|Buying Land to Build a Luxury Home|
A primary or second home by the ocean, lake, mountains, or desert could be heavenly, but hard to obtain in today’s warp-speed real estate climate. So why not build the home of your dreams on your own land?
You may already have a favorite vacation spot or a location in mind. Your Berkshire Hathaway HomeServices network professional can help you acquire the lot or acreage you want or refer you to a qualified rural specialist. This is important because experts know what you can and can’t do on your land. They research easements, deed restrictions, zoning laws, pre-construction permits, floodplains and appropriate building sites, among other services.
According to Rliland.com, the main difference between buying land for building a home and buying a house is financing. Terms are brief compared to fixed-rate mortgages for existing homes, down payment requirements are much higher (as much as 50%), interest rates are higher, and types of loans available aren’t as plentiful. Buying land with cash is a good idea because the land can then be used as a down payment towards your construction loan.
Finding a builder could be tricky, too. If you want to build a luxury log cabin, for example, you’ll need a builder who is familiar with not only building with logs but with permits, fees and running utilities to the site.
Become familiar with nearby towns and what services they offer, including medical and educational facilities and opportunities for culture, entertainment and philanthropical participation.