Starting Your Search For a Lot

How to Go About Finding Lots

A common remark in the lot buying process is, “Come on, how hard can it be?” And that’s part of the problem. It’s really easy to buy things, lots included. Have money in hand, walk up to a lot and say, “I’ll take it!” And bingo you’ve just bought a lot.

The inherent problem with the whole thing is that very few people have any idea of how to actually do it right and protect themselves. Only a tiny fraction of people are aware of all the potential problems, pitfalls and issues that can come along with a lot purchase. The average American will participate in five real estate purchases in their lifetime, and most of these are in the purchase of an existing home. The average Joe will participate in the purchase of one, or zero, lots in his lifetime. The average American is not who you want to get advice from on lot buying.

The transfer of property from one person or owner to another brings with it all kinds of possible pitfalls and potential issues. Some are big issues and some are small, but all have the potential to give you a headache, cause you financial loss or burden, and generally make the lot buying and home building experience more difficult and frustrating than it has to be.

In your search for a lot you are starting on the path to fulfilling a dream for yourself and your family. This should be an enjoyable experience and hopefully this book will help you reach the goal! Finding a good piece of land to build your future home on can, at times, seem like looking for a needle in a haystack. There are several home sites available, but which one should you pick?

If you have an existing relationship with a licensed real estate agent, this is a good place to start. An agent can quickly help you focus in on several lots that fit your criteria: price, size, location, amenities, view, etc. If this will be your first real estate transaction, ask friends and business associates for a recommendation for a trusted real estate professional. Word of mouth recommendations are priceless. (I built by business on word of mouth.) You may be looking to purchase a lot in an area that is unfamiliar to you. In this case, a good place to start is simply picking up a local newspaper. Browse the classifieds, taking note of the general area or community, price points and sizes of lots in acres.

Starting your lot search online can be a very effective way to get the ball rolling. With just a few parameters, such as a general location and your budget for a lot, most real estate websites will be able to quickly tell you what is available. You can easily print out listing and take a ride in the car to check out the areas. Keep in mind, however, that only lots actively listed by an agent, or that have been posted online by the owners will be displayed.

Lots that are for sale by developers, for example in a subdivision or neighborhood under construction, may or may not be listed. Some developers rely on local contacts, private advertising or any number of other factors to get the word out about their lots for sale. Some may even rely simply on a “Lots for Sale” road sign, depending on the area and the current real estate market at the time. Let’s say you’ve got your eye on a beautiful piece of land way off on a side street. It’s not for sale as far as you know - no listing, no sign. But, you’d like to see if the owner might be talked into selling. How do you find out who owns the land? You can find ownership of a piece of land through public tax records by going online to the town or county websites or taking a trip to the local offices. Investigate!

Sometimes just by striking up an idle conversation the most incredible nuggets of information come to light. In addition to the above suggestions talk with people who live, work and play in the area you are interested in. A casual chat from the most unexpected sources can be invaluable.

One thing is clear: If you don't take your time when searching for a lot to buy and build a home on you can get really burned. Don't buy a lot you can't fix! Thanks