Does it vary with community or can you not do that?
There's this really pretty community development opening by my house and they're starting to sell homes. I was wondering if most communities allow you to just purchase the land and build later? Thank you!
2007-12-16 10:53:25 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It depends on if the lots are intended for custom built homes or if you are talking about a sub-division. If it is a sub-division the entire layout of houses was already approved of by the city. Selling one lot to build another house that does not match the rest would require a new set of sub-division plans, and permits, as well as effect the projected city tax budget.
I doubt you would manage to buy a lot in a sub-division. Even where the homes are custom you have to build within certain guidelines.
2007-12-16 12:53:46 · answer #1 · answered by Landlord 7 · 3⤊ 0⤋
It varies. The only way to find out is to ask.
Some sub-divisions are all built by a single builder and it is less likely that you will be able to buy a lot and build later (unless it is with the builder and you have a short time horizon).
Some sub-divisions are developed by a developer who parcels the lots out to builders. It is much more likely that you can buy a lot in one of these.
Some developments have a time limit for putting a house up on the lot (a year or so). Some don't.
Most sub-divisions do have rules about how much off-set there needs to be on the lot, what size house is acceptable, the way the garage faces, the kind of siding used, the colors of siding, etc. Make sure you can live with these rules before buying.
good luck!
2007-12-17 03:18:57 · answer #2 · answered by Rush is a band 7 · 0⤊ 0⤋
First, YES you can get a loan for land only.
2nd. It depends. Usually you can NOT buy the lot. The builders in the subdivision are promised the lots so that they can build their own homes. And the contract with the developer states that the developer CANNOT sell single lots.
However, I would find out who the developer is (this is the person/company that owns the lots). It may or may not be the builder. Ask the developer directly.
If you can buy a lot, usually there are limits to what you can build.
2007-12-16 11:06:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It depends on the neighborhood, but all of the ones ive seen, you are able to do that. you should walk/drive through it and see if there arew signs on the lots that have a lot #. thats when they're selling the lots.
2007-12-16 10:58:49 · answer #4 · answered by Anonymous · 0⤊ 0⤋
While you may be able to do it, please keep in mind that you would be paying cash for the land. Banks don't give out mortgages for land only purchases.
2007-12-16 11:01:49 · answer #5 · answered by Angie 6 · 0⤊ 2⤋