You’ve been planning and saving for years, and now you are ready to make a real estate investment. Congratulations! If you are considering purchasing land to build your dream home, there are some things you will want to seriously think about before making a commitment to a particular parcel. It’s a big decision to make, so let us help by providing information about purchasing land for sale in Suffolk, VA, and surrounding areas.
You want to build your home in a place you love and eliminate the stress of unforeseen issues in the process. Doing some homework beforehand can help prevent potential problems before you begin construction. These are some things to think about as you begin your property search:
Financing: What type of loan will you need? Are you financing the land AND the construction of your home? Let your real estate professional connect you with an experienced loan officer who can give you the best options based on your particular circumstances and goals.
Flood Zone: Here in Southeast VA and Northeast NC especially, you will want to know if the property you are buying is in a Flood Zone. This can make a significant difference in building and insurance costs.
Survey: A completed survey is a must for determining boundary lines and helping you with placement of driveways, fences, etc. Without a survey, you can potentially be setting yourself up for legal disputes down the road.
Utilities: Does the property currently have any utilities? There can be significant costs in adding them if none are in place. Check with your local city or county planning commission and utility companies to help you clarify answers to questions concerning these matters.
Perc Test: Some parcels of land cannot connect to city sewer and make a septic tank a necessary addition. In this case, a “perc test” needs to be done to determine if the land can handle a septic system. Testing and a septic system can be expensive additional costs. A failed “perc test” determines the site is unsuitable for building.
Zoning and Restrictive Covenants: Know of and review any zoning and/or legal restrictions in place that could dictate future building and usage plans for the property. A Realtor, Title Company, or attorney can provide this information to you.
Lot Prep to Build: Don’t overlook expenses if your lot of choice needs to be cleared or there are existing structures that will need to be demolished. This can add up quickly and needs to be considered in overall cost if applicable.
These are just a handful of many details to consider when buying land to build your home. With that in mind, have a look at available land for sale in Suffolk, VA, to find your homesite! Our real estate professionals can guide you through the process of finding what’s right for your needs. We have REALTORS® on our team with decades of experience in land transactions. Put our knowledge to work for you.