If you are tired of living in the city and have decided its time to buy a piece of rural land to build your custom home, then there are some special considerations you need to take. Buying land that has not yet been built on requires you understand many of the extra costs and complications that often come from trying to turn an empty lot into a residential home. To this end, follow these tips:
Tip: Contact the Local Utility Companies and Ask About Connection Charges for the Property
Since you don't have any previous experience with land development, you might be surprised that a piece of property could have a power pole near it but no available electrical service. To connect a new piece of land into the power grid can be very expensive, even if there are other connected properties nearby. Before buying a rural piece of land to build your home on, first, you need to call the local power company and find out the cost to connect to the grid.
Tip: Investigate the Groundwater Near Properties You Like
In addition to power, your new home will also need a well for water. Not all property has access to groundwater or groundwater that is high enough quality for household use. For this reason, you need to talk to neighbors or call the local well drilling company to assess the water quality on any property you are interested in purchasing.
Tip: Verify the Property will Perk so You can Install a Septic System
Since rural homes use septic systems to process their wastewater, your new property must be able to pass a percolation test so you can get the necessary permit to install one. The percolation test is used to ensure wastewater will adequately absorb into the soil.
If you find a property you like and it will not pass a percolation test, you can still have a septic system installed. However, your property will need a specialized mounded system and it will be much more expensive than a traditional system to have installed.
Tip: Work with a Real Estate Agent Who has Experienced in Bare Land Sales
Finally, it is vital you work with a local real estate agent who has experience in buying and selling rural land for development. Using a real estate agent from the local area ensures they know about any location-specific issues you need to know about such as groundwater contamination or other problems. This is important to avoid purchasing a property you can't build on or one that ends up requiring a lot of extra costs.
Talk with a real estate agent who can help you find owners who will sell land for you to invest in.
