Advantages of buying such land with loan from money lenders: The price of the land is very high if it is at the center of the city but if located at the outskirts of the city then the price decreases to a considerable amount. This depends on the facilities that are available in and around those areas. Most of the people want to build a house expects it to be customized as it should match according to the specifications of what they have expected. Customers nowadays want house that should have cleaner air and is spacious around the location. Some also opt for areas that are more open and do not have any trees or shade to cover the house and might have an open field to have an evening walk or for the kids to play. These days’ people are also becoming aware about the uses of the environment and looking for a green environment or using of the eco friendly material for their house.

The various factors that are considered before making the decision of buying Florida land for building custom made house are:

Choosing the zone: One has to check with the local authorities before making any commitment towards buying the land. For giving information on whether the particular land is having any disputes in that zone or every report of it is clear, the authorities are to be consulted. Information should be derived if there are offices, schools, shopping malls, station or airport near by the land that they are planning to buy.

Natural disasters: Soil of that land has to be tested before thinking of buying that property. The building structure must stand upright on that land and rocks are harmful chemicals should not be present, it should not be any earthquake or fire prone area.

Different ways to buy a land after all these processes have been taken care of are:

Loan for land: Make a study of what the lenders of the land loan want and if they are entitled to any insured company. Research has to be made if these money lenders are approachable. It is advisable not to approach any national money lender unless they have a local presence widely. A land survey should be obtained from the local registered surveyor. It should state whether the land is used for the residential purpose of for any other.

Loan for construction: Construction should be started within two years of buying the land for which local lenders should be approached for the loan. A complete portfolio, that comprises architectural design of the house, building costs, appraisal, etc. should be prepared and pay the interest on loan.

When buying land, you need to check the zoning to see if a home can be built on it. If it is zoned for residential, one must consider if it can be hooked up to sewer and water or is capable of supporting a septic system and well.

Septic systems generally cost $5,000-$10,000. Wells can cost $15,000-$40,000, depending on the depth, location and the need for a secondary pressure tank.

Building in an unincorporated area usually requires a secondary pressure tank for the required interior fire sprinklers. Then there is the cost of bringing in other utilities such as electricity, propane tanks and phone lines.

Certain areas in the area require a “Perq Test” to determine if the site is suitable for the required septic system. This involves digging a hole and waiting a few days to determine if the ground water rises to the point where a septic system would contaminate it. This test can only be done during the rainy season. Grading a lot can be a major cost of building a home. Many lots are priced seemingly low because the high cost of grading and site preparation in order to build.

Obtaining a loan on land is not as easy as getting a loan for buying a house. Buying raw land, lenders typically require 50% down usually with a shorter term and a higher rate of interest. Once these steps are taken the next stop is the local planning department. Visit the Boca Raton Building, Zoning and Code Enforcement website