You’ve been eyeing a property in your neighborhood for years. The location is perfect with an architectural design that’s extremely beautiful. When the property goes up for sale, however, it’s out of your budget. As an alternative, explore the benefits of buying a home that hasn’t been built just yet. Land and structures have starkly different price ranges.
Helping Out the Developer
If you’re interested in buying a home that’s currently under development, consider the purchase of a “lot.” These land parcels are already earmarked for construction, but the home just hasn’t been added yet. By buying this land, you’re essentially helping the developer. Most people don’t realize that the developer actually makes more money on a home purchase that’s already completed. However, they may be short on funds to complete the project in its entirety. That’s when investors come into the picture. Your funds help the developer with project completion while you gain a great deal. If you’re dedicated to frugal living, this home-purchase alternative will save you money in the long run.
Purchasing “Land Only”
Another perk to buying a home that hasn’t been built yet is “land only” discounts. There might be a piece of property for sale that’s literally bare land. It’s designated for residential use, but there are no developers for the site. You can benefit from this purchase by investing in the land. Hire a surveyor to look at the land’s contours and property limits. You can design your own home from these land contours. Buy a manufactured, Tuff Shed or little house for the land. The choices are entirely up to you. Although it’s efficient to invest in a pre-construction property, constructing your own home from scratch is a viable alternative.
Watching the Construction Phase
When you buy a home from a developer, the construction has already been planned out. Be part of the construction phase by visiting the site on a regular basis. Offer your input to the construction crew so that the home can reflect your needs. Choose certain areas for your electrical plugs, for example. Ask about adding more electrical outlets for your entertainment system too. Remember that the basic design is already solidified with the developer and city. It’s only the small details that can be altered during construction. There’s no major effort on your part during this construction phase. You simply get to enjoy the process of seeing the home rise from the ground up.
Participating in Building the House
If you purchased a home that can be assembled in a DIY fashion, perform the work yourself. You’ll save thousands of dollars on labor in the process. Feel the accomplishment of completing the work yourself too. Your efforts put the structure together. Take this time to customize the house as you see fit. Add another wing to the home if you need a larger interior, for instance. Create unique rooms for your needs, such as game or sun rooms. Your project can take as long as you desire too. Consider it as a family project that has a goal of being finished by year’s end. You are in control of the project at all times. Asking questions is part of the purchasing process. Don’t hesitate to ask about the home and land as you go through the investment steps. With your newfound knowledge, you’ll be able to complete the sale and invest in other properties in the future.
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