Buying a Lot
Seeking a lot or piece of property for your new home takes diligence, knowledge and perseverance. Milton American is here to make this process as exciting, educational and rewarding as possible. We are available to work with you every step of the way. Here are some of the basic fundamentals to consider while selecting your new home site.
Location, Location, Location!
The first thing to consider is location.
- Will you feel most comfortable living near a town, metropolitan area or secluded area? Think about your lifestyle and the everyday tasks you need to accomplish.
- Are homes of comparable value to the home you desire to build located in this area? Over-building or under-building has implications for appraisals and property values.
- Are you at ease with the commute to work? Consider making the drive at the same times you travel to or from work.
- What point in life are you? Consider your age. Do you need good schools for your children, access to medical facilities?
- Consider lifestyle. Do you enjoy being outdoors? Would enjoy being close to a body of water or snuggled away in the woods. Large neighborhood or small neighborhood? Do you frequently dine in or out?
The lay of the land
Once you have narrowed your search, examine the property’s surface terrain since it affects construction costs. For example, hilly land may provide a beautiful setting; but it may be more expensive to build your home there than on flatter ground. Visit the property several times to ensure that the property is right for your family. Land that looks great in the summer may look totally different in the winter.
Some important paperwork
We highly suggest that you obtain and read the Owner’s Title Insurance Policy and a Survey Plat of the property before actually closing/purchasing the property. An Owner’s Title Insurance Policy ensures that you gain clear title to the property. Without this insurance, you may purchase property with ownership disputes or liens that you must pay. The policy is ordered from a local title company when you sign an earnest money contract. The policy should be available to you within a week or so.
Survey of the property
The Survey Plat is a drawing that reveals property details like the necessary ingress/egress and home placement information. A survey of the property will confirm the property corners and will verify the property if free of any encroachments. It will also show the location of easements that have been obtained from a third party. Ask the surveyor to include flags on the property’s corners. If you have not checked the flood plain zoning, ask your surveyor to provide a “flood stamp”. This stamp should designate the property accordingly. If it does not, check further into the property. Our management team can refer you to a qualified professional surveyor.
Make sure it fits!
Finally, make certain that the lot will accommodate the type, style and size of home you desire. Our management team will work with you to ensure that the house you desire will fit on the property you are considering.