How To Choose A Lot As A First Time Homebuyer

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.

The author of “Tips and Traps When Buying a Home”, Robert Irwin, recommends using a checklist when searching for a lot as a first time home buyer to avoid missing any critical details. Here are some essential tips that you can use to help you find the right property to build on:

1. Map out the nearby towns and cities. If the property you are considering is located in a rural area, you would have to know how far away it is from the nearest town and city. This is an important factor to be aware of since you might have to commute from your future home to work. Take the time to find out what your travel time is and what access roads to take so to get to the places you might need to go to like schools or hospitals.

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. Source of water. If you will build a home in an urban area, it will be easy for you to get a source of water. This may not be the case especial if you plan to buy a lot in the countryside. You may have to work with a private water company and find ways to bring water to your home.

4. Find out the soil quality. When you plan to build a new home, you have to know the quality of the soil you will be building on. This is an important factor as it will ensure that your new home is going to have a solid foundation. There are professionals you can hire to assess the soil quality of the lot if you do not know how to check it.

5. Review building options. If you are located near a national forest, a wildlife preserve or other major landmark, there may be restrictions on what you are allowed to build in the area, and how much you can renovate or remodel. Make sure you understand all of these restrictions (if any) so you’re not investing in something you might regret later.

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.

Alexandria P. Anderson is a MN Investment Property specialist. If you are a Minnesota First Time Homebuyer she can help you to find real estate that’s perfect for your needs. Get a free copy of “The Investors’ Rental Guide” at GreatInvestmentProperty dot com.

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