Looking for your dream home, but can't find it? Some homebuyers opt to purchase residential lots to this end. Residential lots provide aspiring homeowners the freedom to build their home to their liking. If you're thinking of buying a residential lot, keep these things in mind:
1. As with any real estate purchase, consider the lot's location and whether it suits and provides the lifestyle you want to lead in your new home. Consider factors such as flooding, fire, and earthquake safety. Look into nearby options for retail, schooling, work, and transportation, among other things. Take into careful account how location affects the price, as well as the resale or rental value of the property, especially if you're an investor.
2. Make sure that the lot is accessible from a public road. It doesn't present itself as an issue in most urban settings, but rural locations can be tricky -- you wouldn't want to have to cross your neighbor's private farmlands just to get to your home.
3. Residential lots have certain restrictions as to what you can build on them, as per local zoning laws or, in some cases, "deed restrictions" imposed by, say, the subdivision the lot is located in. Make sure you're aware of these restrictions.
4. It is advisable to get a land survey for the property. Conducted by a professional surveyor, the land survey will determine the boundaries of your property.
5. See whether water and sewer connections are available on the lot. Vacant lots without access to water and sewage lines will require wells and septic systems, which would add to the cost of construction.
6. Ensure that you can get electricity and phone service on the lot once the house is built. You can opt for solar panels or a generator if the lot can't be hooked up to the electrical grid.
7. Digital convenience and communication are staples of a comfortable and contemporary life. Unless you mean to build an off-grid retreat or sanctuary, make sure you have cellphone and Internet coverage on the lot. Likewise, ensure that you get good reception for TV and radio; see whether you need a satellite dish for these amenities.