Factors to Consider When Buying Land to Build your Home
Finding your dream home isn’t easy. Everyone has particular tastes and preferences, so you may not find your dream home already on the market for sale. If you want to have your dream home, you will have to build it, like many others have done. This means you have to first find the land; that is, if you’re not lucky enough to have inherited some.
Firstly, Consider your Profile
There are several things you should consider at this point when buying land to build your home. These include, but are not limited to, budget, age, the size of your family, lifestyle, security, and future life plans.
Secondly, Choose the Actual Land based on Your Profile
Here are some of the factors you should take into consideration based on your profile:
There is a saying that you don’t pay for the land, but you pay to have certain neighbors. I believe there is some truth to this as we try to live close to the people we can relate to. Also keep in mind that some may judge you based on the neighbourhood you choose to live in. It’s not uncommon to hear that certain neighbourhoods, Westerhall Point for example, are for the wealthy or affluent. So, choose a neighbourhood where you will be comfortable and safe, and have a sense of belonging. If privacy is a concern for you, then you should consider that here.
Proximity to facilities
Proximity to certain facilities may be of importance to you. Take into consideration medical facilities especially if you have medical conditions, schools if you have children, shopping services, and your workplace. These are just some of the facilities you have to consider.
Availability of utilities and amenities
So you’ve found the perfect lot, well located with the best view and a moderate slope, but don’t forget the basic necessities. People sometimes overlook the availability of electricity, water and internet. And trust me, some of the most awesome spots I’ve been to in Grenada don’t have any utilities.
The ability to get to the land is probably the most important factor to consider. Land should be sold with legal access (there are some exceptions), but in several cases these access roads are undefined, uncut or unmotorable. Sometimes there are legal issues with the access roads. It is important to note that road construction can be expensive and any of the above noted access issues will delay your home construction.
Covenants on the land
Covenants are lists of assurances and limitations on land use often placed by the owner/developer of the land. In Grenada, land covenants are popular in the mid to high-end residential neighbourhoods. There are advantages and disadvantages to covenants, however. While some covenants can be very restrictive, I believe that covenants maintain the quality of the neighbourhood and also stabilize and improve the value of the lands.
There may be restrictions, such as building height, placed on lands in certain areas. These restrictions may be set by the Physical Planning Unit and other government departments or the Airport Authority.
Views from the land – oh yes!
In Grenada, we have some fantastic views and because of our undulating landscape, panoramic views are everywhere. Many people in Grenada are accustomed to this but for foreign buyers having a great view is a must. There is some relationship between the views from the land and the value: the better the view, the higher the value, in most cases.
Soil type, land movement and slope of the land
People often miss this factor but it is very important. For the soil type and land movement, you want to ensure that the land is steady enough to accommodate your home. If not, you run the risk of having your dream home collapse due to land slippage. Unfortunately, as some of the lands with the best views are found on hillsides, it is also important to consider the excavation you will have to do to accommodate your home. The cost of excavation may surprise you!
Areas prone to natural disasters
There are several areas in Grenada that are susceptible to flooding, severe landslides, storm surges and other natural disasters. You should stay away from those areas as your property will most likely be affected, resulting in a higher insurance coverage.
In addition to the factors discussed above, when buying land think about where you are now, where you want to be in the future, and always keep the resale value in mind. Choose wisely!