Finding the Perfect Property for Your New Build

Embarking on a new construction project is an exciting and transformative journey. However, before the blueprints are drawn, the first major step is finding the right property. Whether you’re starting from scratch with an empty lot or looking to repurpose an existing structure, this decision will impact the entire scope and cost of your project. Here’s what you need to know.

1. Finding a Property: Lot or Existing Building?

The first question you’ll want to ask yourself is whether you want to build on a vacant lot or purchase an existing building to demolish and rebuild. Both options come with their pros and cons.

• Building on a Vacant Lot: If you’re purchasing a vacant lot, you have the freedom to design and build from the ground up. However, the costs of clearing the land, ensuring proper grading, and preparing the site for construction can add to your expenses. Additionally, consider the location: Is the lot in a neighborhood where you want to live? Are the local amenities, schools, and transportation options ideal?

• Buying an Existing Building for Demolition: Sometimes purchasing an existing building to demolish and rebuild can be more cost-effective than starting from scratch. However, you’ll need to factor in the cost of demolition, potential environmental hazards (such as asbestos or lead paint), and the possible structural issues with the current building. On the positive side, demolishing an old structure might allow you to repurpose infrastructure such as plumbing, electrical lines, or foundation, saving on some construction costs.

  
  

2. Research Local Zoning and Land Use Regulations

Before signing on the dotted line, it's essential to research local zoning laws and land use regulations. Your municipality’s zoning laws will determine what you’re allowed to build on your property. For instance, a residential lot may not be zoned for commercial use, or you may be restricted to a certain height or size for your building. Zoning laws can also dictate things like setbacks from the property line, parking requirements, and whether you need to preserve certain natural features on the property.

Understanding these rules early on will save you headaches down the line and ensure that your vision for your new home or business is feasible.

3. Location, Location, Location

Think beyond the boundaries of the lot and consider the neighborhood or area surrounding your property. Even the most beautiful piece of land can be negatively impacted by traffic noise, nearby industrial developments, or crime rates. Do your due diligence on the area’s long-term development plans and the local community vibe.