Land
Many of us dream of the opportunity to find that perfect piece of land and build the home that we’ve spent years designing in our heads. This is an age-old process that makes humans what we are today. Your vision is essential to creating a home from raw land, but what else does it take?
As a team who specializes in land sales, we understand this complex process and seek to help you reach your goals!
The money-
“There's more than one way to bake a cake”
Land in Western North Carolina is getting more and more expensive by the minute it feels. We live in a region that is topographically limiting- thus creating scarcity.
I like to tell people around Asheville that they should expect to pay around $100,000 for a buildable lot. One recently sold around the corner from our house in Oakley for $110,000. This was a .10 acre lot.
So what does that mean for you?
This means you may need to finance your land.
“But I saw this lot online for $50,000? What is wrong with it?”
As I mentioned previously, Western North Carolina is topographically challenging. Developing mountain land can be expensive. One of the biggest factors of land development, for example, is grading. In order to get your foundation set (unless you decided to go with a house on stilts) earth is going to need to be moved. That $50,000 lot you saw online may need $50,000 in grading and site work before you even consider vertical construction!
The takeaway here is that you need to have a plan so that we can help guide you toward the right property.
There are multiple ways to finance land. Some credit unions and lenders offer loan packages with no timeline to build. Many lenders offer packages that include financing for your home construction as well. Maybe you are considering buying 10+ acres- farms and recreational properties can be financed too! We have a trusty list of lenders that can help with your specific needs and we are happy to share!
The Search-
Once your price range is established, you will need to determine additional criteria to help narrow down your search:
-size
-location
-land features
-land use
Land use can be one of the most important determining factors in your search. While much of WNC is rural mountain land, most is restricted in some way or another. Whether that is an HOA with restrictive covenants, deeded restrictions on mobile or manufactured homes, or municipal zoning- There are rules! Understanding your end use will help us point you in the right direction when it comes to location.
The Showings-
Once you have found some potential properties it is time to narrow down your options! Before we spend hours and days driving around these curvy mountain roads to visit some lots, we like to use technology to our advantage. We use advanced 3d mapping software to help us determine viability of land options prior to site visits. Sometimes you just have to go look, but we have found that utilizing our mapping data can save everyone time in this process. Once you have deemed a property worthy of a site visit, we can get out on site and walk the property. A full property walk will help us understand the product, and prevent any confusion or issues that may rise later in the process.
The Offer/Contract process-
So you have found the perfect property! What now? Let’s write an offer.
North Carolina's real estate sale process differs wildly from other states in America. We are a “caveat emptor” state, which means it is the buyer's duty to determine the condition and marketability of the property. We will establish a due diligence period within the contract which will give you the opportunity to perform your inspections and decide if you want to follow through with the purchase. Depending on your situation it may be necessary to determine things like availability of utilities, waste disposal, and water supply. For example, if you need a “perc test”, it may take 45 days for the county to come out and complete their site visit. When writing your offer we will help determine how much time you will need and which inspections/tests you should order. Once tests are completed and you are satisfied with the findings, it is time to close!
