Are you unable to find your dream home? Maybe it has just not been made yet! How about creating your own home on a vacant piece of land?
Buying a home is complicated enough but purchasing land is the toughest investment with so many variables to keep track of. However, if you follow the procedure and move ahead step by step, it can prove to be a smart investment in the long run. Top 10 Land parcels in CT
Top 100 land parcels in Connecticut. Steve Schappert of Connecticut Real Estate & Investment is a land broker & land use consultant.
This is the results of a Connecticut MLS search provided by Connecticut Real Estate & Investment. Call Steve Schappert for more information 860-880-0597
Here are some DOs and DONTs for land purchase which can prove to be helpful:
- Do take the help of a professional real estate broker who specializes in land purchase- To reduce the risk factor of such a major investment, you need to consult a real estate agent who can give you a clear idea regarding the finer details of investing in land. He can guide you in selecting the right plot which has the potential to appreciate in value and bring you a tidy profit in the future. The agent can familiarize you with concepts like due diligence and land surveying or appraisal. His negotiation skills and experience in handling land transactions can help you to close a deal successfully and in compliance with the norms.
- Don’t skip land inspection- It is important to get a land inspection done by a professional surveyor to know the quality of land that you are purchasing. Environmental tests also need to be conducted to check the impact that property construction can have on the environment. These tests can give you a good idea whether it is feasible to build a residential home on that plot of land or not. The drainage and waste disposal facilities, potential for flooding and other factors are tested while inspection. So you should not avoid this step.
- Do consider the utilities and access to the road- Things like electricity and water connections should not be taken for granted. You should always check their availability before buying a land. If these facilities are not already in place, you should get an estimate of the cost involved in building the infrastructure.
- Don’t forget about land zoning- There are certain ordinances and codes which put restrictions on the structure of property that can be built on a particular piece of land. You need to follow the regulations while construction to avoid setbacks and legal complications. The chance of getting the property rezoned, it is better to fit our vision into the existing limits.
Along with these points, the median value of homes in the neighborhood as well as the chances of getting a loan should be checked before plunging into land purchase.
To ensure successful land acquisition for home building in Connecticut, you can consult Connecticut Real Estate & Investment.