Sunday, August 8, 2010

Buying A Lot As A First Time Home Buyer

Did you ever consider building your own dream home? The first thing that you have to do to achieve this dream is to find the right piece of property. There are some things that you have to take into consideration aside from where it is located, there are different types and styles of MN real estate properties to choose from. In addition to these, it is best that you are aware of such things such as the lots accessibility to power and other important amenities and the natural features that are found in the area.

In the book, "Tips and Traps When Buying a Home", written by Robert Irwin, the author recommends using a checklist when searching for a lot as a first time home buyer. This checklist will help ensure that critical details are not missed when you go about finding the right property. Here are some essential tips on how to choose the right property:

1. Map out the nearest cities and towns. If the lot that you are interested in is located in a rural area, find out how near the towns and cities are. You may have the need to commute from your new home to work or bring your children to school. Knowing what the access roads are and the distance of your commute to places that you need to go will allow you to see what kind of lifestyle you might have if you choose to buy that lot.

2. Review natural features. How many trees are in and around the lot? Do you have access to a lake? How far is it from your new home? Many first time homebuyers overlook these important details when they have found what looks to be like their ideal lot. However, building a house that is very close to a lake or a forest means you may need to deal with wildlife and flooding during certain times of the year.

3. Source of water. If you will build a home in an urban area, it will be easy for you to get a source of water. This may not be the case especial if you plan to buy a lot in the countryside. You may have to work with a private water company and find ways to bring water to your home.

4. Inspect the soil quality. To ensure that your new home will be build on a solid foundation, determine the quality of the soil. This is an important factor that you have to take into serious consideration. If you are unsure on how to go about it, hire a professional.

5. Find out about building restrictions. Knowing what the building restrictions are in the area that you plan to build a new home will aid you in your planning. It is highly possible that there are restrictions on what you can build, how much you can renovate or remodel, especially if the property is located near a national forest, a wildlife preserve or a major landmark. Being aware of any restrictions will can help you decide what to do and save you from investing in something that you might regret on a later date.

Aside from the physical features of the property, buyers should check the land title. Make sure that the title of the property is clear and that are no easements of any kind on the lot. This will make the process of building your home a lot less complicated and make it easier for you to purchase the lot for you to build your dream home.

Minnesota Realtor Alexandria P. Anderson helps people to find and purchase Minnetonka Condos, real estate, and Minnetonka Townhomes in MN.