If you are like most people starting on the path to purchase a home, you probably are doing a lot of research. If you are a first time home buyer, you also might be overwhelmed with the terminology, financial questions, and many other things. But that’s all completely normal. You have to figure out what’s right for you by going through all possible options, and one of those options that many don’t consider is purchasing a lot and building from the ground up.
Starting with a blank canvas might be seem like a pretty big task, but we can definitely help you with determining if this is the right decision for you as well as figuring out the financing behind a lot loan. When you purchase a lot, you are deciding you want to build a home and you can do that right after the purchase or wait until you figure out some of the other plans for building your home. Whichever route you choose to go, we are to assist you along the way.
When it comes to purchasing a home, timing is very important. When it comes to buying land, it’s even more important because there’s only so much buildable land available, and if you find a lot that is in your price range and has the features you’re seeking, you’ll want to snag it before it comes off the market. Now just because you find a piece of land that works for you, it doesn’t mean you have to start building right away. We can help you secure that plot of land, and then you can wait to start building if you’re not financially ready to start constructing your home.
We provide lot loans for the following with these requirements:
25% Down payment for loan amounts up to $350K, 10 Acres or less
35% Down payment for loan amounts up to $350K, more than 10 Acres
The Basics Behind Buying Land
There are two types of land that can be purchased and it’s important to consider which type of land you plan to purchase before securing your loan. Raw land is plain land which can sometimes not be useful to build on, while lot land is purchased in order to be developed. Typically lot land has to have permits to build, access to utilities and public roads, and a sewer on the property. It is important when you are researching properties to find out the details of the land you are considering purchasing so you know its potential value before securing a loan.
Reach Out Today!
Securing a piece of land can be a great decision for your future as once you buy the land, you can start building on it and increasing the overall value. If you think this might be something that sounds like it’s in your future, reach out to Bill Lavelle at First Financial Bank in Worthington, Ohio today!