Buying A Lot

Although having your own home built can be very exciting, it can also be very stressful, especially if you lack experience in dealing with developers and purchasing a lot.  The key here is to be as knowledgeable as possible going into the process.  How can you do this?

If you already have a developer in mind, how much do you know about them?  How reliable are they and what kind of reputation do they have?  It’s good to find these things out before you even meet with them.  You will also want to as much as you can about the development itself and the specific lot you wish to purchase.

When you do meet with the developer, there will be numerous questions you will need answers to.  We have prepared a small list of some of the questions you should ask.  Remember that while some may seem obvious, when you are in a high-pressure environment, you could forget to ask them.

Find the answers to questions such as:

• Is everything you have been promised by the sales team listed in the contract?
• What size will the development be when it’s completed?
• What provisions have been put in place for the upkeep of the development upon completion?
• What facilities have been promised and when will you be able to use them?
• What annual fees will have to pay?
• Who provides for things like access roads to your property?  Can you expect the developer to do this?  Also, who would be the one responsible for their upkeep?
• Are there any rules put in place in case the developer went bankrupt? In such a case, what would happen to your property?
• Are there restrictions on your own property? If you wanted to camp on site while the home is being built, are you allowed?

This short list is just a sample of the questions you will need answers to before you sign a contract. Take the list with you when you meet with the developer to make sure you don’t leave anything out.