Land And Lots

Essential Things to Consider When Buying a Residential Lot or Land

If you are thinking of building a home, first you need to locate the residential lot or land acreage on which to build your dream home. Remember the adage of real estate when choosing the lot for your home, location, location, location. We have put together a list of essential things you should consider about any piece of land you are thinking about buying.

1) Before you jump into buying land, find out if city or community water and sewer connections are available on the lot or land.

2) If sewer hookups are not available, make your offer to buy land contingent on the ability to install a septic system rated for the number of bedrooms you require.

3) Find out if other home buying contract contingencies are advisable for land purchases. For instance, in some areas water rights do not convey with land -- and that means you could not dig a well.

4) Make sure electricity and phone service are available at the property. Check cable service if that is a priority.

5) If the land you wish to buy is not accessible by a public road, verify that a road maintenance agreement is in place. This document states that everyone on the road agrees to help with its upkeep.

6) There should be a deeded right-of-way in place for land not accessible by a public road. The deed should give you and future owners the legal right to access the land, known as an easement.

7) Check the property's deed restrictions to make sure the type of residence you plan to build is allowed.

For instance, some areas do not allow manufactured housing.

8) If the lot is in a development, ask for a copy of the restrictive covenants. That's where you'll find restrictions for minimum house size, whether other structures are allowed, and other limitations.

9) Ask the city or county if zoning changes are anticipated for the area, or if there's a plan to build new roads or widen existing roads.

10) If there are environmental hazards on the land, such as old buried oil or gas tanks, decide if you are willing to remove them, or if you will ask the seller to take care of removal and cleanup.

11) Decide if you want a new boundary survey. Surveys are standard in some areas, but rarely required in others. They're nearly always a good idea.

12) If you plan to build a home soon, talk to lenders now about construction loans.

Selecting an Agent to Help You Buy a Residential Lot or Land

It may comes as a surprise to some buyers that not every real estate agent possesses any knowledge whatsoever about buying a residential lot or land. Land is a specialty practice. Don't make the mistake of plucking an obscure agent out of the blue and believing a residential resale agent can help you buy land, just because the agent has a real estate license.

From filling out the purchase contract correctly to negotiating specialty clauses to finding a construction lender, Realty Executives by Realty Choice specializes not only in residential homes, but also in residential lots and land. After all you deserve to work with a Specialist.

Please use the links in the Lots and Land Menu above to begin your search of the Springfield, Missouri area and the surrounding Ozark areas. We look forward to assisting you in your real estate needs.