If you want to build the perfect home in the perfect location, it’s often best to acquire your own lot first. You can find the lot that’s the ideal size and in the location that fits your specific needs. There are several benefits of building on your own lot.
3 Advantages to Building on Your Own Lot
1. Maximum Customization
When you build a custom home on your own lot, the possibilities are endless. You have complete control over every aspect of the design, from the floor plan to the number and type of rooms, ensuring the space perfectly fits your lifestyle and the needs of your family. Want a gourmet kitchen, a spa-like bathroom, or a home office with a view? You can make it happen. You could even change the front elevation or “facade” of your custom home to align with your preferred style, such as modern, contemporary, traditional or farmhouse. This level of customization allows you to create a home that reflects your personal taste and needs, making it uniquely yours.
2. Save on Maintenance Costs
When you buy a pre-owned home, it’s common to face the hidden costs of repairs and upgrades, as aging materials, appliances, and systems often require attention. However, with a new custom home, everything is built from the ground up with brand-new materials, modern appliances, and up-to-date wiring and plumbing.
This not only ensures that your home is move-in ready, but also provides peace of mind, as most systems come with strong warranties. You can enjoy your new space without worrying about unexpected repairs or replacements right away.
The average cost of repairs for homeowners of a resale home in the first 5 years can vary widely based on the age, condition, and location of the home. However, it’s generally estimated that homeowners spend 1% to 4% of the home’s purchase price per year, which can add up significantly.
Larger or older homes might have higher costs, especially if major systems like the roof, HVAC, or plumbing need attention. Unexpected repairs, such as fixing a leaky roof or replacing an old water heater, can quickly add to these expenses.
3. Long-Term Investment
Building a custom home on your own property is a wise investment, as it often holds greater value compared to older homes in the same area. Since everything is new and designed to modern standards, your home is more likely to appeal to future buyers, ensuring a stronger resale value.
Additionally, the personalized features and up-to-date construction make your home stand out in the market. Investing in a custom build not only provides a space tailored to your needs but also secures long-term financial benefits.
How to Choose Your Build Lot
Find the Ideal Location
Unless you already own a lot, you’ll have to research the area you’re interested in and locate the piece of property you want to build on. You want to live in an area that’s comfortable and convenient. If you have a commute, consider how long it will take you to get to work. Note where shopping, healthcare, and other destinations are located. If you have school-age kids, you should research local schools. Another tip is to drive and walk around the neighborhood at different times of day to get a feel for it.
What to Consider in a Lot
- The Lot Size: Consider how much space you need for the house you’ll be building and what other amenities you may want on the lot. Do you need space for outdoor storage, backyard entertaining, a pool or other features.
- Proximity to the Road: If it’s close to a busy road or part of town, you may have to deal with heavy traffic.
- Direction of the Lot: If the front of the house is facing South, it can get hot in warmer climates.
- Choose the Type of Lot You Prefer: You have the freedom to choose the type of lot you prefer, such as a corner lot, waterfront lot, flag lot, level lot, key lot, walk out lot or others.
- Location and Surroundings: What is nearby? Depending on the area, you may want a waterfront lot or near a wooded area. You may prefer land that’s level or sloped.
- Privacy: How close is it to neighbors? A cul-de-sac or corner lot can offer more privacy. On the other hand, if it’s next to a vacant lot, remember that someone may buy it and build on it.
Working With Build on Your Own Lot Builders
While there are many reasons to build a home on your own lot, there are also some complications. You need to do plenty of research, including local zoning restrictions. That’s why it’s a good idea to work with an experienced custom home builder that can help you navigate every step of the process.
Our Process for Building Custom Homes
The build on your lot home builders at Covenant Homes have a tested process for helping you get the lot and home that’s best for you. You can build on your own lot or we can help you find one. We serve the entire Tampa Bay area.
- Pre-qualify for a construction-perm loan. This type of loan is geared to people building new construction homes. Contact us for information about our preferred lenders.
- Lot assessment. Builders will examine the property to identify any additional costs such as a well, septic, site work, impact fees, and other possible issues.
- Home selection. We have many plans to choose from. You can have a semi-custom or fully customized home.
- Contract execution.
Schedule a free consultation with Covenant Homes to learn more about building a custom home on your own lot.
