How to choose a lot when buying new construction: (video transcript below)
Hi friends, I’m Gene Henry with RE/MAX Southern Shores in Conway SC, I hope this video finds you well! If you’re thinking of buying new construction or building a new home, this video is for you. Today I’m going to go over a few of the most important features of choosing a real estate lot. I find that some buyers do not put the up front care into their home purchase, and more times than not that creates regret. Your lot location is so important because you can change details with the house you buy but you cant change your lot location. I hope this video helps!
Lets talk today about buying in a new home neighborhood as opposed to building on your own land. These sites are already planned for building and have fewer considerations but still have some very important questions that need to be asked.
Lets first talk about drainage and site prep- So, How does water drain from your lot and surrounding areas? Who is responsible for maintenance of the ponds and ditches that your lot drains into? Are there any easements, wetlands or restrictions? If your lot is on a slope don’t assume the builder will backfill to where you think it should be, ask instead, how much fill dirt will be brought in and if there will be any retention walls or erosion control in place. Will they be removing trees or leaving them when they build. What direction will your home be facing, that seems easy to figure but what if its on a corner lot? Ive seen them lay out the foundation boards wrong and start over. Are there any public utility boxes, monuments, or structures on or next to your lot? This is usually not a big deal, but its good to know ahead of time instead of finding out after your purchase.
Now lets talk about some of the financial questions: Are there lot premiums? This fee will be calculated into the total price of your home and may not be advertised on public real estate websites. How much landscaping will be provided? Every builder differs some on this depending the neigborhood. Is there any special requirements for insurance, like flood zones or high wind zones? What does future development look like in the area and how will it affect my value?
Spend the time upfront to make sure the location suites you: Study the HOA, deed and ARB restrictions before you purchase. Find out about things like fencing, outbuildings, vehicle or pet restrictions. What’s the minimum and maximum sq ft on the neighborhood, if the builder goes bankrupt you want to have similar homes built next to you right? Know what the setbacks are and space between houses in case you want to add something to your back yard in the future. What are the distances to your local grocery store, amenities, and hospitals. How many more construction phases does the builder have planned and how long is it expected to take.
The most important thing to do when choosing a lot is to walk the lot. Don’t just ride by, get out of the car and spend at least a few minutes looking around. If you can’t be there have your realtor take a video and send it to you. I have heard buyers say things that like they didn’t realize how close to the highway or pool they were. I believe that simply walking the lot can save you from small annoyances that you may not realize until later.
At the end of the day its not rocket science but it is where you’re going to build your home. I want you to be happy were you live and maintain the same level of excitement that you deserve during the whole process, as it should be. Again Im Gene Henry with RE/MAX Southern shores and I hope this video helps when you choose your lot to build on.