Starting Your Search For a New Lot

How to start your search for a lot

You’ve decided that you are going to buy a lot to build a future home on! It’s a great time and can be a lot of fun. However, to make your search, and your life, a bit less stressful and frustrating, do one simple thing before you jump in the car. Establish a budget first. Sounds obvious, I know. However I’ve seen more personal and marital stress caused by skipping this little step than I care to comment on.

I can almost guarantee the lot you, or your spouse, falls in love with at first sight, and absolutely must have, is one that’s way over your budget. Do not “window shop” for lots. Here’s what happens that causes the real problems. Every lot you look at after that “one perfect lot” will be compared to it. And since you’ll be looking at lesser priced land that first one may keep looking better and better and better. This drags on your search because nothing looks quite good enough and nothing is quite as nice as the first one. This generally causes stress and some hurt feelings as well. Not a good way to start out.

Here’s the other thing that happens. That first lot that you or your spouse falls in love with is way more than you can, or want to spend, so you eventually purchase a different lot. A fine lot. A lot perfect for your needs, in a great area, within your budget and with a great view or whatever. You or your spouse will never forget that first lot. Ever. How often do you care to hear or think, “Well, I do like this new house, but it would have been even better on that first lot I liked.” Establish your budget, including the taxes, before you start your search and only look at lots within that budget. If you and your spouse only see lots that are in a comfortable price point, you’ll find a great one without the, “Gee, I wish…” factor.

The Perfect Lot Myth

Here’s the typical method your average person uses when looking for a lot. They may jump in the car on a Sunday afternoon with the newspaper classifieds section and go driving around. Or they may contact a real estate agent, jump in their car and go driving around. The goal? Find the perfect lot. Maybe the perfect lot for you is one with a big oak tree in the front yard, or with a stream running through it, or close to a school or in a specific neighborhood or any number of things.

The chances of finding a “perfect” lot, one with no issues, challenges or problems, is slim. There could be one small issue, or several big problems, but there is usually something that needs to be, or at least should be, addressed.

When looking for a home site in a planned community or development, do not fall into the trap that many do. It is very easy to get lulled in by a community with the new homes, the fancy landscaping, the big front yards and so on. Don’t do it. Everything may look great and neat and well presented, however do no let this cause you to buy without doing your homework.

And if the lot does look perfect, and it’s available at a great price, but only ’til the end of the week, and there are 3 other people looking at it today, and they don’t think it will be on the market long?! Slow down. Take a breath and see past any hype or sales pitch. I’d rather you buy a $70,000 car than a $70,000 lot without doing your homework first. Why? Because you can fix a bad car. You very often can’t fix a bad lot.

You'll be out there looking for the perfect lot and, due to some human nature quirks, you may "force" a lot to be perfect in your mind. You'll see on and think, "This is it! Perfect! I'll take it!" and that's when you get in trouble. Add in time pressures, sale pitches and, perhaps, an impatient spouse and you'll find yourself leaping before you look. Please take your time when looking at and purchasing land. You'll be glad you did.