What You Should Know About Buying Land

You've likely heard horror stories about people buying land to build their dream home, only to find out it has a major issue that makes the property useless. Stories like these can put any potential buyer on edge, but it's not all doom and gloom.

Our team at Overstreet Builders has 55+ years of experience in choosing great pieces of land and building on-your-lot custom homes that perfectly fit our client's vision. Here's everything you need to know about buying land to build your next home.

Are you tired of scrolling through endless property listings, feeling like you'll never find the perfect piece of land? We get it. Sometimes the best deals aren't listed online or in print. That's why it's important to look for hidden gems.

Hidden gems are those neighborhoods that may not be as well-known or popular, but have the potential for future growth and offer more affordable land prices. One way to find these gems is by doing your research on the area's development plans and upcoming commercial projects. 

The area may have a small population and few amenities now, but it could be completely different in 5 or 10 years!

But there's another sneaky way to find these hidden gems…

The truth is, some of the best deals on land are found by word of mouth. Ask your network of friends, family, and coworkers to see if anyone knows of a piece of land for sale that hasn't been listed yet. You never know who might have the inside scoop.

A local realtor or your home builder might also be able to connect you with a seller who's willing to negotiate on price or offer you exclusive access to an upcoming listing. Plus, they'll have invaluable insights into the neighborhood's potential for growth and value appreciation.

What do you envision when you think of your dream home? Is it in a rolling meadow, the woods, or on the banks of a lake? These all sound breathtaking, but they come with their own set of issues…

Before you buy land, consider the landscape:

Take some time to think about the landscape and its potential impact on your construction costs. 

Look at environmental factors like:

If the land has unique features, like a natural pond or rock formations, it could add character and value to your future home. But it can also add extra costs to the project, so confirm with an experienced builder that you'll be able to complete the project within your budget if you choose that piece of land.

When buying land, it's important to be aware of any hidden costs that may not be immediately apparent. One of the most common hidden costs is the need to bring in utilities such as water, electricity, or gas.

Depending on the location of the land and its proximity to existing utility lines, you may be responsible for bringing in resources from a distance. This can be costly!

If the land you're considering is more rural or remote, you will probably wind up with a well or a septic tank. These also come with their own costs and maintenance schedules that you’ll need to keep in mind.

You might also need to invest in other improvements to the land before building on it, such as bringing in fill dirt or leveling the terrain. Make sure you ask a home builder about any potential hidden costs before signing a purchase agreement so that you can budget accordingly.

Before you get swept up in the excitement of building your dream home, it's essential to understand the legal side of things. Zoning laws and building codes may not be the sexiest topic, but they can have a significant impact on your plans.

Every city, state, and municipality is different, so you'll have to research the specific area where your property is located. County websites and your local land-use office are good places to start.

Here in the Chicago suburbs, zoning laws and building codes can vary from one town to the next. For example, some areas may have strict height restrictions or minimum lot sizes that could impact your design.

The last thing you want is to fall in love with a piece of land, only to find out later that you can't build your dream home there... 

That's why it's crucial to do your research and work with a builder who already has experience navigating these local regulations.

Imagine walking into your custom-built home and seeing every detail you've envisioned come to life. From the grand foyer to the gourmet kitchen, from the cozy fireplace to the spacious bedrooms, every inch of your home is exactly as you envisioned it!

Now imagine that without the 9-12 months of stress, headaches, and unexpected surprises that can come with building a home.

If you don't have experience in the industry, the new construction home-building process can be intimidating. But a reliable home builder can help you every step of the way — from financing and design to construction and completion, and even warranty and service after move-in.

With our Build on Your Lot program, you can completely customize your home to fit your specific needs and desires down to the smallest detail. And most importantly, we'll make sure you avoid the overwhelm and confusion that can come with finding land and building your dream home. Contact our friendly team today to learn more.