Finding and Buying a Residential Lot in Georgia
It’s easy to want instant gratification. Give us exactly what we want exactly when we want it. Unfortunately, it can sometimes be difficult to find a house with just the right features in the ideal location at a price we can afford.
Instead of searching forever for the perfect house, you may find that buying a lot and building your dream home is a good option. In today’s market, you might even find a bank-owned, or foreclosed, property with great amenities or in an upscale neighborhood — or just down the street from your favorite restaurant.
And even if you don’t plan to build immediately — if ever — purchasing the right lot in today’s economic climate may be an excellent long-term investment.
A few tips to consider when buying a lot:
- Examine the property carefully. Will the home and other features (pool, workshop, etc.) you want to put on the lot work with the lay of the land?
- Consider proximity to amenities (shopping, hospitals, etc.), quality of the schools, traffic and other factors that are important to you.
- Watch for steep drop-offs, drainage problems, poor access roads and other features that may cost you money in the future.
- Make sure that utilities and other necessary services are available and find out how much it will cost to access them.
- Investigate what the future holds for zoning and for neighboring properties. Are there any environmental or ownership disputes around you that could affect the property?
- Have the property professionally surveyed and map the specifics. If it’s in a flood plain, get flood insurance and a soil survey.
- Buy owner’s title insurance to ensure a clear title.