Finding the RIGHT Lot

For us, we wanted a lot with character. We wanted a small piece of land that our kids could grow up on. We wanted this land to not only fit in our budget but grow with us. 

A few things to ask yourself: 

How much land? Deciding how much land you will want to build on is important. This also means having an idea of what you want to build on your land may be a first thought as well. For example, if I want to put cows on the land, I might want to be in a subdivision that allows for livestock. Do you want a pool? Make sure this lot will be large enough for a home and pool. How big of a yard? Are you on a hill? And so on...

Do you want to buy in a subdivision? Again, you will want to ask yourself what are you wanting on the land. In our case, we wanted a small one story home. But we also want an added garage and a pool. We received what neighbors had, but we also reviewed the HOA documents before making our decision. A few things this helped us understand was 1) what type of home we would have to build- the square footage, what the exterior would need to look like 2) how long of a set back, or drive we would need 3) what the subdivision required of us

Do you NOT want to buy with HOA restrictions? I work with a lot of people that tell me they want livestock, they want to store their RV on their lot, they do not want an HOA. This is understandable. This also means, regulations are not pointed out to everyone. So maybe next year or in ten years you may see something on a neighboring home or land that you didn't know was going to be there. The biggest and most common example would be a mobile or manufactured home. If this is a concern to you, this may be something to think about. 

What is your budget? Yes, this should be a question you are asking yourself. It is estimated that about 20%-30% of the FINAL home budget should be spent on land. So if you are looking at a final house cost of $300,000 then a reasonable amount of money spent on land should be approximately $90,000. (These are  just estimated amounts. Speaking to a lender is highly suggested. WE CAN HELP!) This calculation may not work for everyone. It is just an estimation.

How can I purchase land? Finding the right lender is KEY! Not all lenders will work with LAND purchase. So again, we can help you choose the right one. But make sure to understand that often you will find that land loans have a higher interest rate and a shorter term. Cash is always an option, but understanding that rates are incredibly low right now. Are you prior service? The Texas Veterans Land Board can help. https://vlb.texas.gov/

Choosing the right agent. I know I am saying this a lot but know, WE CAN HELP. We can guide you along the way, helping to direct you to the right people and ensuring you understand everything as you go. The build process is not a quick one. This is a adventure that I would love to discover with you. Contact us today Ward Realty Team ~ JenniferWard@kw.com ~ (210)556-7090