How to buy lot?

13 years ago

Those of you who've bought an empty lot outside a development or done a tear down - how did you go about it? Seems hard to know what kind of property, if any, can go on a lot for sale. Do you use time between earnest money and closing to get permits, do tests, etc to determine feasibility? Or do you hire someone with a lot of experience and pray for the best (and eat the cost if not)?

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Comments (5)

MFatt16
13 years ago
We made an offer with a feasibilty period of 60 days in it. Our lot had never been built on so there was more to consider than a teardown and rebuild. We asked for an extension providing proof of all the work we were doing to determine feasibilty. We closed after 90 days. We had hired several professionals to give us analysis and bids on septic, building, and geotech and started immediately after the offer and it took 3 months of work. We managed ourselves with an experienced friend but for a few thousand someone will do it for you. Our realtor was also a "raw land" specialist so she helped us as well.
zone4newby
13 years ago
Our offer was contingent on septic and soil tests. Beyond that, we checked that we could access all the utilities we required, and used a topological map provided by the seller to ensure that we could build in a place we were happy with-- we needed to be above the river the lot borders, in addition to other easements. I called the building inspector in our new town (a very small town) to verify easements and restrictions, so I could be sure I wasn't missing anything.

Where we're building, the city doesn't allow land to be subdivided unless it is buildable, and since we had a newly subdivided lot, we knew there were no restrictions in place specifically prohibiting building. Also, we're in less restrictive part of the country than many of the people here.
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stitz_crew
13 years ago
Like the other said you need to make sure it percs if not on sewer (most important). Also need to know if water is avail or well will have to be drilled and access to power. Will there need to be trees cleared to build (increases costs). These things determine value of property. Here in TN septics and wells can be challenging due to shallow topsoil. Most sellers will already have land perked to increase value and ease the mind of buyers. Def. have a contingency on soil site and utility access. GL
auroraborelis
13 years ago
We went about it the easy way, we but a lot that was an approved building site!
Green Tea
Original Author
13 years ago
I guess I should add that should we go this route in the future, it would most likely be a tear down or in an area where there's lots of other homes around (N/NW Austin). Lot would most likely be no smaller than 5000sf and no greater than 1/3ac.