Quick Checklist Before Investing In Land

Buying land represents a significant step towards constructing your dream home, particularly in a region as alluring as Northwestern North Carolina. There is a lot more to buying property than merely searching for a functional plot of land. The process involves copious research and meticulous inspection to ensure that your investment is prudent and devoid of potential future complications. 

This detailed checklist covers everything from verifying land boundaries to understanding local zoning laws to guide you in making an informed decision.

Your Land-Buying Checklist for Northwestern North Carolina

1) Verify Land Boundaries

Always insist on a recent land survey before finalizing any property purchase. This essential document delineates the exact boundaries of your plot and highlights any easements or potential encroachments from neighboring properties. Addressing these details at the outset is crucial to prevent costly legal disputes later.

2) Conduct Environmental Assessments

The environmental integrity of a plot is crucial in determining its suitability for building. Important assessments include:

Soil Tests

Conducting comprehensive soil tests is crucial to understanding the ground on which your home will stand. The tests should cover:

• Composition: Determine the type of soil and its suitability for building.

• Stability: Assess whether the ground can adequately support your planned structures.

• Drainage: Evaluate the soil's drainage capabilities, which are essential for effective waste management and landscaping.

Water Source Analysis

If your home will depend on well water, testing the water's quality and availability beforehand is imperative to ensure your water source is safe for your family for years to come.

3) Legal Compliance and Restrictions

Navigating legal requirements is crucial for a smooth building process and to avoid future legal issues.

Zoning Restrictions

• Land Use: Verify that your intended use of the land aligns with local zoning laws, which dictate what types of structures are permissible.

• Building Limits: Understand any restrictions on the number of structures you can build, which can impact your development plans.

Building Codes

Engage with local building officials to ensure you fully understand the building codes and standards applicable in Northwestern North Carolina. Compliance with these rules is essential for the safety and legality of your construction.

4) Evaluate Utility Access and Infrastructure

Access to basic utilities and infrastructure is critical, especially in more secluded areas.

Road Access

• Legal Access: Confirm that there is legal access to your property, which is crucial for future resale and accessibility.

• Road Quality: Make sure the roads leading to your property are capable of handling construction traffic and are maintained throughout the year.

Utility Mapping

Planning for utilities is a significant aspect of rural property development. Consider:

• Electricity: Determine the proximity and cost of connecting to the grid.

• Internet and Communications: Check if high-speed internet is available or if alternative solutions are needed.

• Water and Sewage: Plan for water access and sewage management, considering the potential need for septic systems.

5) Understand the Community and Neighbors

Building in a new area means integrating into an existing community dynamic.

Meet Potential Neighbors

Getting to know your potential neighbors provides insights into the community's lifestyle and whether it aligns with your expectations. Community cohesion can significantly impact your living experience.

Community Services

Evaluate the availability of essential services:

• Healthcare: Proximity to medical facilities is crucial, especially in emergencies.

• Emergency Services: Nearby police, fire stations, and emergency response times can affect safety and insurance rates.

• Education: Consider the quality and distance to local schools if you have or plan to have children.

6) Consult With Real Estate and Land Experts

Utilizing local expertise can dramatically enhance the success of your building project.

Hire a Local Architect or Builder

A local architect or builder can provide invaluable insights tailored to the specific conditions and regulations of Northwestern North Carolina. Their expertise ensures your home is not only beautiful but also functional and compliant with local standards.

Seek Legal Advice

A real estate lawyer can provide crucial guidance on contracts, property laws, and any potential legal issues. This professional support is vital to ensure all legal aspects of your land purchase are thoroughly managed.

Are You Ready To Purchase Land in Wilkes, Watauga, or Ashe County?

Investing the necessary time to meticulously inspect these elements before finalizing your land purchase can safeguard against unexpected difficulties and expenses, thus securing a prudent and beneficial investment. Preparation and informed decision-making are the cornerstones of a successful land purchase. 

If you're considering buying or selling land in Wilkes, Watauga, Ashe, or surrounding areas, reach out to me, Matt Davis. With in-depth knowledge and expertise in the local real estate market, I can offer tailored assistance to help you navigate the complexities of land transactions effectively. 

Whether you're looking to build your dream home, invest in property, or sell your land, I'm here to ensure that every aspect of your transaction is handled professionally and efficiently. Contact me today to discuss your real estate needs and take the first step toward achieving your land ownership goals.

