Q. How do I know where I should build my home?
A. Location may be one of the most important factors to consider. Although many people have a geographic location in mind, some are open to alternatives. Also consider your lifestyle as well as the cost. If schools will be important, consider that also. If not, you may want to consider other factors such as distance to work, or accessibility to leisure activities.
Q. What is a "finished lot"?
A. A "finished lot" refers to a portion of land that already has road access and utilities in place to the lot boundary. Additionally, it has been approved by the city or county as a separate parcel of land on a parcel map.
Q. Can I buy a piece of land that is not a finished lot and save some money?
A. Generally this is not advisable for an individual building their own home. The costs of bringing roads and utilities to the first lot in a new area are usually very high. Typically, the first person to build pays for others who will build later. There are land developers who specialize in preparing lots for building (this may include zoning and/or soils issues, as well as bringing roads and utilities to the site, and creating a building pad). Often, these lots are in a planned community.
Q. What do you mean by "planned community"? Aren't all communities planned?
A. No, many older communities were not planned; they evolved.
Q. I've found the perfect location, but I'm not ready to build my dream home. Can I obtain financing for the land only?
A. Yes, you can obtain a Lot Loan. Typically, this is short-term financing for the purchase of a residential lot suited for future construction. This loan allows you time to select an architect, builder, and design your dream home. And when you're ready to build, we offer a one-time close Construction-to-Permanent Loan.
