Whether you’re a first-time home buyer hoping to take the next steps for you and your family or you’re an existing homeowner looking for a property that better fits your lifestyle and needs, building your own home is a great way to make sure you get what you want.
Before you can begin construction on your new dream home, you need to acquire land. So how do you go about finding and purchasing the right property for you and your family? Keep reading to find out!
When it comes to buying land — and real estate in general — nothing is more important than location. Finding the right property with the right surroundings, amenities, schools, neighborhood(s), etc. is essential. You want to find a spot that you’ll love, that ticks all your boxes, and which you and your family can grow into.
While the location is important, there are several factors to consider when finding land for a new home. For example:
These are just some of the factors that can play a major role when it comes to choosing a property, preparing your land, and building your new home.
You’ll also want to make sure your home builder operates in your desired location. For example, HiLine Homes builds custom homes across the Pacific Northwest in Washington, Oregon, California, and Idaho.
Buying land for your new home is an exciting endeavor. As with any big decision, it is important to take a moment to determine what are your wants and needs. Some preparation is necessary to find the right piece of property.
It’s a good idea to make a checklist before you make an offer on a piece of land, such as the following items:
When you have decided to build your home, rely on the experts for advice, your home builder can help direct you in selecting land that’s suitable for the home you want to build. A knowledgeable Home Consultant can help connect you with the right resources to find the perfect property for your new home. During your free home building consultation, you will develop your vision by discussing items like community preferences, desired budget, and your dream home.
Looking online is a great place to find out what’s out there and filter your searches based on things like acreage, neighborhoods, and other important factors.
It can be tempting to rush through the process of choosing land because selecting a floor plan and starting construction is so exciting. But it’s important to make sure you build your dream home on the right land or property.
In addition to consulting your own personal and unique preferences, consider whether your land meets the following criteria:
Historically, land loans or land mortgages could be considered as the next step to secure the property. But why pay the closing cost for a land loan when you want to build your dream home? Set yourself up for success by researching a construction loan with your home building consultant.
When you know you want to build a home, becoming pre-approved for a construction loan is one of the first steps. The pre-approval will create your overall budget. The construction loan finances the cost of the property, improvements, and home. Then when your dream home is complete, the construction loan converts typically into a traditional mortgage.
With HiLine Homes’s unique building program, some of our approved lenders consider the equity when the home is complete as your down payment. Due to this, many of our homeowners can move into their dream home with no down payment.
When you are ready to make an offer on land, it is exciting, but this is where relying on the experts is helpful. By now, you are working with a real estate agent, and having one with an understanding of buildable land and new construction will use your time wisely.
After you make the offer, you will have time to conduct a feasibility study to determine with confidence this is buildable land. The initial process is similar to buying an existing home. You make a written offer, and then the seller has an opportunity to accept, reject, or counter your offer.
In order to close on a piece of land, you and the seller both need to sign a land purchase agreement specifying all the details of the purchase.
You’ll work closely with your Lender and Home Consultant at this time to complete the home order and provide the documentation needed to close your construction loan and secure your land.
HiLine Homes builds affordable custom homes for families across the Pacific Northwest. Our program is designed to give you the home of your dreams while building equity. We help families build beautiful homes and bright futures. If you need help finding and purchasing land, we’re here to help!