Location, Location, Location

I’m sure you have heard real estate professionals say how important location is.  As you are considering a building lot there are a few things I believe are essential to keep in mind.  When I build a home on the east bench, I can expect to make a considerable amount more than anywhere else.  However, the covenants are generally very high, so speculating too many on the east bench, ties up a lot of construction financing.  It is also difficult to find a home plan to fit a sloped lot. 

However, living on a hill comes with many advantages, like incredible views and nice homes, but there are also disadvantages to consider.  For example, the cost of the lot is significantly higher.  Generally the ground is not flat, which increases the cost to build, but many times you can build a walk-out basement because of the slope on your lot.  The slope also is a concern if you have children.  Riding bikes becomes difficult and dangerous.  Cars also tend to go faster coming down the steep roads.  However, as far as an investment you will do really well when you sell your home, especially if you are not the biggest home in the neighborhood.  Bench property homes sell for more, but can take longer to sell.  However, if you can afford to be patient when you decide to sell, you will chuckle all the way to the bank when it does sell.

Tomorrow I will talk more about location.

Happy home Plan Hunting