When the COVID-19 pandemic hit, no one was sure what would happen to the real estate market. Many feared that the buying and selling of homes would come to an abrupt halt. However, the exact opposite happened! Many people wanted to buy homes, and it became a seller’s market. The market is competitive. Inventory is low, and homes often receive many offers and sell for way over the asking price. Some home buyers have decided to go a slightly less competitive route and purchase a lot to build on. Building new is a great way to get precisely what you want. From the layout to the unique finishes, every building decision is up to you. Once you find your dream plot of land, the next step is finding an experienced new construction contractor in Miami, such as JMK Contractor. A knowledgeable and reputable contractor will work with you every step of the way during the new build process to ensure you get the home you want within the agreed upon time schedule and budget. Before diving headfirst into purchasing a lot and building a custom home, make sure you fully understand the process.
Understand the Cost
Budgeting is a lot more complex when buying land and building a custom home. There are so many costs to keep in mind. It is essential to sit down and create a detailed budget before you buy a plot of land. A budget will let you know your price range and prevent you from overspending on the lot. When going through the custom build process, the worst-case scenario is that you run out of money and cannot finish construction. With a detailed budget and a plan for all expenses, this won’t happen. Work closely with your contractor to estimate how much things like material and labor will cost. A contractor will provide you with insights about costs that you may not be familiar with. For example, did you know that the price of lumber is skyrocketing? Knowing critical information about costs will help you to create a more accurate budget.
Discuss Location With Your New Construction Contractor in Miami
The location is a significant factor to consider. When it comes to location, you want to understand where exactly the lot is located and what is around it. Visit the lot you are interested in and drive in a 2- to 3-mile radius around that lot. Exploring the area is the best way to determine whether the location is right for you. For example, you find the perfect lot on Zillow and then when you drive to go see it, you realize it is located right next to a gas station. Looking at listings online can be deceiving, so make sure you always take the time to visit a lot before purchasing. Once you have picked the location, you will want to bring a soil engineer to the property. They can tell you if the location is feasible for building based on the contents of the soil. During your due diligence period and before your deposit goes hard on the purchase and sale contract, you will also want to bring a surveyor, arborist, architect, and other members of the design team to make sure everything will be ok to build the house you want on that lot. Finally, you will want to order the title company to pull the title on the property and make sure you will be able to receive a clear title to the property.
Size is another important factor. Think about the size of home you want and how that will look on the lot. If you plan on building a large house, you will want to invest in a larger lot; otherwise, you might be stuck without much of a yard. Have your contractor put stakes on the lot to show the boundaries of your home. This is a great way to visualize the space you will have left on the lot once the house is built.
Another factor to consider when buying land is the zoning district that the land is in. Zoning laws and regulations determine what can be built on a property. Zoning is what prevents a McDonald’s from being built inside a suburban neighborhood. Miami has over 30 different zoning districts. When purchasing land, it’s essential to understand the zoning regulations. There are many different zoning regulations when it comes to building on a plot of land. Here are some important things to pay attention to:
- Principal building setbacks
- Accessory use setbacks
- Pool setbacks
- Screen enclosure setbacks
- Height of fences, walls, and hedges
- Ability to run a business out of your home
- Lot coverage percentage
- Boat and recreational vehicle parking
- Utility easements
Your contractor will be very familiar with zoning regulations in Miami. Rest assured that any construction on your property will be properly permitted and will meet the requirements of the Miami-Dade County zoning department.
Check the Deed
Before buying a plot of land, it’s vital to check out the deed in detail. Your realtor can help you get access to the deed. Looking at the deed can show you if the land has any easements located on it. For example, the property could be located in a conservation easement and thus have special requirements. Another common easement example is in regards to driveways. There might be an easement on your property for your neighbor’s driveway. All easements will be noted in the deed.
Don’t Forget to Talk to a New Construction Contractor in Miami
Purchasing land and building a custom home in Miami is such an exciting process, as long as you know what to look for and what to be aware of. Before starting on the path to new construction, there are many things to think about. First, figure out your budget. Understanding the expenses that come with building a new home from the ground up will help guide you in setting a budget for how much you can spend on a piece of land. Next, determine the size of the lot you will need and where you want it to be located. Finally, work with your realtor and contractor to understand zoning regulations and anything on the deed that will affect your build. For more information about buying land and building a custom home, contact a new construction contractor in Miami, like JMK Contractor. We are here to guide you every step of the way and look forward to helping you build your dream home.