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How To Buy A Lot As A First Time Homebuyer

By Alexandria P. Anderson

If you’re building your home as a first time homebuyer, the first important step is to find the lot. Just like buying the home, there are certain things you need to look for when searching for the ideal plot of land. In addition the lot’s location, you will need to consider the types and styles of properties on other lots in the area, the number of trees and water features around the area, accessibility to power, and a number of other important amenities.

The author of “Tips and Traps When Buying a Home”, Robert Irwin, recommends using a checklist when searching for a lot as a first time home buyer to avoid missing any critical details. Here are some essential tips that you can use to help you find the right property to build on:

1. Map out the nearby towns and cities. If the property you are considering is located in a rural area, you would have to know how far away it is from the nearest town and city. This is an important factor to be aware of since you might have to commute from your future home to work. Take the time to find out what your travel time is and what access roads to take so to get to the places you might need to go to like schools or hospitals.

2. See what the natural features are. If you are planning to buy a lot, you would have to find out what are the natural features in and around the property you are interested in. Are there many trees in the lot and in the adjacent lots? Is it near a water form like a placid lake or a bubbling brook? You would have to take into consideration that your new home might be affected by flooding if you live near water or you might have to deal with wildlife if your place is very near a forest.

3. Find out where the water source is. When you live in a city or urban area, you typically don’t consider where the water is going to come from. When you are building a home on new land – especially in the countryside – you may need to work with a private water company and find ways to irrigate your gardens and land.

4. Inspect the soil quality. To ensure that your new home will be build on a solid foundation, determine the quality of the soil. This is an important factor that you have to take into serious consideration. If you are unsure on how to go about it, hire a professional.

5. Find out about building restrictions. Knowing what the building restrictions are in the area that you plan to build a new home will aid you in your planning. It is highly possible that there are restrictions on what you can build, how much you can renovate or remodel, especially if the property is located near a national forest, a wildlife preserve or a major landmark. Being aware of any restrictions will can help you decide what to do and save you from investing in something that you might regret on a later date.

Aside from assessing the physical features of the lot, you have to review the title in detail. Find out if it is a clear title and if there are no easements of any kind on the lot. Try to use these tips to help you find that ideal lot to build your dream home.

About the Author: Alexandria P. Anderson is a Minnesota Real Estate agent that helps people to find and purchase Townhomes in Minnesota and other properties in the Twin Cities of Minneapolis and St. Paul.

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Article Citation
MLA Style Citation:
Anderson, Alexandria P. "How To Buy A Lot As A First Time Homebuyer." How To Buy A Lot As A First Time Homebuyer. 16 Aug. 2010. uberarticles.com. 28 Jul 2014 <http://uberarticles.com/finance/investing/how-to-buy-a-lot-as-a-first-time-homebuyer/>.

APA Style Citation:
Anderson, A (2010, August 16). How To Buy A Lot As A First Time Homebuyer. Retrieved July 28, 2014, from http://uberarticles.com/finance/investing/how-to-buy-a-lot-as-a-first-time-homebuyer/

Chicago Style Citation:
Anderson, Alexandria P. "How To Buy A Lot As A First Time Homebuyer" uberarticles.com. http://uberarticles.com/finance/investing/how-to-buy-a-lot-as-a-first-time-homebuyer/


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