Talking About Safety On Construction Sites

« Back to Home

3 Tips To Remember When Buying A Plot For Your New Property

Posted on

 Building your own home can be an exciting time, but if you're new to home construction, it's important to plan things in advance to ensure you don't run into common roadblocks. One of the biggest mistakes people make is to overlook the process of buying land for their construction, so here are three tips to remember:

Keep an Open Mind

One of the main reasons people struggle during the early stages of building a home is because they are not willing to compromise on their idea of the "perfect" plot. In their search for the perfect plot of land, many people become too attached to their ideas, which makes it difficult if the options available don't meet all criteria. Whilst it's important to know exactly what you are looking for, it's imperative that you remain some degree of flexibility when choosing a plot of land. If you have a specific idea that you refuse to move on, you should be prepared to wait a very long time to get your home construction started!

To keep your options open, it's important to prioritize your requirements early on in the process. If you have your heart set on a specific location – perhaps because you have family nearby or you don't want to move your child from their school – you should keep an open mind about potential house styles. On the other hand, if you have plans in place to construct your dream home, you should be willing to consider a number of different locations. By setting out exactly what you will and won't negotiate on, you give yourself a better chance of finding a suitable plot for building your family a great home.

Make Imaginative Use of Space

When you're out looking for a plot of land, you may be looking for areas of land that are obviously set aside for real estate development. However, by confining yourself to these areas, you may be missing out on a number of potential plots you would have spotted if you used your imagination. Rather than waiting to see a "for sale" sign on a plot of land, consider looking at the following for development opportunities:

  • Brownfield sites such as an old industrial area, scrap yard, or disused gas station all have the potential for real estate development, subject to planning permission.

  • Large areas of unused land between or behind other houses. These areas are often easier to get planning permission for as local authorities will consider the area a designated real estate development.

  • Abandoned properties that have been neglected. Often, you can "buy to demolish" these properties, allowing you to sell on salvageable materials (such as bricks) or even use them to construct your new property.

Consider Different Buying Options

When you start looking for plots, you may immediately start phoning real estate agents. This isn't a bad idea to get you started; there are many real estate agents who are experienced in buying and selling land and will be able to help you make an offer on a plot. However, you have to remember that real estate agents will be working on behalf of the seller, so you may not secure the best deal for yourself working directly with a realtor.

If you find that local real estate agents aren't able to source the deal you need, consider going to a local auction. Auctions are a great way to purchase plots of land at a very reasonable price, but if you're new to the auction process, keep the following in mind:

  • The action at auctions can be fast, so you should attend a few "warm-up" auctions before the one that contains a potential plot of land.

  • Be wary of early bids. These are usually "spoof" bids that are designed to get the auction in gear. Don't fall victim to these and start showing your hand early; rather, wait until the initial surge of interest has slowed down and only those with real interest remain.

  • You should always have a firm idea of the maximum price you are willing to pay, but if the bidding creeps up close to this, consider increasing the increment rise one time as a final throw of the dice and to try and scare other bidders off.

For more information, contact a company like Lacrosse Homes