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Looking to buy a lot - questions to ask

1,117 Views | 10 Replies | Last: 4 mo ago by MTTANK
aduey06
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I am looking at purchasing a lot in a neighborhood to potentially build on in a few years. Any specific things to ask look for. Should we get a builder out there to take a look or possibly an engineer?
waltonloads11
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AG
HOA rules and restrictions and the side setback on the lot are the two things I would ask in regards to your future home build. Also if there is any easements
ratfacemcdougal
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flood plain? minimum finished floor elevation?
tford12
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AG
ratfacemcdougal said:

flood plain? minimum finished floor elevation?
This. Especially if you are in the Houston area. Just make sure you aren't buying a flood risk.
aduey06
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Thanks. Have looked at the survey and looks like no issues. Property is on a hill so no flooding issues. Dont know if it is worth getting a builder out there since we are not planning to build for several years.
JP76
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Get someone who has experience with elevations to make sure are not buying a headache.
94chem
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Check the property taxes to see how many years you really want to enjoy paying for a square of dirt.
mgreen
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Any MUD taxes?
BrazosDog02
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AG
I've worked in a couple of reasonably decent neighborhoods and some of them have time limits on when you need to be building. I had a client that wanted to buy a house and purchase the lot next door just to have the space and there were steep penalties and fees for not putting a structure on it within a certain time frame. Check into that.
aduey06
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Will try to get someone out there to look at elevations. It is in the country so taxes are pretty low, but yes we would paying for a piece of ground even though we are going to try and pay it off quickly. One of my buddies suggested I just put the down payment and and extra payments that I would make into an investment account and have larger pile when I decide to build but where the fun in that.
MTTANK
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AG
I would have a builder look at the elevation of the lot. You can spend 20k easily on what looks like "a little" dirt work. I was interested in a lot that seemed like a good deal, but it needed dirt work. Best estimate I got was 50k!! The lot was only 90k! Also, be sure to get the lot you want- assuming there are choices in that area. Lots are a small percentage of what your total build cost will be. Worth it to pay 30-50k more for a prime lot on a house that's going to be 300-500k when complete. JMO.
GIG 'EM
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