Building a home on your land is a wise investment and if you have an interest in build on your land, this article is meant for you. The value of a plot of land comes down to a third-party appraiser or what someone else will pay to own it. How or who can help us increase the appraised value to make it more marketable to someone in the market for land?
It should go without saying that having adequate access to the plot will increase the value. If a prospective buyer cannot access your land, how will they make an informed decision about purchasing it? Consider that most buyers will only see their vision once the lot is cleared and roadways are in, and even then, it is challenging for people to see it all come together inside their heads. Cut in a route that makes sense for a future buyer so they can start to see themselves driving down their driveway to their forever home.
Building a home on your own land will increase the value of your land, invest in power and water. Depending on the power company for your area, it is typically easy to have power pulled to your land, but it will take time. Having this done along with the driveway will make it more enticing for a potential buyer as it will be one less thing they must consider. If you are in the country and don’t have access to public water and sewer, you will need to drill for a well. The well drillers in Central Virginia 2023 are seeing a three-month wait to have a well drilled. Doing this early will help potential buyers prepare for a building permit once they pick their building plans.
To complete power and well in Goochland, VA, you should estimate $10,000 – $15,000 in hard costs.
Several tests must be performed to determine if your land is suitable for a structure to be built. One test is a perc test, which measures how fast water will move through a hole in the ground. In other words, a perc test is used to determine if a conventional or alternative septic system can be used on your plot of land. The test will cost anywhere from $1,000 to $3,000 in central Virginia. The value of completing this test is that when your buyer finds you, they won’t have to wait and have this test performed during due diligence.
Have a professional surveying company come out to your property and install monuments or pins on the corners of your property. Ask them to generate a plot, and you will have a deliverable for future buyers that they can use for building permit submission on day one.
The number one way to increase the value of your land is to build a home on it. I suggest you talk about comparable properties with a realtor to ensure you are building a good home that will appraise. Building a home on your land will remove the uncertainty for buyers, as most people don’t want the hassle of buying and then building a house on the land. They want and need a move-in-ready property.
A realtor in your area will be beneficial as they know what their buyers are looking for and what they are willing to spend. Having this insight will increase the value of your land and ensure your investment has a healthy return on investment once you are complete with the project.
What to do if build a house on my land is of interest to you? You can build or you can sell and if you have interest in either, you can contact a reputable realtor or builder to determine the opportunity. We recommend Kevin Long with Hometown Realty, https://www.rogerslongteam.com/ as a trusted professional who will have your interest at heart.
