For the lucky few who have the opportunity to buy a second or holiday home, there is often a temptation to opt for buying land and building a dream home rather than buying a house that is already built.
Whilst this is an outstanding idea and can often work out cheaper than simply buying a home, there are some inherent questions that will need to be answered before you put your name on the dotted line. The last thing you want is to be stuck with a piece of land that you can actually do nothing with. Planning ahead is essential to ensure that you end up with a home that you can be proud of for years to come.
The first thing to look at when buying land is the state of the land you are buying. In general, you will find that land comes in two forms, raw and improved. Raw land is just what you would expect; it is as nature intended it with no alterations and no amenities. Improved land on the other hand has been scoped for development and will often already have drainage and some access to electricity lines. Should you choose to go the raw land route, be sure that you will have access to all of the essentials like electricity, water and sewage. Again, there is a large scope here for making the first fatal mistake of land buying.
Once you have decided on the piece of land you wish to buy, you will have to look into whether it is actually suitable for the house you are dreaming of building. This is not only meant in terms of size but also the zoning from the local government. There may be restrictions on your chosen piece of land that could stop you from building at all. There may also be aesthetic laws in the local area, meaning you will have to build your new home in a certain style for it to pass all of its inspections.
When buying land, take some time with the local government to ensure that your idyllic spot is going to remain that way for the foreseeable future. The last thing you want to find out once you have built your home is that a brand new road is about to be laid right through your back yard. Take your time and you will find that the major developments in the area are planned years in advance so you can easily see if your view is going to be spoiled any time in the near future.
The last and most important consideration when buying land is your finances. Not only will you have to ensure that you have the money to buy the land itself, but you must also develop it and then maintain it for the future. All of this could add up to a lot more than you were expecting, but if you plan correctly you will be fine. In the end you are trying to build a home that is tailored to your needs, so take the time and you will be happy with the end results for generations.