Owning a slice of land on the Front Range to build your perfect home sounds pretty dreamy, right? Well, that’s because it is! But, only if you do your homework first.
Purchasing a lot of land does not have to be a complicated process, but it is vital that you are well-informed on all that the land has to offer before you lay down some money. Before you purchase is your chance to do your research and fully understand all that comes along with a particular plot.
In doing so, consider the following:
- Check the zoning and condition of the property: Make sure it is zoned for residential purposes (meaning that it’s legal to build your dream home on this land!) and that the soil will provide a steady foundation for building. Improper soil conditions can lead to big issues down the road, so it’s crucial to make sure you’re building on a solid foundation!
- Access to Utilities: Does the land have access to utilities including electric, gas, and water? If not, get estimates for how much it would cost to hook up to a sewer and other utilities. This process can be pricy, so it’s important to understand the full cost of the lot including these additions in order to make it usable; there are certain cases where it would be much more cost-effective to opt for a different lot that already has access to utilities rather than cashing out some serious change to have it done for you!
- Is the land ready to build on right away? Some lots of land are sold with pre-existing structures on them that will need to be demolished. If so, consider the cost and time it will take to hire an expert demolition team and whether you’re willing to wait and pay for that service.
- Cost of the lot: What is your overall budget to buy a lot of land and build a home? Ideally, the cost of your lot will not exceed 20-25 percent of your overall budget; make sure to factor in all of the extenuating circumstances mentioned above into your estimated lot cost so you don’t come out over budget!
- Work with a pro! If you have already selected your custom home builder (like NoCO Custom Homes!), involve them in the lot purchasing process. They will be able to help guide you through the process and advise you on the do’s and don’ts to look for. They will also be able to verify if the lot can cater to your vision of the final product. At NoCO Custom Homes, we often have access to lots that aren’t listed on MLS listings and can help you find the golden nugget you’ve been searching for.
Use this list as a starting point when looking for your dream lot, ask plenty of questions along the way, and remember to have fun with the process!