For many people, the home of their dreams has the same starting point: buying a lot and building a house. After all, starting from the ground up and having a say in what happens at each step is the only way to ensure each detail is to your liking. Otherwise, you can’t possibly feel like you love the home and it’s yours, right?
Before you take additional steps buying a lot to build a house, we encourage you to stop and learn more. As you read on, we think you’ll find this may not turn into exactly what you had in mind.
Building a custom home is a dream for many, but how much do you truly know about the reality of the process?
Buying land lots is more complex than it might initially seem. In fact, this purchase is just as complicated and crucial to whether a house is truly your “dream” home than any other aspect of moving.
For one thing, you may need to pay for the land in cash. Mortgage lenders are less likely to loan money for raw, undeveloped land than for an existing house because there are too many unknowns with raw land. If you do get a loan, you should know that many land loans must be fully paid within three to five years.
It’s a big mistake to think one plot of land is the same as any other. There are several things to consider when buying land for a future house, because this plot of land lays the foundation for the entire construction process. Consider the fact that this is “raw land.”
Is it actually ready and able to be developed?
It’s very possible there are no utilities currently in the area. This means sewer, water, cell service, and power may need to be hooked up especially for you, all expensive and slow processes. You might have found a plot of land, but if local zoning does not allow you to put in a driveway that connects to the main road, the land is virtually worthless as a building site.
All of this hasn’t even touched on the actual home building process. For one thing, it can be very, very long, especially right now with supply chain issues. As well, it can be overwhelming to be a part of the entire construction process.
Another consideration will be your timing. Building a custom home that needs to be designed is a far bigger proposition than buying a house for sale. Rocket Mortgage tells us that going through the permitting process, getting all the utilities to the property, doing surveys, getting bids, getting construction financing, and actually getting the house built can take two years or more.
Buying lots to build homes seems like the best and perhaps even only way to have your dream home. Is it though? Is there another way to have the Wake Forest home you’ve always imagined? Yes! It’s time you see the newly-built homes in Holding Village.
There are many reasons to consider one of the new construction homes in Holding Village rather than building a house on a vacant lot. For one thing, these homes are available now! If you need to move anytime within the next few months to a year, buying a lot and building a house is out of the question.
Holding Village is among the best new neighborhoods in the area, and a big part of this is the fabulous homes. Our neighborhood features homes from top developers, including Pulte Homes, Garman Homes, Toll Brothers, and Tri Point Homes. Brand new model homes are expected to be open for you to tour throughout this summer.
When you buy a home in Holding Village, you’re getting way more than a house; you’re moving into a community. No other community in Wake Forest has a nature-made 15-acre lake as an amenity. Our own Holding Lake is a perfect place to kayak. There are also neighborhood paths perfect for exercise, a pool, plenty of space for your dog to enjoy, and so much more. You won’t get any of this from a vacant lot!