If you plan to build your own home, you’ll need a homesite – but don’t buy anything without reading these seven tips first.
7 Tips for Buying a Homesite in Midland
Check out the most important things you need to know before buying a homesite in Midland:
- Do your research
- Check the zoning
- Get a survey
- Look for restrictions and covenants
- Consider the location
- Make sure you can afford it
- Ask questions before you buy
Here’s a closer look at each.
Tip #1 for Buying a Homesite in Midland: Do Your Research
You wouldn’t buy a car without doing your research, and the same goes for buying a homesite.
Start by asking yourself some important questions, like:
- What type of home do I want to build?
- How big does my homesite need to be?
- Can I afford to connect to utilities, or do I need a home that’s already connected?
Tip #2 for Buying a Homesite in Midland: Check the Zoning
Before you buy any homesite, make sure you check the zoning. Some homesites are only zoned for residential use, while others may be zoned for commercial or industrial use. You’ll also want to make sure that the zoning allows for the type of home you want to build.
Related: Do you need mortgage preapproval before you make an offer?
Tip #3 for Buying a Homesite in Midland: Get a Survey
If you’re buying a homesite that’s already developed, chances are good that there’s already a survey available. But if you’re buying raw land, you’ll need to have a survey done before you close on the sale. A survey will give you an accurate picture of the property boundaries, as well as any easements or rights of way that may be associated with the property.
Tip #4 for Buying a Homesite in Midland: Look for Restrictions and Covenants
When you’re looking at potential homesites, be sure to ask about any restrictions or covenants that may be associated with the property.
Restrictions may limit what you can do with the property, such as build a certain type of home or use the land for certain purposes. Covenants, on the other hand, are voluntary agreements between the homeowners and the developer that may dictate things like how homes must be built or minimum lot sizes.
Related: 3 reasons you should come up with a high down payment
Tip #5 for Buying a Homesite in Midland: Consider the Location
The location of your homesite is important for a number of reasons. First, you’ll want to make sure that it’s in an area that you’re happy with. You’ll also want to consider things like the proximity to utilities, schools, and shopping. And finally, you’ll want to think about the climate and whether the location is prone to flooding or other natural disasters.
Tip #6 for Buying a Homesite in Midland: Make Sure You Can Afford It
Before you buy any homesite, you’ll need to make sure that you can afford it. Don’t forget to factor in the cost of the land, as well as the cost of any utilities and development that may be necessary. Also, if you’re buying raw land, you’ll need to factor in the cost of having a survey done and any other due diligence that’s required.
Related: Getting started in real estate investing in Midland, TX
Tip #7 for Buying a Homesite in Midland: Ask Questions Before You Buy
If you have any questions about buying a homesite in Midland, be sure to ask them before you make an offer. Your real estate agent should be able to answer most of your questions, but you may also want to talk to a local lawyer or accountant to get more specific advice.
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