Buying land and building a house can be a good alternative to purchasing a resale home. With such a big financial commitment, it’s important to take precautions before making an offer on property for sale. Here are three elements to consider before buying land for a new build. 

What You Should Know Before Purchasing Land

1. Is the Location Suitable?

You want to take location into account on both the larger and smaller scales. Consider the part of town, and also look into the surrounding neighborhood. A lot positioned alongside greenspace is going to be more valuable than one next to a busy highway, even in the same neighborhood. 

You should also think about nearby amenities and how they correspond with your needs. This includes roadways, public transit, parks, and restaurants. If you have children, school districts will be an important factor. Lastly, consider how long your work commute will be in relation to the property. 

2. Are There Zoning Restrictions?

Land could be zoned for residences, commercial use, and both. Before purchasing a lot, you should make sure you’ll be allowed to build a house on it. It’s also important to look into additional structures, like detached garages and workshops, if you’re hoping to feature those.

Some zoning restrictions dictate how large a residence must be. If a minimum size requirement exceeds your desires or budget, you’ll be better off looking for a lot zoned elsewhere. You should also check for any local laws that could impact your freedom to alter your home once it’s been built. 

3. What Are the Utility Costs?

Before making a move on some property for sale, you should be certain of the utility costs involved. You’ll need to power the new house, in addition to handling the water and waste situations. If you want high-speed internet, it’s advisable to look into local availability and prices. 

In more removed locations, hooking up a new house to municipal utilities can cost much more. Before making any commitments to a land purchase, be sure to contact local suppliers and figure out what your future expenses would be. 

Are you looking to purchase undeveloped property for sale? Turn to Lawrence Realty Inc. in Red Wing, MN, for help navigating the various steps involved. You can explore lots and resale home options on their website or call (651) 388-4745 to speak with an agent today.