Tips for Buying Land to Build On

If you have decided you want to buy land to build on instead of buying an already built home, there are a few things you need to consider first.  The biggest thing you need to consider before buying land is whether you want to live in the country or the city.  Do you want acreage or do you want neighbors, or perhaps both?  Below are a few tips for buying land that may be of some help to you.

1.  If cost is important to you then you may want to purchase land  out in the country instead of the city.  The price for buying a spot of land in the city is a lot more expensive and the size of the land will be much smaller as well.  If you like to have your space then buying a lot of land out in the country may be just the thing for you.
2. Once you have decided where you want to live, city vs. country you then will need to go to the land you are considering and look around.  Look up and see what there is to see.  Do you see a lot of cars passing by or do you see a school close by or a factory?  All of these things can become issues for you when buying a piece of land so be sure to pay attention to all of your senses when on the land, sights and smells.
3. Find out what the zoning requirements are on the land you want to build on.  You may have plans to build a small home on your land when the zoning requirements are that you build a house that is at least 2,000 square feet.
4. Pay attention to how close the land you want is to water.  Are there any flooding problems?  Have there been problems in the past?  These are things you need to think about.
5. You also need to find out about the water quality on any land you are considering purchasing.  Find out if the water is pure or if you will need to purchase a water filtration system for your home once you build.  These types of things can be costly so be careful to ask as many questions as you need to get the answers you need.

Hiring a Real Estate agent to help you find land to purchase  is the best thing you can do because they already know all of these tips and can help lead you in the direction that is best for you and your family.
Access Teri’s one-stop Orlando FL home search website.
Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.
You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.
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#1 Answer to the Housing Shortage: New Construction

The biggest challenge to today’s housing market is the shortage of housing inventory for sale. A normal market would see a six-month supply of homes for sale. Currently, that number is below four months. This is the major reason home prices have continued to appreciate at higher levels than historic averages.
The good news is that builders are now starting to build more homes in lower price ranges.

Builder Confidence is Up

The Housing Market Index from the National Association of Home Builders (NAHB)reveals that builder confidence increased last month. HousingWire quoted NAHB Chief Economist Robert Dietz about the reason for the increase in confidence amongst builders.

“The HMI measure of future sales conditions reached its highest level since June 2005, a sign of growing consumer confidence in the new home market. Especially as existing home inventory remains tight, we can expect increased demand for new construction moving forward.”

Builders are Meeting the Needs of Today’s Purchaser

Builders are not only jumping into the market – they are doing a better job of matching current demand. The Wall Street Journal recently reported:

“In a shift, new households are overwhelmingly choosing to buy rather than rent. Some 854,000 new-owner households were formed during the first three months of the year, more than double the 365,000 new-renter households formed during the period, according to Census Bureau data.”

The WSJ article went on to say:

“Home builders are beginning to shift their focus away from luxury homes and toward homes at lower price points to cater to this burgeoning millennial clientele.”

The graph below compares 2016 to 2017 new construction sales by price point. As we can see, builders are slowly beginning to shift to prices more favorable to the first-time and non-luxury buyer.

Bottom Line

There is a drastic need for a larger supply of home inventory to meet the skyrocketing demand. Builders are finally doing their part to help rectify this situation.

by The KCM Crew

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.
You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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Builder Contracts – What Buyers Need to Know

• DEPOSITS: There are very few acceptable opportunities for the deposit to be returned to the Buyer.

• Check the contract carefully to verify if there is a financing contingency. If there is one included pay close attention to the timeframe. Often, the time period is VERY SHORT.

• Just as in the traditional resale contract the new construction contract will require arbitration to resolve any issues that may arise.

• Builders NEVER guarantee a completion date. Prepare your Buyers to be ready to react quickly should the completion date be sooner than anticipated as well as be prepared for delays due to weather, materials, permits etc. Believe it or not, virtually every builder contract allows the builder TWO YEARS to complete the home.

• Most builders require the Buyer to close on the day the certificate of occupancy is obtained. The builder will make the borrower pay a fee PER DAY if they are not able to close when the builder is ready.

• Builders typically encourage the use of their preferred title company and lender(s). If their “preferred servicers” are selected then incentives and Buyer credits are often given at closing.

• In most contracts, the Buyer will be responsible for paying all closing costs.

• It is always a good idea for your Buyer to have an independent home inspector that is willing to check on the progress of the construction several times throughout the course of construction. It is imperative for the Buyer to notify the builder of any concerns immediately and keep a documented list of requested repairs or changes.

• Most builders provide a 10 year structural warranty and a 1 year limited warranty for building imperfections. A traditional home warranty (used for resale homes) are also available for years 2-5 to cover systems and appliances, but this coverage must be initiated at the time of closing.

• IMPORANT: No builder will EVER change one sentence, or Word, or even comma on their standard form contract. You can fill in blanks or change numbers and features, but that’s it.

• Remember the home does not have to be perfect to close. Prepare your buyers for this!!

Oliver Title Law
Lewis V. Oliver , Esq. (“Lew”}
Florida Bar Member : 0452284
Member of the Florida Bar Since 1985
and
Leslie Zimmerly
Client Relationship Manager
21513 Lake Underhill Rd.,
Ste. A Orlando, FL 32825
Questions?
Call, Text, or Email Leslie
Cell 321-337-368
Leslie@Olivertitlelaw.com
www.Olivertitlelaw.com

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.
You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!