So far we have talked about Buyers’ and Sellers’ markets, high cost of Real Estate in general and specifically land, how baby boomers and millennials are driving up costs, and then yesterday we recommended you go see the bank for a pre-qualification conversation.
One last thought about The Bank. We suggest you talk with one or two banks but, not many banks, it simply makes your process that more complicated. Choose wisely and then talk with two banks or other lending institutions.
The next step after the bank is to seriously start looking for a piece of land. This may seem easy, but it is more apt to be full of questions. Here are several things to consider:
- Location – this one factor will drive the cost of land more than anything else! There is an old adage in Real Estate’s three major influencing factors and they are Location, Location, and of course Location.
- Urban or country? Where would you like to live, out in the country or close in to city amenities? There are national trends which also happen to be mirrored right here in Vermont. The big trend is for people to move in towards “The City” so that they are close to shopping, hospitals, neighbors, services, churches, and so on. It seems as though both Baby Boomers and Millennials want to live in a more urban setting. This trend makes building lots close to one of several city centers in Vermont more expensive and building lots in East No-Where less expensive.
- Schools. Obviously, young families will be looking at the local schools far more closely than Empty Nest couples. Do you want your kids to walk to school or ride a bus for an hour? Is a country school more to your liking or would you rather a larger suburban school setting?
- Municipal services. If you buy a lot in a suburban community the amount of city services will probably be greater; how about town water and sewer? We know people that wouldn’t live where the city doesn’t plow the side walk. We also know people that wouldn’t live where there is a sidewalk. Don’t forget that on one piece of property you will have city water and sewer and on another building lot you will need to drill a water well and build a septic system.
- What type of living? There are basically two major types of land: first, we have people wanting to live “In The Woods” and then there are those want to live “Out In The Open.” Which are you?
- Price, All of these factors will drive the price of land.
Your property comes first and the house design and style is second. Once you have a firm idea in your mind about your property then it is time to consider the style of home. For example, a farm house with its farmer’s porch will look good on a bigger piece of land out in the country as compared to a smaller suburban lot squeezed in between neighbors. We have build Chalet style homes, but they belong in an area where they look at a view, not the neighbors across the street.
It is an exciting adventure and we suggest you thoroughly enjoy the process.
Let us know your thoughts, we’d love to hear from you. Call us at 802.985-5855