Tips for First-Time Home Buyers

There are few things as exciting as shopping for your first home. From the moment you decide to begin the process to the moment you first have keys in hand, each step moves you closer to one of the most significant milestones of your life. The experience is exhilarating and scary, especially as you are first getting started. I have worked with many first-time homebuyers to make it as smooth as possible. Here are seven tips for navigating the process of buying your first house.

Seven Tips for First Time Home Buyers

1) Do Not Stretch Your Budget Too Thin

Buying a home is one of the most significant purchases your family can make. Real estate is a great investment as long as you can afford it. Some people get in trouble by jumping in too quickly or buying more home than they can comfortably afford. Factors you should consider when developing your housing budget include:

• Your mortgage should be no more than 28% of your income. If your gross income is $8,000/month, your mortgage should be $2,240 or less per month.

• You should have enough money set aside to make repairs and perform routine maintenance.

• You should be able to continue paying your mortgage even if you run into financially challenging times.

• You are going to be paying for your home for fifteen or thirty years. You need to make sure you are ready to take on that challenge.

While paying rent feels like throwing money away, be careful not to rush into buying a house before you are ready.

2) Save for a Solid Down Payment

Being able to put down a solid down payment will help you in the short term and in the long run. In the short term, having cash on hand makes you appealing to banks, and it gives you negotiation power. In the long run, you may be paying less per month with lower interest rates, providing you more flexibility to save for your next home.

If you can save enough to put down 20% upfront, you can avoid PMI (Private Mortgage Insurance), saving yourself thousands of dollars each year. However, there are also some low down payment mortgage options that may be preferable to perpetually renting.

3) Get Pre-Qualified for a Mortgage

It may be impossible to even see a house without a preapproval letter from a lender. Even if you do not ultimately use the lender who issues the letter, you need to obtain it before you fall in love with a house you see online.

Do not, however, assume you can spend every dime for which you are pre-approved. Even if the lender says you could obtain a mortgage at a certain amount, you still need to look for homes that are within your budget.

4) Explore Your Loan Options

Do not settle with the first mortgage option presented to you. Mortgage products such as USDA, FHA, and VA may help you save money and find the house you need. Otherwise, shop around with different banks and lenders to find the loan that gives you the most bang for your buck.

5) Determine What You Need/Want in a House

You want to make sure you get the house you need while avoiding buyer’s remorse. Make two lists: what we need and what we want.

Needs (non-negotiable):

• Minimum number of bedrooms

• Minimum number of bathrooms

• Size of kitchen

• Office space if you are working remotely

• Yard size

• Municipal and HOA regulations for fencing, buildings, and additions

• Move-in ready or fixer-upper

• Finished or unfinished basement

• In-law suite

• Etc.

Wants (negotiable):

• Mountain view or nearby stream

• Garden-tubs or showers

• In-ground pool

• Acreage

• Sheds, outbuildings, and garages

• Fences

• Tree cover or open lawn

• Bonus rooms

• Etc.

Be careful not to be too narrow while you are searching, but with a purchase this significant, you do not want to find yourself with buyer’s remorse.

6) Work With a Trusted Realtor

You are unlikely to find the property you want without help. Whether you are new to the area or lived there all your life, you need to work with a trusted local realtor. In the foothills, piedmont, and High Country areas around Wilkes County, Matt Davis has the qualifications and experience to help you find an awesome first house. Matt will help you develop your needs and wants lists and match you with the home of your dreams.

7) Don’t Skip the Steps Between Making an Offer and Closing

It can be tempting to try to find ways around some closing steps, but each one is important to making sure you end up with the house you really want. For example, skipping the inspection may cause you to miss important details until it is too late. Make sure you take every step of the process seriously. It is daunting, but necessary for getting the keys to your dream house.

8) Enjoy The Process of Shopping for Your First Home

Don’t forget to enjoy the process, from start to finish. This is an exciting time for you and your family. Matt Davis is a real estate broker in northwestern North Carolina. He serves North Wilkesboro, Wilkesboro, Boone, Blowing Rock, West Jefferson, Yadkinville, Taylorsville, and every community in the foothills, piedmont, and High Country. Contact Matt Davis to start the process of buying your first or tenth property.