Building on Your Own Land or Homesite

Finding your dream home can be challenging. After all, even the most elegantly designed space can lack the personal touches you might be dreaming about. That’s why so many custom home buyers opt to build on their own land.

While a particular lot may possess some dreamy elements – lots of mature trees, a winding brook, or a dramatic view of the sunset – such options also present a number of challenges. Whether you’ve found your perfect homesite or are still searching for the ideal spot to build your dream home, there’s a lot to know before construction begins.

A Word About Zoning

Builders are required to abide by local zoning laws. They may be forced to include an easement driveway or run power through a nearby lot to reach your homesite. Some zoning laws are even more restrictive, with specific regulations outlining required features of the home itself. These are typically found in established neighborhoods, so if you’re eager to break free of such restrictions, moving to the country may be the solution.

Financing Your Homesite

If you’re building a custom home, odds are good that you’ve been through the process of getting a mortgage before. Getting a loan to buy a lot, however, is far different – and more complicated. Traditional mortgages rely on the value of the home as collateral. Should you default, the bank simply takes the home back.

Land, on the other hand, is far more difficult to resell. Without a home on property yet, it’s a bigger risk for the bank to take. That’s why significant down payments are often required for homesite purchases. Thankfully, there are a number of grants and loans offered by the USDA to help offset large down payments.

Survey Sooner Rather Than Later

If you’re considering purchasing a rural homesite, it’s best to have a professional survey conducted as soon as possible. This matters less when buying in an established neighborhood where lots have already been mapped out. With a rural lot, you’ll want information on possible flood zones, unstable foundations, and toxic soil before making any major decisions. While such issues aren’t necessarily dealbreakers, it’s worth knowing about them before construction begins.

Interested in building your dream home in Chatham County? Absolute Construction can help! Reach out today to get started.