Your Land or Ours? How to Choose a Lot for a Custom Home

Jun 26, 2024

Building a custom home from the ground up is an exciting adventure! One of your first big decisions? Picking the perfect plot of land. 

Should you go with a builder-provided lot or use your own property? This choice can seriously impact your construction journey, budget, and long-term happiness. 

With over 60 years of experience as a trusted custom home builder in the Chicago suburbs, Overstreet Builders is here to guide you through this tricky decision! We’ll share the pros and cons of both options, plus many details about the construction process to consider.

Understanding Off Site Preparation Costs

First, let’s talk cost — because your dream home shouldn’t come with nightmare expenses! One critical aspect often overlooked by potential homeowners is the concept of “off site prep” costs. These hidden details can make or break your budget.

Offsite preparation can includes, but definitely are not limited to:

  • Soil Testing:Ensuring the ground beneath your future home can support its structure.
  • Tree Removal:Clearing the land to make way for your dream abode.
  • Utility Setups:Connecting water, electricity, and sewage systems.
  • Permit Costs: Navigating the bureaucratic maze to get all necessary approvals.

At Overstreet Builders, we help you evaluate these costs upfront so you won’t face any surprises down the road. If you choose one of our lots, all of this prep work is done — saving you time, money, and headaches. 

Choosing the Right Location: What to Consider

The next major consideration is location. Yes, there are obvious factors like school districts, safety, and proximity to your work or family. But here are some other important aspects to keep in mind when choosing the perfect spot for your new home:

  • Zoning Regulations: These guidelines determine what you can build and where.
  • Topography: Look at the lay of the land. Whether gentle slopes or flat expanses, many physical features can significantly impact your design and construction timeline.
  • Neighborhood Dynamics: Think about your current and future surroundings. Will your home be nestled in a tight-knit community or are you looking toward a more open setting with more breathing room between houses?
  • Home Orientation:Which way will your home face? This can affect everything from your heating bills to where you’ll enjoy morning coffee in a sunlit kitchen.

A professional custom home builder will help you navigate all of these factors. At Overstreet Builders, we pride ourselves on our attention to detail and commitment to matching the perfect lot to your unique vision!

The Financial Implications of Lot Selection and Construction

Selecting the right lot influences your entire budget and long-term financial planning. Consider the following aspects:

  • Lot Loans vs. Construction Loans:Differentiate between lot loans, which are used to purchase the land, and construction loans, which cover the building costs. Each has unique interest rates and terms, affecting your overall financial strategy.
  • Overall Budget:Understand how the characteristics of your chosen lot can affect construction expenses and property value. A more challenging lot might lead to higher construction costs but could also increase the home’s value.

Choosing the right lot isn’t just about the present — it’s about future-proofing your investment. We can guide you through these financial decisions so that your investment is sound and sustainable, nota drain on your resources.

Planning Your Home Design and Site Fit

Finally, it’s time to get creative! But designing a home that fits well with your chosen lot involves more than just picking out the floor plan and elevations. Considerations include:

  • Land Topography: The natural lay of the land can influence your home design.
  • Local Building Regulations: Ensuring compliance with local codes and standards.
  • Engineering Assessments:Addressing water drainage, foundation stability, and other technical aspects.

Once you’ve found the ideal site, Overstreet Builders will work with you to customize a floor plan that maximizes your lot’s potential.

Choosing a lot is muchmore fun with a guide who can dodge common construction pitfalls. Overstreet Builders can turn the daunting into the doable so that your new home stands on solid ground, literally and figuratively. 

Ready to break ground on your dream home? Whether it’s on your land or ours, we’ll make sure you’re set up for success. Contact our team today to get started!