What Does a Lot Cost in Sanford, 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 Sanford, NC.
This is an analysis of all available lots on the MLS for July 2008. Most of this land consists of lots in subdivisions that are existing or under construction.
Some neighborhoods may be suitable for manufactured homes. Others only allow full brick homes. You'll want to work with an agent or request enough information to understand what kind of home will or will not be allowed before making any decisions.
Is this all the lots or land that are available?
Not all available homesites are listed on the Lee or Harnett County 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. And the availability of lots and land does change constantly, as parcels are purchased or newly listed.
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).
How does the cost of land in Sanford, NC compare with other cities and towns in the Triangle area?
Sanford is certainly more affordable than more metropolitan areas near Raleigh, where land can be at a premium.
Find out more about comparitive land costs here:
Cary, NC Land and Lot Costs
Raleigh, NC Land and Lot Costs
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 $200,000. Let's look at a typical breakdown:
Land - $30,000
Real Estate Commissions - $10,000
Carrying Costs on Construction Loan - $6,000
Total Construction Costs - $154,000
Total Cost of Home: $200,000
In this example, land cost is 15% 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.
Want to know more about what's available in Sanford and surrounding areas?
5 Easy Steps to Buying a Lot or Land in the Raleigh Area
New Homes, Communities, Lots and Land Throughout the Raleigh Triangle Area
Find Out More About Building a Home in the Raleigh/Triangle Area:
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.
Copyright 2008 by Stanton Homes. All information current as of posting date.
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