Most buyers review real estate listings to find a suitable home that checks at least some of their boxes. Location, school systems, work commuting distance, and quality living space typically top homebuyers’ checklists. This process often results in working families compromising, feeling disappointed, and never truly getting the dream home they desire.
It may seem like thinking outside the box, but purchasing land rather than an existing home can eliminate the need to compromise on floor plans, the size of bathrooms, and other design elements. Building a new custom home on your own land can be the decision to get you one step closer to living in your dream home, so consider some of the following perks:
1: Enjoy the Perfect Custom Home Location & Landscape
Buying an existing home usually means the landscape has already been designed. Lawns and gardens have been established, and hardscapes were installed to reflect a previous owner’s taste. During the standard homebuying process, the lot size will already be determined. In essence, you will not be starting with a blank canvas because decisions about the land have already been made.
The precise opposite holds true when you buy land and circle back to build. You have the option to put down roots outside city limits where land use tends to be more flexible. Want to turn your property into a sustainable mini-farm? That’s up to you. Want to install a solar panel field to help the environment and get off the grid? Buy suitable land. The point is that dream homes are not just walls, ceilings, and appliances. They start with the right land for your needs.
2: Buying Land Leads to Increased Equity
Buying land and building a custom home can provide a critical advantage to improving equity. Home equity is the difference between the fair market value of a property after subtracting any outstanding loans. When you buy an existing home, the land's value and the structure are rolled into the mortgage. That may not be the case when someone buys land first.
Consider the scenario in which someone buys a wooded lot. They plan to ready the land and build a custom home later. The moment the lot has been cleared of unhealthy trees and brush, its value typically increases. Land-flippers do this all the time. Buy an overgrown lot, clear it and turn a quick profit. When you buy a lot and develop it, the value goes up, and so does your equity.
3: Land Ownership Enables Custom Home Building Growth
Undeveloped land offers new construction builds, perhaps the most extensive amount of flexibility. Vacant lots not in subdivisions or HOAs located inside the city limits also offer possibilities. Many of these properties can be connected to municipal water and sewer without someone dictating aspects of your custom home design or land use.
For example, owning your land allows families to add expansive decks, patio, and verandas. If you anticipate children or loved ones to live with you someday, adding rooms or a guest house remains on the table. By choosing land that enjoys zoning flexibility, you can build a starter home and increase the living space as needed.
4: Get the Dream Home You Deserve
Purchasing land and then working with an experienced custom home building organization eliminates the need to make sacrifices. That’s because existing homes simply cannot mirror your vision. Rather than deciding which property checks the most boxes and settling for less, the professionals at Renaissance Homes work closely with our community members to ensure you get the dream home you deserve. If you own land or want to build your dream home, contact Renaissance Homes and schedule a consultation with our team of Custom Home Builders.