Advice on Buying Vacant Land

posted in: Real Estate, Uncategorized | 0

Land Image

The current market in Montana and across much of the United States is experiencing a shortage of inventory – or homes for sale.  This shortage is driving up home prices and increasing competition between buyers, making it much more difficult to purchase a home that fits your needs and budget.

Purchasing a vacant land and building a new home is one answer to this dilemma. Not only does building your own house allow you to have a home that meets all your specifications, it is also unlikely to need any immediate maintenance in the first few years.

Buying vacant land on which to build is an important and complex decision that can include a myriad of issues and obstacles that you wouldn’t normally face when purchasing a preexisting house.  Your real estate agent can help guide you through this process and ensure that you have foreknowledge of the costs involved, help you hire a trustworthy builder, and help you understand the laws and regulations governing the property.  Here are a few items you should discuss with your agent:

  • Practice due diligence and make sure you have information on taxes, zoning, covenants, and easements pertaining to the property.  Zoning and easements can have a huge impact on whether or not you can build your home and where it can be built.
  • Obtain site surveys, utility plans, and soil reports.  If the owner has not already done so and you are serious about purchasing a particular property, do spend the money and get a survey and soil report done.  This can save you a serious headache down the line.
  • Research the costs involved.  There are many costs involved with purchasing vacant land and building a new home.  Determine ahead of time if you will need to drill a well, install a septic tank, have utilities run to the property, and the cost of making an access road or driveway.  Most people underestimate these costs, so leave yourself a financial cushion.

Contact any of our offices in Montana for exceptional, professional agents who are ready to represent and help you succeed in making your dreams a reality.

Lambros ERA Real Estate
3011 American Way | Missoula, MT 59808
406.532.9200 | 888.735.SOLD (7653)

Website: www.eralambros.com