Buying Land to Build a New Home In Charlotte? Don’t Forget These Three Important Considerations
When we talk real estate, most people envision buying an existing home on an already-landscaped property with all appointments intact (lighting, countertops, flooring, cabinetry, etc.). However, buying vacant land and building a new home in Charlotte is a great way to ensure that you get the home that you want in the location that you want.
Take it from someone who recently did just that – it’s a major undertaking! You will definitely want to take these three considerations into account before you purchase land in the Charlotte area for your new home.
Location, Location, Location: It’s More Important Than You Think
Yes, I realize that you hear “location, location, location” over and over when it comes to real estate but, it’s a very prudent maxim with buying land. The parcel of land that you buy should be in a good geographic location and, of course, on solid ground – outside of a flood zone and preferably not on a major Charlotte road. You’ll also want to consider zoning regulations that influence the acreage and other regulations that influence how you can and cannot use the land. And, yes, location is essential to your resale value; be ever so mindful of your investment!
Utility Connections Will Be Your Responsibility
CMUD (Charlotte Mecklenburg Utility Department) offers land buyers wonderful assistance is ‘coaching’ the next-steps in the lot-buying process with regards to utilities. If the property doe not have utility access yet, they are quite helpful in getting you the information you need to get started as well as the cost of the utilities. Duke Energy is the same way (efficient and helpful) and definitely worth a call during your pre-purchase period to help you establish your overall land costs to include utilities, roads and lot preparation.
Should you be working with a builder who already owns the land, they will be doing the communicating between the city/county and utility companies so that the proper infrastructure is put into place. These costs and the implementation for installation of county or regional infrastructure should then be included in the sale of the lot. Consult your real estate agent with regards to these potential hidden costs and to ascertain that the builder is, indeed, including these costs in the sales price of the land prior to beginning construction.
Access: Look Up Any Easements on the Land
Many homeowners may not realize how legal access to land can affect their purchase. An easement refers to the legal right of other entities to use your land even though they do not own it. Before you buy land, your real estate agent will have your real estate attorney investigate whether or not the land has easements in place and whether or not these easements could interfere with your goals for building on the property.
These are but a few of the major considerations you need to make when you buy land or even a tear-down here in Charlotte. Purchasing a plot of land is quite a bit more complicated than buying an existing home and if you’re not prepared, it can easily turn into a nightmare. When properly planned, though, buying land in Charlotte can give you a great backdrop on which to build your dream home.
If you’re looking for land on which to build your home, I am a licensed real estate agent who has just completed the process personally and spend a great deal of my professional time working with clients who are in the building process. I can help and would be happy to guide you through the process!
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© Debe Maxwell | The Maxwell House Group Real Estate | CharlotteBroker@icloud.com | Buying Land to Build a New Home In Charlotte? Don’t Forget These Three Important Considerations | The first in a series of building your dream home in Charlotte NC