Purchase wooded lot and new build.

[Al Brennan]

Go easy on me...I`m new both to the USA and real estate here :).

 I`m in the Charlotte area.

I`ve found a one acre wooded lot which I approached the owner to see if he would sell to me with the intention of building a house on it and he said he would sell to me.

I used the Zillow estimate for the lot ( $60k ) and he said that was acceptable. The price seems to be in step with similar lots in the area.

Clearing and grading should cost about $10k ( so I`ve been told ).

I called into the zoning and planning depts. in Charlotte to see if there were any obstacles/restrictions to me building there and they said that it looks all clear to go ahead.

What should my next step be?....get a land survey? ...get a construction survey?....approach a builder first?

I just need to make sure I can build on it before I purchase it.

Any advice is greatly appreciated,

Thanks in advance.

[Will G.]

First would be to get it under contract with an inspection period long enough to complete your due diligence. Since it was not on the market ask for 45 days with right to cancel for any reason. You can usually close sooner if things work out. And unless $60k is no big deal to you get it appraised. You can always go back to the owner with an adjusted # if it comes in lower. Interview a local builder about possibly building a new home first. They will know who to contact regarding feasibility.