What you should consider when buying land:
Most people buying land have a vision of what they want to achieve when they build a new home. Generally, they also want to make sure that they get a fair return on their investment if they choose to re-sell the property at some time in the future. This means that there needs to be a realistic relationship between the initial cost of the land and the amount spent on building the home. Careful planning is required to make sure that the right balance is achieved to create value.
It is usually not worthwhile to spend time and money to design a new home before the purchase of land. This will be wasted if it is not be possible to build the design on the property purchased. In fact, many customers find they like a number of different designs equally well and have trouble making a choice. Often one of these designs can be built at lower price because it is better suited to the property. However, if you are sure you want to build a specific design, you will need to make sure that you can do so on the selected property.
You always know the upfront cost to buy property. However, the cost of subsequently building on it can vary considerably. Your budget should include the estimated cost of the land improvements you will need to make before you can start construction. The reality is that all parcels of land have different characteristics and present varying opportunities and challenges. How you deal with these will affect both the type of home you can build and the cost of construction.