There’s more than one way to build your dream home. One way is to go through a builder who offers a variety of communities or neighborhoods with different floor plans to choose from. Another way is by building a house on land that you either already own, have inherited, or are thinking of buying. With these options, there’s no wrong choice. Some people may have done one or the other already and decided that now is the time to do it differently. If you’re on the side of finding your own land to build on, stay tuned!
As a builder who specializes in building custom homes on your existing land in North Carolina, Value Build Homes knows the ins and outs of buying land here. We even offer a Free Property Evaluation of land you currently own or a lot you’d like to build on. Without further ado, let’s dive into what you need to know about buying your own land and our process once you’ve found the right lot.
How Do I Buy Land to Build A House?
Before starting construction on your new home, you first need to figure out where you want to build it. Finding the right lot of land will start with securing a construction loan to determine your maximum budget for the lot, home, and lot improvement costs. Once the budget is established, a land acquisition manager along with a Realtor Partner will help you find a lot that piques your interest. Finally, you’ll move onto the lot evaluation to make sure the details of this lot are suitable for building your desired home and floor plan. Now that you have an idea of what the land acquisition steps are, let’s learn a bit more about each.
- Construction Loan
Construction loans are short-term loans that cover the costs of building a new home. This type of loan typically lasts one year or less and is not paid out in one lump sum. Instead, the lender will set up a schedule for payment installments that are used for different stages of construction. Your eligibility to obtain this type of loan is determined by a couple of minimum requirements. You can expect a lender to consider:
- Your credit score
- Your down payment
- The construction plan and specs you’re planning to build
- The construction contract and the selected contractor
- Land Acquisition Manager
The second step of the land acquisition process involves a Land Acquisition Manager. This is someone who oversees the finding, buying, and selling of land on behalf of businesses, developers, and organizations. For example, they might be in charge of finding land for a new environmental development, organizing the sale of land for a downsizing company, or helping the government buy land for a new charity facility. Though the project types can vary, their main purpose is to assess areas of land and determine their eligibility for land acquisition.
- Land Lot Evaluation
As the name suggests, a land lot evaluation is when different features of the lot are addressed and evaluated to determine if the land is buildable. There are several key factors that go into this. One would be to make sure your land follows the local zoning and building code rules. Another is obtaining an updated survey to locate the property boundaries and identify existing structures and improvements. Walking through the land to check things like the soil, slopes, location, and more is crucial to weighing the risks of buying the lot and ensuring it’s the right fit for your wants and needs.
What Should I Evaluate When Buying Land in North Carolina?
When it comes to buying land in North Carolina, a lot of the same things apply when evaluating the land. It’s important to consider local zoning laws, updated surveys, and other features of the land. Some other things you may want to look out for include:
- Utility connections – where’s your power coming from?
- Clearing – as beautiful as trees are, is having them risking your potential for a driveway?
- Deed restrictions – are there limitations to how you can use your land or what you can build on it?
- Homeowners association or neighborhood covenants – are there annual dues to maintain the area’s amenities or rules for how your home should look?
Our Process for Building Custom Homes on Your Land
If you’ve decided that buying and building on your own land is the right route for you, know that you’re not alone. At Value Build Homes, we guide you through each step and connect you with the right partners and specialists to make the process run smoothly. That even includes connecting you to quality mortgage lenders and our design studio with options to complete the interior personal touches of your home.
Our process includes 6 steps that set our homebuyers up for success, with a few that set us apart from the average custom home builder.
We start by determining Your Buying Power. As mentioned, we work with preferred lenders that can help you through the financing process and establish your budget. Next, we’ll Identify and Evaluate your land situation. Whether you have a lot already picked out or need help finding one, we’re here to help (including our free land evaluation). On our Values Call, you can expect an above and beyond interview to get to know you better and advise on implementing one of our existing floor plans or customizing your own.
After, we’ll Present and Confirm Your Home’s Selections in detail to ensure customer satisfaction. The last 2 steps are when the magic happens. We’ll Start Construction of your home on site and complete it on schedule. Then, you can finally Move In and Celebrate in your brand new home. Plus, we include a decade-long structural warranty. Yes, we’re that confident!
Now that you’ve learned a bit about the process and how it works, you’re ready to take the next step. View a few of our floor plans to get inspired and see the possibilities of your new home.