Shopping for Land

Shopping For Land

Your new home’s location is a key component of its future value. Before you commit to buying a home in an unfamiliar town or neighborhood, gather as much information as you can.

• Evaluate the area by gathering some basic information about the quality of the local schools, the crime rate, and accessibility to major highways.

• Investigate future development plans for highways or shopping centers that might affect the area. Talk to the local town government to find out about zoning or future development. If the town has a master plan, ask to see it.

• Consult online and traditional sources. A growing number of Web sites offer information on neighborhoods and areas.

• Plan a first-hand look at schools and local businesses, and even talk to potential neighbors.

• Test your commute and learn about traffic patterns. If you’re going to use public transportation, jump on a bus or subway for a trial run.

Work With a Real Estate Agent

Many of the questions that you might have about a new area, a community, or a building lot can be answered quickly by a local real estate agent. The right agent can help you narrow your search, offer information on property values, and save you valuable time.

There may be dozens of real estate firms and hundreds of agents in an area, so do some research prior to selecting one. Get references from friends, relatives and co-workers, and check out real estate Web sites. You might also identify agents who work in your area by driving through adjacent neighborhoods and noting the names on “For Sale” signs.

Look for an experienced professional who is easy to talk to and whom you feel you can trust. A real estate agent should be able to tell you about:

• Resale potential of houses in an area, number of new buyers moving in from other areas, and the frequency of multiple offers on homes.

• Community characteristics, prices of homes, property tax rates, school locations, services and any unusual building code regulations.

Assess the Building Lot

There are many ways to locate a suitable building lot. You can talk to a real estate agent, browse Web sites and check the local newspapers. You might drive through areas that interest you. Consider approaching people in developed neighborhoods who have over-sized lots, as well as placing “Wanted” ads in local papers. Once you locate a building lot, be certain that it’s suitable for building a residential structure.

• Check with local officials to ensure that the lot is zoned for residential construction and that the style of house you plan to build fits in with the other homes in the area.

• Obtain a soil test to determine the land’s load-bearing capacity and uncover any problems (such as underground rock ledges or a high water table) that could affect the cost of foundation, well and sewer work. This work is done consulting engineers.

• Investigate the availability of local water and sewer utilities. Can you connect to town services? If not, what are the costs of digging a well and installing a septic tank?

• Determine how far the lot is located from the nearest electrical, gas, telephone, and cable TV connections. Also check on the availability of high-speed Internet access via cable TV or DSL.

• Understand any environmental restrictions on building in the area, which might affect your options for the home and landscaping you’re planning.