residential lot.
How big is your dream house will, of course, determine the size of the residential lot that you will buy. What do you envision for your residence? Will you build a bungalow or a multi-storey home? Do you want a house with no garden, or do you imagine yourself doing a little yardwork? How many cars do you have or plan to purchase in the future? Aside from the house itself, what else do you want to build on your lot? Swimming pool? Basketball court? Store? Restaurant? Think of all the possibilities. Planning is everything.
3. Consider the quality of the residential lot.
In what type of neighborhood or community is the lot located? What are the nearby areas? What is the soil condition of the residential lot? Look for all problems that will possibly arise such as the drainage system, foundation design, availability of utilities, topography of land, residential setbacks, legal easements, baseline elevations, and wetlands. Ask for professional help. Conduct a survey if necessary. Better be safe than sorry.
4. Consider the price of the residential lot.
Naturally, any land buyer will opt for a cheaper amount. Nevertheless, you have to be very wise before buying what seems to be a bargain lot. Know first why that land is being sold for a too good to be true price. Is there a title? Are all the legal papers of the residential lot okay? Make sure you won’t have any problem with the purchase and the ownership in the future. More importantly, make it a point that the price is within your budget. Even if a housing loan is your option, you have to be very cautious. A housing loan may provide you your immediate need, but if it would cost you more money in the future, you better think twice.
5. Consider your personal needs.
The quality of life of a certain neighborhood or community may directly or indirectly affect your own quality of life. What would you choose: reside in a place that defines your lifestyle or sacrifice the latter for the place you will be living in? In addition, you have to look into your present needs. Are you starting your own family right now? Or do you already have growing children? Perhaps you are building your retirement home? Or are you taking care of your aging parents? Do you want to be living in a peaceful community? Or do you prefer to be close to all the basic services? Above all, be personal in choosing a residential lot. Do you see your dream house being built on this piece of land? Do you feel at home in this lot?
These are just some of the tips that we thought could help you make better decisions before you buy a residential lot. While houses and condominiums are being sold left and right, we understand that it is never the same if your dream house will be built on a land that you had exactly envisioned and chosen. Hence, we encourage you to carefully consider all your options to avoid making the real estate mistake that most people make. If you’ve got a dream house, you better have a dream lot as well.
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Source:
TheHouseDesigners. “How to Buy Land to Build Your Dream House”. thehousedesigners.com. https://www.thehousedesigners.com/articles/purchasingyourland.asp (accessed July 12, 2018)