The Rio Grande Valley is one of the most popular destinations for buying real estate in South Texas. A booming local economy and an affordable cost of living have made the area a favourite haunt of home buyers and builders. From residential to commercial, you can hope to find builders and properties that meet your needs.
If you are planning to buy land in McAllen and adjoining areas, the following 3 tips could prove to be useful:
1. Scout for the best location
Might sound ironic, but most buyers do not pay much thought to the location of their lot in all detail. Whether you want a lot in a community or are looking forward to a single family home, location is a big factor. You could take a look at various plots to see if they meet your needs – lot size, access, elevation, shape, and views. In short, it’s topography. All these things will determine the final experience of living in the house, so choose well. Do you know there is something called soil property and that it can be a major factor in building quality?
Is it prone to flooding? While buyers don’t usually consider natural calamities like fires or earthquakes, they do hit. And real estate often takes the worst hit. Make sure your plot is well protected from these risks. Can you imagine what it will be like to be knee-deep in floodwater when you’ve just erected the framework? The damage can run into thousands of dollars.
Apart from the properties of the plot itself, the neighborhood must be considered. Some of the finest lots are found in the vicinity of supermarkets, schools, hospitals, or highroads. The traffic around these parts also matter. If it is too far away from work, you’ll have trouble monitoring the home building process, not to mention wasting time in the commute. On the contrary, if you buy a plot that’s too remote, you might have trouble accessing basic necessities like electricity or water. And the cost of setting up new connections is rising. Today, a modern home needs energy efficiency, smart amenities, and doorstep delivery of services. Make sure your plot can give you that.
There are several other things like site assessment and zoning licenses. More so, if you are looking at commercial lots instead of residential ones. It would be detrimental to your peace of mind if your chosen lot is right beside an upcoming industrial project. No one wants to wake up to the grunts of machinery. There is another thing called an easement. It gives another person the right to use your property even though you own it. So double-check for the easement on your plot. That’s a serious threat to privacy, not to mention the resale price.
2. Arrange for loans
Nothing is more disastrous than finding out a lot you love but being unable to pay for it. Sure, you don’t have to pay a fortune to buy one, but it is a big expense and will affect your nest egg, albeit in small ways. It is true that the McAllen-Edinburg-Mission area has affordable real estate and you can find inexpensive lots. But you still need to set your finances in order.
Loans and mortgages are your best friends when you are building your house and the same can be said of buying the most suitable plot. So talk to your bank about loans and how you can pay them back. Real estate prices fluctuate and you must be on your toes, staying abreast of trends and price changes.
Plot prices depend on a lot of things like location and size. For instance, if it is downtown McAllen or has a lot of green space around it, the tag will be bulkier. Also, think about the improvements that are needed to be made on it and how much it is going to cost.
3. Connect with a reputed builder
How do builders help identify suitable plots?
If you don’t own a piece of land yet, the most useful thing to do is get a builder to choose it for you. Builders, who have been in the trade for long, already have suitable lots waiting to be built upon. This will also give you the chance to see how their finished homes look.
But why involve a builder at all? Why not do it on your own?
The short answer is builders have more experience buying land. When prospective buyers walk into the real estate jungle, they are faced with a lot of things, the least of which is a bad plot. They are pitted against real estate giants who have a lot of influence and a lot of money to snag the right plot. This is something the average homeowner has little idea about. So, your chosen spot may vanish from right under your nose.
Buying plot is a complex process
Buying a lot is not just about paying the agent. If you can’t seem to keep pace with all the technicalities that stand in the way, the best thing to do is ask your builder. Builders of repute always work with a large team of experts. The best ones have their own in-house lender. They look at your loans and get them approved. All you have to do is arrange your documents in order. And not just lenders, the company will connect you with assessors, municipal officials, and subcontractors.
Factor in the depreciation
Another benefit is you get an idea of the property a few years down the line. Your builder will be able to fill in with depreciation rates and how that will affect the resale value eight or ten later. Whether you need residential or commercial properties, your builder can help you get them. Hence it is better to connect with the right persons.
Cut down on time and effort
It is easy to understand how your contractor will save you time. Since most of the things are done in-house, there are few outsiders involved. From floor planners to interior designers to financers, and surveyors – there is little need for you to run around.
When you go about buying a plot on your own, you lose out on bulk discounts. Your builder is also able to save you hundreds of dollars when you buy plots from them. You don’t have to negotiate with sellers or their agents. You don’t have to exhaust resources visiting banks and getting approvals. You don’t even have to cut down on your free time. Everything is taken care of by home builders.
The bottom line?
If you want to buy land in the RGV, McAllen is a popular choice. There are fine community homes and stand-alone residences. You can go about visiting properties on your own, shortlisting them, and then finally settling on one. In the next step, you can apply for various approvals and spend time and money getting permits and mortgages. Or you can straightaway call up a local builder and ask to see the plots available with them. Local contractors know the McAllen-Edinburg-Mission area very well and would be able to offer solid real estate advice.
Get in touch with a local builder today and get quick possession of your plot.