What to Look for When Buying a Piece of Property
There are a few things to keep in mind when looking at different lots or pieces of property. Buying real estate or a piece of property is a major investment that can reap major rewards.
But it also comes with many risks. Zoning along with other rules and regulations can determine what and where something can be built.
Whether you're a first-time buyer or a seasoned investor, here are some things that I would look for when picking out a lot:
4 Ways to Evaluate Lot Quality
- Location: You can determine the design but you can’t change the neighborhood or natural quality of a site. Look for proximity to amenities, school districts, future development plans, and environmental risks.
- Privacy: Check sightlines from neighbors and the street. Is there room for screening? Can the building be formed in a way to maintain privacy in the right rooms?
- Features: Is the land flat or sloped? I wouldn’t completely give up on a sloped lot, they can provide for a dynamic building but there has to be more due diligence in making sure that building won’t be prohibitively expensive.
- Utilization: How much of the square footage is actually buildable? A piece of property could have easements or other constraints so it is important to check.
Planning for the Future
- Building Design: When looking for a piece of land, having a general idea of what you want to build is important. However, don’t let your vision completely drive the buying process since a great designer can turn any difficult proposition into something amazing.
- Views: A great view is a finite resource. Whether it’s Denver’s skyline or setting a custom home up with views out to a new quiet garden, thinking about the possible views can pay dividends when the house is built.
If you’re looking for a piece of property and want a professional opinion, don’t hesitate to reach out to me at [email protected]. If you're looking for a guide on a new way to think about building a custom home while looking for property.
