The wife and I have decided we want to buy a piece of property and build our next house. I wanted to start a discussion to see what I could be missing here and to see if there’s any other points I should address or look out for.
We found a 2 acre parcel and will be doing our due diligence over the next week.
- Always utilize the Property Appraiser tools - our county provides direct access to GIS maps to show elevation/terrain but more importantly, FEMA flood maps.
- If there’s any HOA, review of the bylaws and/or building requirements (some planned developments require you to submit housing plans prior to building for approval. The lot we found is not in a HOA).
- This is more of a question - but do we get an appraisal prior to making a firm offer? Is this even allowed? The assessed county value compared to their asking price has a large spread.
- We plan on paying cash for the lot. Is there anything I should be aware of to maximize this purchase? If we plan on building a house soon, does it make sense to roll this into a home construction loan rather than use cash/equity for the dirt?