Raleigh NC New Homes: Communities, Lots and Land in the Triangle: Buyers Guide - Buying a Lot or Land in the Raleigh Area: Planning Your Budget

Buyers Guide - Buying a Lot or Land in the Raleigh Area: Planning Your Budget

Raleigh Custom Homes

Buyers Guide - Buying a Lot or Land in the Raleigh/Triangle Area

Five Easy Steps To Buying a Lot:  Step 1, Plan Your Budget

Buying a lot or land for your new custom home can involve some big decisions!  By following these five steps, you'll find the right location, something that fits your lifestyle and your budget, with the beautiful surrounds so common in the Raleigh area.

How Much Should You Spend on Your Lot or Land?

All lots and land under consideration will be some combination of location, size, amenities, cost, and buildability.  As you begin to narrow down your options, you may decide that some factors are more important than others. 

Get Preapproved - Know How Much Your Total Budget Should Be

Five Easy Steps to Finding the Right Lot or Land in the Raleigh Area - Raleigh New Homes - Build On Your LotBefore you even start looking, take some time with your favorite lender to see what your total "construction and land" goal should be.  Get these questions answered, and you'll be better able to find something that truly fits your lifestyle.

- What monthly payment is best?

- What total amount do I qualify for?

- What will happen if interest rates increase?

Contact us for a list of local lenders experienced with lot and land financing.

What Will Property Taxes Be?

Keep in mind that you'll have to pay property taxes at some point for your new home.  It might be rolled into the loan, by which a portion of the total tax bill is added to your monthly payment each month, then paid to the city or county at the end of the year out of an escrow account.  If not, you may be responsible for property taxes in one lump sum at the end of the year.  Talk to your lender about which payment method you should use.

Guide to Raleigh/Triangle Property Taxes

Property taxes outside city limits will always be lower than taxes inside city limits.  Chapel Hill has some of the area's highest property tax bills, while Chatham County outside city limits has some of the lowest property tax rates in the Triangle. 

How Much Should I Pay for my Lot or Land?

As a general guideline, the cost of your lot or land should be no more than 15-20% of your total "house and land" budget. 

$150,000 total budget = $22,500 to $30,000 lot or land cost

$200,000 total budget = $30,000 to $40,000 lot or land cost

$300,000 total budget = $45,000 to $60,000 lot or land cost

$400,000 total budget = $60,000 to $80,000 lot or land cost

$500,000 total budget = $75,000 to $100,000 lot or land cost

An exception might be made for a large amount of acreage - for instance, you might reasonably construct a home with a $250,000 construction cost on a 10 acre parcel which costs $100K.  Just make sure your planned home corresponds with other homes in the neighborhood/area, to protect your future resale value.

Browse Raleigh Area Lots and Land for Sale

Is This Lot or Land Offered at a Reasonable Price?

Talk to your builder or an experienced land agent about the lots or land you're considering.  Land and lot purchases are different than finished home purchases - you'll want to keep multiple factors in mind that affect the finished cost of your planned new home in the Raleigh area. 

An experienced land agent will be able to compare your lot price with other lots and/or homes in the area, and work with you to provide the best overall value for your new home. 

Five Easy Steps to Finding the Right Lot or Land for Your New Raleigh Home

Don't worry, at Stanton Homes we help throughout the entire process of finding a lot or land and building your new custom home, and are here to answer any questions you may have.

 

Buying a Lot in Raleigh Step 1: What's Your Budget?

Buying a Lot in Raleigh Step 2: What Amenites Should You Consider?

Buying a Lot in Raleigh Lot Step 3: Determine Your Lot Size

Buying a Lot in Raleigh Step 4:  Is Your Lot Buildable?  How Do You Know?

Buying a Lot in Raleigh Step 5:  What is the Total Construction Cost for Your Lot? (Avoiding Hidden Costs)

 

Five Easy Steps to Finding the Right Lot or Land in the Raleigh Area - Raleigh New Homes - Build On Your Lot

 

Raleigh NC New Home Resources - How to Build a Custom Home in Raleigh

 

Raleigh NC New Home Builders

 

Build On Your Lot in Raleigh, NC

 

Accessible Homes NC – Accessible Builders in Raleigh

 

Acreage Lots for Sale Raleigh, NC

 

Golf Course Communities – New Homes on a Golf Course in Raleigh

 

Raleigh, NC New Home Lots and Land

 

Most Up-to-Date Raleigh Market Reports - How is the Housing Market in Raleigh?

 

 

Available New Homes:

129 Brookhaven Way – 3358 Sq Ft – First Floor Master – Under Construction Now

152 Brookhaven Way – 3474 Sq Ft – First Floor Master – Under Construction Now

Choose Your Plan -- Browse Floor Plans Here

 

New Custom Homes in the Raleigh Area - and throughout central North Carolina

 

New Homes Raleigh NC - New Home Raleigh - Raleigh NC New Homes - New Home Raleigh NCStanton Homes makes building your new custom home easy!  We'll guide you through the entire process - select from thousands of different floor plans, and hundreds of different locations.  Your custom home is going to be extraordinary when you create it with one of the nation’s top fully involved builders and the high quality materials and craftsmanship that our reputation is built on.

Call 919-278-8070 to find out more about new homes in the Raleigh area today. 

Top 10 Best Floor Plans      
Articles copyright Stanton Homes 2006-2017.  Unauthorized use is not permitted.  Provided for informational purposes only, no claims are made by Stanton Homes regarding the validity of any statements.  Please note:  all listing information per MLS, and current as of posting date.  Information subject to change.  Stanton Homes does not make claims to ownership of  any lot listings, but can work with homebuyers to purchase available lots and build.  Home plans to be approved on an individual basis, subject to neighborhood restrictive covenants and lot restrictions.  Ask for further information regarding any community, lot or floor plan.  Photos represent typical homes and details of each neighborhood, to help highlight different options available in the Raleigh/Triangle area.  No claim of ownership is made to homes or land pictured.  

Save

Comment balloon 0 commentsStanton Homes • August 18 2009 06:17AM

Comments

This blog does not allow anonymous comments