Quick Tips For Buying A Building Lot

Before you go and buy a vacant building lot to build your dream home on, you should stop and consider a few things.

  • Is what I want to build affordable?  That’s easy to find out by consulting with a local builder who should be able to let you know what things cost provided they have a history of delivering homes to clients for the same costs that are originally quoted.
  • I’m told the building lot is approved, so why should I spend money testing it again? An approved lot is largely a lot that meets zoning and health requirements and it’s not necessarily a guarantee that the home you want will fit on the lot, that the lot can support a septic system for the size of the home you want or that you won’t encounter costly unforeseen expenses like rock/ledge removal, high ground water or costly utility connections.
  • I thought I couldn’t work on a vacant lot until I buy it. After you purchase a vacant building lot, it’s yours and you can’t give it back to the Seller. If you put a testing contingency in any offer that you make, then you have the option to back out of the purchase if the soils are not to your satisfaction as a Buyer and you can get your deposit back if the testing contingency is properly structured and you provide proper notifications to the Seller as outlined in the land Purchase and Sale agreement.

Here’s a quick 1 minute video on deep hole testing which is really important. Perc tests are really nothing more than measuring how fast the soil can accept water – they are not the only thing that you should consider. In the YouTube video below, you’ll see what deep hole testing is all about:

https://www.youtube.com/watch?v=O6HXT08QBko?rel=0

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About Greg Hanner, REALTOR®, Broker, e-PRO

Greg has been an agent with Garden Realty since 1989 (and became a Broker in 2008) specializing in single family, condo, and land sales. As a senior Project Mgr. for BROM Builders, Greg stays on the cutting edge with custom single family home and land sales. Greg also serves on the Eastern CT Asso. of Realtors Technology and MLS Committee (former 2014 and 2012 Chairman). If you would like information on custom building in eastern CT, visit www.BromBuilders.com . Greg holds a bachelor's degree from the University of CT and also holds a private pilot's license with an instrument rating. If you are looking for an agent who uses today's technology to maximize their communication abilities, then Greg might be the agent for you. As an e-PRO certified agent, Greg is proactive and savvy about the Internet and he can take the connected consumer seriously as well as meet their online needs.
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