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Home & Garden Articles
Selecting A Site For Your New Home
Sat 23 Dec 2006 - 08:31
Selecting A Site For Your New Home
By Randy Covington
In real estate they say that the 3 most important factors are location, location, location. This is a critical concept you must focus on when selecting your site (if you do not already have one).
Most owner builders approach the project thinking that they want to build their dream home and they intend to live in it for the next 30 years.
Unfortunately, it could be a large mistake to forget that life throws you curve balls from time to time and you may have to uproot your family and make a change willingly or not, due to circumstances beyond your control.
Accordingly, you must consider carefully the resale consequences of the location that you select. The fact that your dream site is 30 miles outside the nearest shopping and employment centers may be fine with you but may negatively affect your ability to resell the property in a timely fashion without absorbing a loss. This does not mean you should not take the 30 acre site 35 miles from town, just stop and consider the impacts.
Additionally, your selection of site will necessarily mean you must consider the total hard budget you might invest in the location. If the surrounding properties have homes averaging 2500 s.f. with current market values of $ 250,000, you will be ill-considered to build 5500 s.f. valued at $ 1,300,000 unless you are prepared to be stuck there for a long long time. That is the other immutable law of real estate, if your property is over-improved for the surrounding market, your property will not command a resale value in line with your investment. Make no mistake, your dream home may be just that, but it will also likely be your largest investment so consider that carefully as you select your lot.
These are the subjective considerations that should guide you as you search for that perfect property to build your home. Careful consideration of these issues will save you the pain that can come if you overinvest in a specific property location.
Article Source: http://EzineArticles.com/?expert=Randy_Covington
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