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re: How Do I Go About Buying Land And Building A Home?

Posted on 2/13/22 at 5:15 pm to
Posted by Jaspermac
Texas
Member since Aug 2018
463 posts
Posted on 2/13/22 at 5:15 pm to
quote:

First things first. Get in car. Leave Louisiana. Drive to Florida, NW Arkansas, Idaho, Montana, Wyoming, SC and anywhere in TN not within 50 miles of Memphis,


You misspelled Texas
Posted by llfshoals
Member since Nov 2010
19230 posts
Posted on 2/14/22 at 12:59 am to
I handle most of the land sales for my brokerage. Truth be told most realtors hate dealing with land.

The first question you have to ask yourself is why do you want it. If you know that answer what to get is much easier.

Find a good experienced realtor who can help finding it if you want something bigger than an acre or 2. Look at reviews, they don’t tell the whole story but it helps.

When it comes to land it doesn’t do much good to talk to a lender unless you have a property in mind and have an idea on price. You can finance land in with a construction loan if you need to, but you shouldn’t.

I never recommend financing land. If you can’t pay cash for it you probably shouldn’t get it.

Things to watch for. Flood maps and topographic maps. If you have a realtor who gives you a blank stare at those words, get another one. I find LandGlide helps me a lot with selling land.

On a personal note, I’ve designed every home I’ve ever built, and I can tell you from experience building what you want is the best when it comes to a home.
Posted by trident
Member since Jul 2007
4814 posts
Posted on 2/15/22 at 8:29 am to
You MUST do if you do decide to pull the trigger on land:

A recent wetland survey, they "expire" every 10 years


This needs to be in the contract that a new one is done prior to you purchasing. This could change all your plans

You can go to a bank for a construction loan, which they all handle. Usually a 3 to 5 yr loan, interest only then will be converted to a mortgage after house is built
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