You've thought about building your own dream home!
You've done the research!
You've decided that "Now" is the time to start!
Do you have the courage and stamina to see this project through to its full completion? Follow my own story and see if you're prepared for the tasks that await you on your journey.
Ready? Here we go with some of the best advice from someone who has recently experienced the "Dream".
- Start your search for a piece of real estate on the internet. Target
the areas where you would like to live. Include some places that
aren't your first choice but would be acceptable to you if the price
is right.
- Once you have narrowed the search (location, size of property,
price, etc.), plan a journey that will take you to the selections you
have made. Contact any vendors / real estate agents who are
selling the property and ask them to meet you there to walk
around so that no one will claim you're trespassing. Visit each
location personally. Remember, you and your family are the
people who are going to be living there, so write down your first
impressions.
- On your way to/from the selected sites, everyone should keep
their eyes open. Some vendors or real estate agents do not
advertise on the internet. They only place signs on their property
hoping that people who drive by will notice them. That way they
save the cost of advertising in various media, which is very
expensive these days.
- If, at this point, you have absolutely found the piece of land you
desire, superb! If none of your selections has ignited that spark
within you, be patient. Return home and keep looking. Remember,
patience is a virtue and if you are persistent, you will find what
you are looking for.
- Now come your first major decisions. What are you willing to pay
for the property you have found? Is it within your budget?
Remember, the price the vendor / agent has listed is not fixed in
stone. Research the properties around the one you found. What
did they sell for? How long were they on the market before they
were sold (did some remain unsold)? What were their particular
advantages (hilltop, on the water, next to the golf course) or
disadvantages (noisy area, near industrial sites, no privacy)?
- Take the vendor / agent aside and ask them frankly what they
would consider a reasonable offer. You're just trying to get a "feel"
for price. You don't have to agree with it. Just listen intently.
- The knowledge you have gained now puts you in the drivers seat.
You need to take advantage of the information you've gathered
and decide on an opening offer. Keep your budget in mind. Don't
expect a bargain basement price unless the property has been on
the market for a very long time. If the vendor's requested amount
appears to be good, be extra vigilant since there may be hidden
'surprises'.
- Some surprises include "Right-of-ways", "Easements", "Land Use
Restrictions", "Title to the property is not Free and Clear", "Native
Claims", "Mineral Rights to the Property may belong to someone
who has priority over anyone who owns the land" and other
hidden impediments. Make sure to check the "survey" of your
target property.
- During price negotiations, be decisive in your mind about the
maximum amount you will pay. If you are unable to bring the
price down to where it comes into your sphere of value and the
seller won't budge, then take your hard earned dollars elsewhere.
Although you may love the property, there are many more
desirable pieces of real estate available on the market and being
gouged on price will forever remain on your mind. If your final offer
is successful, pat yourself on the back!
- Once you (or your legal representative) has done a Title Search
and verified that everything is ok, close the deal and take a deep
breath. You finally own that piece of property that you've always
dreamed about! Now your real adventure is about to begin!
Stay tuned for the next installment of "Building Your Dream Home Tips" (A Real Life Experience that will help guide you in your quest to attain that "perfect" corner of the universe).
