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Tips For Buying Residential Lots
In today’s market, many home buyers are buying residential lots instead and building custom homes.  Improved market conditions in many areas are also allowing investors to return to the business of buying land and building custom “spec” homes or small subdivisions.  If you’re thinking about buying unimproved residential land and building – whether for a home or investment – here are a few tips for finding the right property and closing the sale.
1. Site Selection Criteria
Buying an existing home or buying land starts with similar criteria – the right location, total cost and ability to use the property as we want.  Here are common selection criteria for buying residential lots.
Location: schools, business center(s) commute, shopping/services, public facilities/services/transportation, public safety (police, fire, medical), Walk Score® (1), crime rate, noise, traffic Neighborhood value: median prices for comparable properties, escalation forecast Lot characteristics: Size, topography, view, drainage, exposure, surface features (water, rocks, trees, foliage), soil and sub-surface conditions Improvement entitlements and restrictions: Zoning, boundaries, easements, encroachments, limits (set-backs, footprint, height, total square footage, type and number of structures), architectural mandates, homeowner association requirements Utilities and services:  Availability of gas, water, electric, sewer, trash collection and communications. Ownership, Improvement and Occupancy:  Clear ... more

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