Since the dawn of civilization, the golden rule for homebuilding has always been location, location, location. Aside from the house itself, making sure you choose the right site to build your home is incredibly important. It is also the single most important factor that could financially make or break your investment. To help you find the perfect plot of land for your new luxury home, here is our list of the top seven things to look for when selecting a home site.
Number 1: Neighborhood
The most important thing to look for when purchasing a plot of land is the quality of the neighborhood surrounding it. Ask yourself, “Is the neighborhood emerging?”Regardless of why you’re building a home, you’re going to want to count on the property value to increase over time. Avoid neighborhoods that are on the decline, even if that means skipping on a cheaper lot for something higher priced in an up and coming area.
Number 2: Convenience
A common mistake many new homeowners make is choosing to build their new home to far away from where they work or where their kids attend school. Even if you don’t think you’ll initially mind the commute, spending hours in traffic every day can get old fast. Skip the long commute by choosing a site close to work, your children’s school, as well as shopping districts and recreational activities.
Number 3: Style of Neighborhood
If your dream home is mid-century modern, don’t buy a lot in a neighborhood filled with colonial or Victorian style architecture. Choosing a neighborhood that has an architectural vernacular that you like and has a common thread of styles that mesh your aesthetic taste and the home you plan to build will guarantee will go a long way towards ensuring you can build the home you want.
Number 4: Local Property Taxes
Most cities have a local property tax. They can also have their own set of permit fees, building codes, and ordinances you will be expected to comply with. Before you purchase a new lot, take the time to contact the city and find what they are, paying special attention to any restrictions that could potentially limit what you’ll be able build on the home site.
Number 5: Building Conditions
Even if you think you’ve found the perfect lot in the ideal neighborhood, always take the extra step and asses the home sites building conditions. A home built on a steep slope is more expensive to construct than one on a relatively flat surface. Everything from soil conditions to topographical factors can affect the overall cost of the build.
Number 6: Removal of Existing Buildings
It’s not uncommon that a spacious lot in popular neighborhood might already have an older home occupying it. Before you buy, do your best to factor in the extra costs of that come with demolishing a property. If the home or building is really old, it could be considered historically significant or may contain asbestos or lead paint, each requiring costly disposal.
Number 7: Utilities
Different cities have different quality utility grids. Before you buy, investigate the sites existing infrastructure. Knowing how much access you’ll have to underground or overhead electrical power or the size of the water, sewer lines, and fiber optic cables could affect the overall attractiveness of the site.
Choosing the perfect site for your future luxury home isn’t easy. It takes due diligence and a bit of patience. However, when you find, it can make all the difference. The right home in the right neighborhood won’t just mean a better quality of life for you and your family, it will also mean a higher return on your investment.