Jul 11, 2023
Dreaming of a luxurious new home in the suburbs of Chicago? Finding the perfect piece of land to build on is one of the first steps. But you can't just drive up to a piece of property and start building. So, how do you go about finding land that:
- Fits your budget?
- Is in a desirable location?
- Is appropriate for your build?
As luxury home builders in Chicago with over 60 years of experience, we'll be completely honest with you — the search for the perfect piece of land can be complicated…
Unless, of course, you have someone in your corner to help guide you through the process!
We're here to help you find land in the Chicago suburbs that will make the purchase and construction process as easy as possible. Here's what you need to know:
Finding Your Perfect Plot
When it comes to finding land for sale in the Chicago suburbs that fits all of your needs, you can go about it one of two ways:
- Look for land that’s already listed on the market.
- Work with an experienced home builder who knows all the ins and outs of building on your lot.
If you decide to go your own route and search for land on the market, you'll need to do some legwork. Start by researching the best suburbs around Chicago where you might be interested in buying a home.
You’ll have three options… finding land on your own, working with an outside real estate agent, or working with the real estate expert on the Overstreet team.
Your best option - unless you’re well versed in researching land for building - is going to be working with a specialist who knows a thing or two about what to look for when it comes to building. Hunting on your own or with an agent who typically sells used homes will likely leave you without the necessary guidance surrounding the purchase of buildable land and / or the construction process.
Choosing the Right Property to Build On
Regardless of which route you take, here are the specifics you'll need to consider:
Understand Your Budget
The price of land for sale near Chicago can vary significantly depending on the location and if there are any improvements.
If your ideal location lands you in a place where property is $250-300,000 and your budget is $800,000, you might not have enough money left to build your beautiful new home.
This is especially true when it comes to building a luxury home — you want to make sure there's enough money left in your budget for all those customizations you've been dreaming about.
Getting pre-approved and working with a home builder who knows the local market can help you get a better idea of what to expect budget-wise when looking for land.
Understand Zoning and Illinois Building Codes
If you're trying to build a home, the zoning needs to be R-1 residential or a type of residential zoning that allows for single-family homes.
Changing the zoning after purchase can be extremely difficult, time-consuming, and expensive (if it’s even possible).
Once you've identified land with the correct zoning, it is important to confirm the building code and ordinances in place for new home development.
There’s a surprising amount of residential-zoned land that is completely unbuildable. Reasons for this might include:
- It doesn't meet the minimum size requirements
- Topography
- Water or sewer access issues
- Road access issues
- Environmental restrictions
Figuring out all of these details can get complicated quickly...
Consider Topography and Lot Size
Topography - or physical condition of the land - is important to consider regarding the cost of building and whether the land is buildable at all.
Many cities and counties in the Chicago area have ordinances that prohibit development for various reasons.
You’ll also want to consider the size of the lot and how much home you can build within the zoning restrictions. We recommend getting a survey of the property and talking to an experienced home builder to help you determine what kind of home can be built on it.
Determine Your Needs for Size and Privacy
While Signature Neighborhoods like ours include many enticing amenities like pools, playgrounds, sports courts, and more — some families prefer the seclusion and spaciousness of a custom-built home on their own land elsewhere.
You'll want to determine how much space you'd like for your home and outdoor living area, and make sure the lot size allows for those things.
Prepare for Utilities and Land Development
Raw land (land without any utilities or infrastructure) can be cheaper upfront but can quickly become more expensive to develop.
You might need a big investment to get the property ready before building can begin:
- Grading
- Road access
- Bringing utilities into the area
- Clearing trees
Factor that into the budget and your construction timeline.
Why Partner with A Luxury Home Builder in the suburbs of Chicago?
The great part about involving Overstreet Builders in your land search is that we can work with you to identify suitable sites on the market. In fact, we offer build on your lot packages to streamline the process for you — this way you can avoid potential heartbreak and "budget break" before you fall in love with a property.
Explore more details about our offsite building process and how we can help you make your dream home a reality.
Are you ready to find land in the Chicago suburbs and build your custom home? With Overstreet Builders by your side, your dream home is just a plot of land away!