According to Better Homes and Gardens, millennial investors have a very high interest in real estate development. Studies show that 96% of these buyers are interested in real estate as opposed to the 83% of Boomers who are interested in real estate investments. Many are looking for acreage homesites to develop and follow these steps below to get great results.
Know the Area
When you’re investing in lots, you need to think carefully about the area around them. Does it have easy access to utilities like plumbing and electricity? Could it be converted into a livable lot with minimal work? What kind of amenities and benefits exist within the plot? These factors all contribute to finding great acreage, specifically if you plan on turning them into a residential living area.
Understand Your Development Vision
Do you have a vision in mind for what you want with your acreage homesites? If not, you need to sit down and understand exactly what you want. For example, what size home do you want? Are there any unique features or layouts that make sense for your needs? Seriously consider these points and do what you can to reach your goal. Make sure your lot is designed to suit them as well.
Don’t Ignore Location
Your home’s design on your lot will be heavily affected by its location. There’s no getting around it; the “location, location, location” adage is still incredibly important. Do you want an out-of-the-way home with minimal sun exposure? Or do you want one with beautiful sunrises coming into your bedroom every morning? Keep these factors in mind when choosing a lot you want to purchase.
Understand Your Legal Concerns
Lastly, make sure that you research the different potential legal issues around your site. For example, what kind of building licenses and permits do you need to continue? Do you need to stay a specific distance away from certain areas in your community, such as 50-100 feet from the main road? Must you join a Homeowner’s Association (HOA) if you build here? Simple things like these concerns can affect where you buy.
Keep these factors into account, and you should find acreage homesites that meet your needs with relative ease. Don’t forget to work directly with lenders and other financial experts to get the funding you need. Doing so will help to ensure that you minimize your potential concerns.