Dear friends, our first time - you need your help. We found land for building in a good neighborhood in Chattanooga Tennessee.
Dear Friends,
Our first time - your help is needed.
We found land for building in a good neighborhood in Chattanooga Tennessee. We have made sure that infrastructure is being prepared (electricity, water, sewerage). A motivational seller left the city and dropped in price from 400K to 83K and we plan to offer 60K. The area is associated with the good schools.
We plan after the purchase to examine 3 options:
A. To wait for the expected increase in value in the region.
B. Prepare plans and possibly permit and sell in the local market with an expected profit estimate.
third. Build and sell with entrepreneurial profit.
But right now we are at the contract stage and this is our first ground contract.
We are practiced in home contracts (inspection days, earnest money, etc.) but here there is no inspection.
Help is needed from those who have already done so -
A. What is required to check the ground?
B. What clauses should be entered into a contract beyond the standard?
third. What insurance should I do?
Any other tip that can help us will be welcome.
Yossi and Rani
Well I've come late and the majority has been told 🙂 something important that I have not seen and check to see if there is a HOA neighborhood committee in good neighborhoods they can set their own criteria and requirements for the houses you build. If there is one, you have to see that there is nothing in their demands that makes your project more expensive and can hurt your profitability
After 24 hours of in-depth investigation and help from team members a basic post-checklist was completed. Sent to Lior and will probably be uploaded today as part of a study unit on the subject. Thanks Desi. ??
Amazing, share your insights with us.
I promised to register a checklist. It has taken me 14 hours since I promised, but here is what I learned in those hours. Comments will be welcome and the list will be updated and will be entered by Lior as part of the study units. A bit long then sends as a separate post.
Most important is a proposal from a contractor to prepare the land for construction until what is called Pad Ready…. Land preparation costs can turn a good deal into a pocket hole.
Golan Investments - Entrepreneurship, marketing, brokerage and real estate investments
Almog Hemo
of course. I will complete it and enclose it here.
Thanks guys, you guys are amazing. I built myself a checklist for tests before buying land. Thank you.
Real Estate Pedia
LiorLiorchik
What do you check when buying land?
Soil test, impact fees, zoning, setbacks, easements, right of ways, flood zone, termite inspection, sewer line/septics, water line, electricity line, buildable or not, environmental services (granted trees preservation), if there is time for the inspection then pre-submittal in the county/city to check the programming of the construction plan.
These are additions to what they have already written.
Different counties and cities sometimes have "municipal by-laws" that can have an effect.
Testing with an engineer can answer many of the topics