Although buying an existing home can be very convenient, there's something extra special about building a home on a vacant lot. If you're still in the stage where you're looking for land to buy, here are two things you need to consider before settling on a plot to purchase.
Cost of Installing Utilities
Most people spend their lives living in places where water, electricity, and internet service are readily available. All you have to do is pick up the phone and call the local utility company to get these things turned on. Therefore, it's not surprising that many potential land buyers don't realize vacant lots may not be connected to the grid that provides these services.
Depending on where the lot is located, there is a real possibility you may need to have pipes and cables installed before you can even get the utility services you want turned on. It can cost anywhere from $10,000 to $30,000 to connect an undeveloped piece of property to the utility grid, and that may not include the price of the appliances and systems needed to make use of them, such as a water heater or septic tank.
Additionally, there may be hidden costs associated with hooking up utilities, such as compensating a neighbor if their property will be disturbed in the process and attorney's fees associated with handling any legal paperwork involved. It's essential that you consider all the factors associated with getting utilities to your vacant lot before settling on a place to buy.
Proximity to Civilization
Some people like living in the middle of nowhere, and that's fine if you prefer that your nearest neighbors be 10 miles away. Be aware, though, your proximity to nearby towns can affect whether or not you're able to sell your property at a later date. Not everyone is willing to drive two hours just to pick up groceries, and people with children tend to want to live close to good schools.
Unless you plan on living on the property for the rest of your life and handing it down to your descendants, you need to consider how appealing the lot's location will be to future buyers. If you want to sell the property at a later date, be sure to get something that allows for easy access to nearby cities.
To learn about other things you need to consider when purchasing a lot, contact a real estate agent or team such as Dave Kaercher Team - RE/MAX Real Estate Group.