So, you’ve got your dream home in mind? The next step is securing your land.
Like anything worth having, a piece of land comes with its terms and conditions. It’s vital that those looking to build do their due diligence, with advice from the experts, before embarking on buying. Considerations include budgeting, as well as compliance with local zoning guidelines and real estate laws.
Below, we share our 3 steps to securing your lot:
Choose the right land
We’ve devised a series of questions to help you get started when choosing your land:
- Does the land’s soil prevent you from building, digging wells or getting electricity and natural gas?
- What power, water and drainage services are needed?
- Does anyone already have the right to use the land?
- Do the land boundaries work with your house placement?
- Have you sighted the boundary peg locations?
- Will the land’s elevation be an obstacle?
- Are there any liens on the land?
- Are there any environmental problems that need solving?
- Have you had the land surveyed by a professional?
Of course, there are many considerations, and while it is possible to buy a plot of land without the help of a real estate agent or broker, it can help to have someone on side who specialises in working with vacant lots. Especially when it comes to the legalities.
Get a land loan
The kind of loan you will need will depend on the type of land you’re buying. There is financing available from banks and other lenders, and in some cases the owner of the land you are buying from.
As well as looking at your credit and your background, your lender may want to see details about what you intend to do with the land so be prepared for this by having all documentation and floor plans in order.
Make an offer
Not dissimilar to making an offer on a home, when you are ready to purchase your piece of land, you will need to make a written offer.
After this initial offer, remember that you can negotiate the land price down – so make sure you do your research to back up whatever price you are willing to pay.
Once everything is agreed upon, both you and the seller will have to sign a land purchase agreement to specify how you’re paying for the land, with details of everything you are agreeing on regarding the purchase.
Through years of experience in creating new homes throughout New Zealand, Trenz knows what it takes to get you to your dream build. Together, with guidance from your local Trenz franchisee, we can be on hand from design to completion, making the whole process as easy as possible.
Send us a message to understand how can help you with your build today.