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Updated over 3 years ago on . Most recent reply
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Process of buying land for development
I have been researching into building a home from scratch. I haven't been able to find good podcast or resources on here that discuss this topic. I understand the design and build part, but I don't know where to start when it comes to buying the land. I read some high level tips, but I'm trying to understand it more intimately. Any tips are welcome. I'm looking in Ohio as of right now, but open to KY and IN. Things I'm trying to understand:
1. The buying process (do I get a realtor or go through the city)
2. Things to look out for when buying (i.e. size, elevation, topography, zoning)
3. If there are trees and etc on the land...what is the process of clearing this off
3a. Are there land developers that I should research
4. How do I value land and get a good price
5. How long does this take
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I've been doing infill lot's in PG county Marland and the process I can tell you differs from county to county but I'll give you an outline of my process
1) It's not unusual to see lot's on the MLS for 100+ days, do not be alarmed there are not too many people operating in the sphere
2) Just like rehabs I typically start by looking at what I can potentially build on the lot and my ARV ( I know my area pretty well, so I'm only buying lot's in specific zipcodes ) my typical target is 2500sqft above grade with an AVR for $500+
3) My research starts with my surveyor, I provide him with the address, he comes back to give me thumb-up or down or any potential problems I may face, such as wetland, DDO zone (Development District Overlay) e.t.c
4) After closing on the lot in my county I need to get NRI ( Natural Resource inventory) this plan provides documentation of the existing conditions on a site / TCP ( Tree Conservation Plan ) exemption, I get an exemption because I'm buying infill lot, this is typically handled by my surveyor and take about 30days
5) Next is my stormwater management: Again I'm getting an exemption because I'm disturbing less than 500sqft of land, handled by my surveyor
6) Once I have the 2 approvals listed above, I'm allowed to submit my building plans for approval, in my county turn around time for approval is about 3-4months
Hope this helps
below is a link to my last new construction project, got a few more in the pipeline
https://www.redfin.com/MD/Cheverly/2417-Parkway-20785/home/10547525