What Does a Lot Cost in Raleigh, NC?
Finding Land to Build a Home On in the Raleigh Area
If you're considering building a home in the Raleigh, NC area, you're probably wondering what kind of lots and homesites are available, and how much those lots might cost.
For July 2008, here's an idea of what you might pay for a lot in Raleigh, NC - and how big that lot might be.
This information reflects lots and pieces of land currently available on the Research Park Triangle area(RTP) MLS. The lot price and lot size columns represent data points for each category - the two numbers do not necessarily reference the same lot.
Is this all the lots or land that are available?
Not all available Raleigh homesites are listed on the MLS. There are also many neighborhoods that offer lots which either require the use of a specific custom homes builder team, or allow a homebuyer to bring their own builder.
In either case, the proposed homeplan and exterior may need to be approved by the developers, and may need to fit certain standards (some communities require brick homes, for example).
What kind of lot or land I might find to build custom new homes in Raleigh, NC?
According to the MLS, here are a sample of some lots currently available:
A 1/3 acre lot in Lakestone Place for $350,000 (Inside the Beltline, city sewer and water)
A 1 acre lot in Estates/Brooks Crossing for $229,000 (septic and well, 1 mile to Cary city limits)
A 1.5 acre lot in the Woodspring neighborhood for $125,000 (hillside lot appropriate for daylight basement, city sewer and water, North Raleigh)
A 1/4 acre lot in Taylors Creek/The Neuse for $49,500 (Northeast Raleigh, city water and sewer)
How much should I spend on my lot or land?
It depends on your total budget. How much do you want your total mortgage to be when the construction is complete? The cost of land generally represents 17-25% of the total value of your home.
Suppose your total budget is $400,000. Let's look at a typical breakdown:
Land - $80,000
Real Estate Commissions - $24,000
Carrying Costs on Construction Loan - $12,500
Total Construction Costs - $283,500
Total Cost of Home: $400,000
In this example, land cost is 20% of the full cost of the home. Remember, construction costs must include permits and fees, clearing and preparing the land, and all steps of construction from laying the foundation to laying carpet and paint. Most experts recommend that land costs represent 17-20% of the total value of the home, but that can be stretched to 25% occasionally, if land costs in the general area are high. Some include the cost of septic and well into the land cost calculation.
Considering other areas around the Triangle?
Looking for something in a different price range?
Find Out More About Building Raleigh Custom Homes
To find out more about what to look for when building custom homes, visit our Builder Tips section, which offers tips on buying a lot and building your new home.
Stanton Homes also offers "Meet the Builder" events, where any potential homebuyer can bring floor plans and ask an experienced, knowledgable general contractor questions about building a new custom home or buying a lot.
And if you're a veteran, active duty, or retired military, ask about "Stanton Homes for Heroes" - Military Discounts on New Homes.
Chatham County Relocation Package - July 2008 - Moving Near Chapel Hill, Carrboro, Jordan Lake, Apex, or Pittsboro?
Raleigh Relocation Package - Thinking of Moving to the Triangle, NC? June 2008 Edition
Raleigh and the Triangle Area
Whether you're looking at relocating to Raleigh to start your career, to find a friendly place to raise a family, or retiring in a terrific climate, Raleigh and the Research Park Triangle has something to offer you. Great schools, Forbes rated #1 in 2007 for Businesses and Careers, lots of lakes and golf courses, top-rated cultural centers, universities, and hospitals - and all only two hours to the ocean and three hours to the mountains - it's no wonder that Raleigh is a "Best Place to Live"!
Copyright 2008 by Stanton Homes. All information current as of posting date.
;)
;)
PENNY - This is great information for those looking to build a new home. If you would ever like to take a trip to Long Island, let me know, and we can set up a seminar for people interested in looking to move to North Carolina (the most popular relocation destination by far).