Building your dream home is an exciting accomplishment. It can be a bit more involved than purchasing a pre-existing home, though. You can make sure you’re prepared for your land purchase by following a few simple steps.
Make Budget
The very first thing you should do when looking for Suffolk land for sale is make a budget. You’re sure to be disappointed if the cost of land starts eating into your construction fund. Consider your total budget, and then split that amount between land and construction as you deem fit. You can further split your land budget by accounting for alterations the land may need. That includes things like surveying, leveling, and clearing trees.
Plan Financing
Ideally, a plot of land is purchased with cash. Many people don’t have that type of money easily available. In that case, you should secure a pre-approval for financing before moving any further into the buying process. Be aware that land loans tend to require heftier down payments and higher interest rates. Also, be sure to discuss the construction loan with your lender.
Use Realtor
You may think you only need a realtor to purchase a home. It is quite beneficial to work with one for land as well. As a buyer, your agent will have little to no expenses for you. Their commission is generally paid for by the seller. That means you can get free experience and advice from a professional. You should ask to be set up on a search to receive the newest listings. Then they will use all the proper forms to keep your interests protected, do all your negotiating, and walk you through writing your offer to closing.
The more prepared you are, the more you will enjoy building your brand new home. Start the process of right by budgeting, securing financing, and working with a pro to purchase your land.
