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 Notes on Buying a Lot

Take a look at your lifestyle, now and for the next five years.  What is it you like about your current lot? What would make it better? Do you want a walk-out basement?  Do you want water? Have you settled the big picture issues of community and neighborhood? (If not, no reason to be focusing too hard on the lot.)

Look and Listen to the Land

Homebuyers need to be aware of not only what's on their perspective lot, but also what's next to it. When looking at the adjacent properties consider zoning, power lines, and privacy. For example, if your lot is a corner lot, it may offer more space but less privacy than you'd like. Look and listen to the roads that border your property for traffic noise and safety, a particular concern for families with young children. Ask the builder or sales counselor about easements for underground utilities and sewers, in case you have plans for an in-ground pool or other enhancements in the future. "If you are looking in a new home community, every lot will have an easement. There's no way around it. Make sure you have open communication with the builder so you are aware of where the easements are... Absolutely get to know the land, and the contours on that flat map.  Ask questions, take the time to understand the details, to decrease the chance of major surprise.

A House with a View

A lot with a view may cost you a bit more, but typically the resale value of the home will be higher as well. However, an outstanding view may have other costs as well. A sloping lot may give you an opportunity for a walkout basement, but it could limit your space for a deck or addition in the future. Likewise, a driveway with a steep incline may make it difficult to drive during certain seasons of the year if you are building a home where snow and ice are an issue. While drainage isn't usually a problem for a sloping lot, soil erosion can be. And consider if your new home plan will work on the existing terrain or if you'll need to adjust the landscape before you begin building. Fortunately your builder will be able to help you find a lot that fits your plan.

Finally, take a good look at the entire neighborhood. The streetscape is an important aesthetic aspect of your individual lot - do you like what you see when you look out your windows? Ask yourself whether it has the feel you want, if this is a neighborhood you'll love to call home. If you follow these suggested ground rules, chances are you'll want to lay roots there for a long time.

Some good questions from Michael Holigan are below. Not all apply to every situation, still the list is one of the more exhaustive I've seen:

Property Value Consideration

1. Are property values appreciating?
2. Is the neighborhood well maintained?
3. Is your home compatible with the neighborhood? Preferably not the most expensive in the community.
4. Is the neighborhood safe?
5. Is the area growing?
6. Is the area mostly (ENTIRELY if more than $250,000) zoned for single family homes?
7. Did you check into local tax assessments? Big savings in Union,  SC and Iredell.
8. Did you weigh all the tax advantages and disadvantages?
9. Are roads well maintained?
10. Is the local economy stable?

Adverse Conditions

1. Is the area zoned for heavy commercial? Nearby?
2. Are there noises from highways, airports, or railroads? Or smells?
3. Is there heavy traffic in the area?
4. Are future highways or developments planned? These can be good or bad.
5. Is the area in a hazard zone (e.g., flood, earthquake, etc.)?
6. Is your land historically significant?
7. Are there wastewater plants or landfills in the area?

Additional Considerations

1. Does your lot offer you privacy?
2. Is your lot in an active community?
3. Will your children have playmates in the neighborhood?
4. Have you checked for activity and noise levels at different times of day?
5. Did you consider your lot views?
6. Is the sun's orientation a consideration?
7. Is there ample room for parking?
8. Did you check the topography of the property?
9. Is there room for expansion?
10. Are there open spaces or common land nearby?
11. Are there wetlands, ponds or streams on the property?
12. Do you need approvals from state or federal agencies?
13. Do coastal restrictions apply?
14. Is there convenient access to your lot?
15. Do you need an easement?
16. Did you check local restrictions?