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The challenges of finding the right lot for a custom-built home

On Behalf of | Jan 7, 2019 | Firm News, Real Estate Transactions

Finding the right home isn’t always easy. Sometimes, what a buyer is looking for simply isn’t on the market in the region he or she wants to live. One option some individuals turn to when they encounter this problem is to create the home they want by having a custom-built home constructed.

Custom-built homes have been growing in popularity recently. For example, it is estimated that, in 2017, there were 6 percent more custom-built homes constructed than was the case the previous year.

There are many things individuals may find attractive about a custom-built home, including the ability to have a home specifically designed to meet their particular needs.

However, it is important to know that this home-buying option comes with its own set of challenges. This includes the costs and complexities that go along with the construction of a home. And then there are the difficulties that can come up long before construction begins, such as challenges in finding a suitable lot to build.

Getting a lot that is a good match for one’s needs and goals is very important when going the custom-built-home route. However, finding the right lot can be difficult. Things that can contribute to these difficulties include:

  • Low lot availability
  • High competition for available lots, including competition from builders
  • High lot prices

So, when individuals are considering having a custom-built home, it can be important for them to not delay in starting their search for a lot that meets their needs and budget. Also, when empty lots are scarce, individuals may want to consider alternatives such a buying a lot with a house on it and tearing that house down so a custom-built home can be constructed.

When a person finds the right lot for a desired custom-built home, the last thing he or she wants is for the lot to slip out of his or her hands due to problems with the transaction to buy the lot. Among the things that can cause a real estate transaction to break down are missteps when it comes to the legal matters related to the transaction. Given this, experienced legal guidance can be a key thing for individuals to have when purchasing a lot for a future custom-built home.