Tips for purchasing a vacant lot

On Behalf of | Jul 27, 2018 | Residential Real Estate

It can be extremely difficult to find the home of your dreams, especially when you are looking at older homes that need a lot of work. Even though the market fluctuates, it can still be hard to find what it is you want in Fort Lauderdale. One way to circumvent this problem is to purchase vacant land and custom build the home of your dreams.

You need to know that there are quite a few issues that can arise when building your dream home on a vacant lot. The process isn’t as simple as buying the land, hiring a builder and then moving into the home once it is complete. You need to deal with zoning laws, easements, environmental factors and much more.

It will be very hard for you to acquire a loan to purchase the land. A loan for land has no leverage like a loan does when buying an already-built home. If the land is completely empty, you will more than likely have to purchase it using cash.

Consider the rest of the neighborhood before buying the land. Compare the plans for your dream home with the other homes near the vacant lot. Will your home fit in with these homes or will it stick out like a sore thumb? This is a big consideration to make prior to completing construction.

It’s also important to take into account how road access and utilities will be for the home. Will there be road access to the property? Can utilities be laid for the property? This is especially important if the vacant lot is in a secluded area.

As you can see, there is quite a lot that goes into buying a vacant lot in Florida and building your dream home. When you follow the tips outlined in this post, you should have no trouble making your dreams come true.