Buying land first

[StanleyZEN]

One thing I've always wanted to do, was buy land to eventually build a home on it. I have my eyes on a few properties here that have no properties on them yet. I want to set one up with a house that I would live in. And the other, I want to set up another house and rent it out. Can you get good deals on buying land? What should I know when buying land versus buying property with house/stuff on it? 

[Mila]

You are going to have to buy land zoned for residential housing. I don't know the process for this but once you do have property that is permitted to build a house on, you will have to run through all the legals of plumping and what not with the county. If you plan on sitting on the land for awhile, try to find something that is lower in tax costs but be aware once a house is built, the taxes will increase! 

[James]

Yes you can buy land and yes you can build a house on it. Depending on where you live will depend on the approx per sqft price of the house. Building brand new has its perks but is also pretty expensive. 

Things to look out for would be zoning, do you have city utilities ran to the property, are you going to need to run utilities to the property, and in some areas environmental studies may need to be done before building. You should be able to figure all this out in your due diligence process. 

To save money on the build you can look into the modular home builders things have improved greatly over the years and may be viable option for some people. 

[Emma]

Isn't the cost of buying a house through the roof right now though? Like for material? Or did I hear that wrong? I mean if you buy land now and don't build right away, it is still good to have land you own. You could always use it for a garden or something, just fence it off.