Building your own home is your chance to live in a space designed around your needs, ensuring you get the house you’ve always dreamed of. However, choosing a vacant piece of real estate can be much more complex than simply buying a house, with potential pitfalls that could make the process longer and more expensive. Below are a few essential do's and don’ts to keep in mind if you’re buying a plot of land.

Do:

Work with an experienced real estate agent.

Finding the perfect lot of land can be different from hunting for a house. Newly developing areas might be difficult to find and may have drawbacks you may not notice at first. A real estate agent who knows the area and has experience with vacant lots can help you find the ideal place for your new home.

Consider your budget.

The loan requirements for vacant land are often much more stringent than most mortgages, so you’ll need to consider your finances carefully. Lenders generally require good-to-excellent credit scores, a larger down payment, and will usually charge higher interest rates.

Don’t:

Skip researching property values.

A custom home is not just an investment in your comfort, but it’s also a cornerstone of your financial future. Researching the value of nearby homes will give you an idea of how much your own house will be worth if you decide to put it on the market in the future.

Forget to get a survey.

The seller will likely point out landmarks that mark the boundary of the lot, but a professional survey is the only way to establish property lines legally. Without a survey, you might inadvertently build on a neighbor’s property or block a legal easement. Investing in a survey before purchasing a lot ensures the property meets your needs and helps avoid expensive legal trouble in the future.

If you’re building your dream home in Ohio’s Chillicothe or Ross counties, the professionals at Coldwell Banker Realty Champions, Inc. will help find the right piece of and for your project. Their real estate agents have been serving future homeowners throughout the region since 1995, providing service that exceeds the highest standards in the industry. Visit their website to browse their selection of land available, or call (740) 775-8500 to speak with an agent today.