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Many people purchase vacant lots to have a home built to their plans and specifications.  If you are looking for a vacant lot to build a home, several precautions must be taken.


Can you afford to purchase a vacant lot and build a home?  Building a home on a vacant lot has many expenses.  On top of permit fees and the costs of building the home, insurance costs, bank fees, and professional fees must also be taken into consideration.  Your lending institution can advise you of the different types of loans or mortgages that are available and of the maximum amount that you may borrow.

Precautions when Purchasing a Vacant Lot

When purchasing a vacant lot, the following precautions should be taken:

Do I Need a Lawyer to Purchase a Vacant Lot to Build a Residential Home?

There are many steps and a lot of information involved in purchasing a vacant lot to build a residential home.  A real estate attorney can guide you through the process and help you negotiate a price and contract terms that are right for you.  A real estate attorney will also review listing agreements with brokers, offers and counter-offers, and purchase contracts before you sign them to make certain that your requests are met.  Furthermore, a real estate attorney can advise you on the financing the vacant lot as well as financing of the costs associated with building your dream home.

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Last Modified: 06-21-2012 03:36 PM PDT

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