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      03-17-2021, 01:22 PM   #7
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Quote:
Originally Posted by nyalpine90 View Post
right now its just land, nothing is build.
you should contact your insurance agent.
Yep, that's on my to-do list!

Quote:
Originally Posted by Bonk! View Post
Congrats - we built our first house nearly thirty years ago. Sounds like you have a solid game plan. I would just add some general observations: (1) it will likely wind up more expensive than you imagine, (2) patience and flexibility with trades is a must, (3) there are SO MANY decisions to be made throughout the process, (4) get all your changes in before framing begins, (5) visit the site often and tour it with the GC. The old Russian proverb "trust but verify" applies here, (6) underground utilities to the house are really nice.
Thanks!

1) Learning that quickly! The construction loan will come with an automatic 5% buffer for overages but we can elect to bump that up, which we will.

2) This is why we are looking for a large, reputable, builder who serves as our single point of contact and accountability. They will manage all the various trades. Costs a little more but well worth the expense in my mind. That way if the tile guy, the drywall guy, and the painter all go AWOL 1/2 way through the job or do a shitty job, I've got one person to yell at and withold payment from.

3) Yes! I'm looking forward to it. My wife and I are eager to get into the finite details or selecting wall switch covers, base molding, cabinet knobs, outlet locations, etc. We are both detail junkies and eager for this part of the process.

4) Rock solid advice there. Thank you! Change orders after framing are exponentially more expensive I can imagine.

5) We are actually toying with the idea of a "tiny house" on the lot so we can live there and keep tabs. LOL. Just kidding...Sort of...Thankfully the lot is 10 minutes from our current house and on my wife's way home from work. So yeah, we will be there multiple times per week for the duration and at critical points.

6) Yep. Everything will be buried. Looks like we can do most if it with trenching, thus avoiding the high costs of directional drilling.

Quote:
Originally Posted by spazzyfry123 View Post
Curious if any findings during the feasibility period result in potential further negotiation for the plot? Really interested in this thread's development as you'd probably guess from some of my previous posts. Always something that I want to do, just can't pull the trigger!
I'll keep ya posted! But yeah, this is similar to putting an offer in on the house, then revising that offer after inspection. Feasibility is like a long, drawn out, 45 day inspection period. We put one offer in with full intention to drop that offer before closing. We know from feasibility that the existing 12' wide driveway that serves an existing house on the lot next door will have to be widened to 18' as it will now serve 2 houses. That widening will require significant excavation into a hillside and about 50 linear feet of retaining wall (hence the structural engineer involvement). Our architect is working with the builder now to get costs for all that. We will come back to the seller just before closing and ask for concessions on the sale price because of this. it's all part of the strategy. You put in a "reasonable" offer to get the seller to accept. Then you go through 45 days of feasibility and come back for concessions. Our seller has had the property on the market for 7 months and had 2 other offers fall through during feasibility. She just wants the land sold and gone. She's not paid her 2020 taxes on it yet. we are in a good spot tp come in with an estimate for 300 feet of driveway widening and 50 feet of retaining wall and say "you lower the price by x or we walk and you start this whole process all over again with someone else." Unlike houses in Seattle, land is sloooooow to move so you can play those games.

Quote:
Originally Posted by vreihen16 View Post
We are entering the location search stage of a retirement barndominium construction in South Carolina (or vicinity). I found an interesting 5 acre lot in a recreational lake area for a reasonable price, that is free-standing and not part of a development. However, the deed restrictions and list of approved construction methods/materials read like an HOA covenant! Thou shalt not plant a vegetable garden, park a race car trailer (or RV) anywhere on the property, put up a satellite dish or weather station, etc. Ironically, this and surrounding lands are all zoned agricultural!

Anyway, I'll be following along to see what we have in store for us.....
Zoning is everything, man, and in some communities those restrictions are killers. The town we are buying in is notoriously prickly about tree removal, minimum tree canopy, and maximum impervious coverage percentage. The city planning office was super helpful in sending us PDFs that are written in common English and read like FAQs to educate people like us on what's allowed and what isnt. The other key is to have an architect who is familiar with those local municipalities, knows the restrictions, and know the people in the planning office well.

Quote:
Originally Posted by David70 View Post
I am surprised you expect it to take a year from the purchase (hasn't happened yet) and breaking ground. You're possibly 2 years away from living in it?

As for insurance on a vacant lot is should be minimal and call your insurance agent. Virtually everything your standard homeowners covers is the home and your possessions. Not seeing much liability risk or a cost associated with vacant land/ This will be the small problem.

For a house I am completely renovating (next door to my house) I do have to have special insurance for a home that isn't livable/occupied (about 2.5 times the cost of my house), assuming this would apply to your house after construction starts and until you can occupy it. Statefarm told me I needed to get it but they also didn't offer it.
Many skip on this insurance but if the place burns down the insurance company has a way to not pay.
The city we are buying in is notoriously slooooow. But admittedly, 3 to 4 months of that time is eaten up doing the house plans with the architect, then having those plans signed off on by the engineer. We cant even start the permit application with the city till those plans are dialed. So, call it 3 months architect, 1 month engineering, then 6 months permitting and approvals.

Thanks for the insurance tip. My fear is that Joe Neighbor's dipshit kid is running around the lot, trips, falls, instant quadriplegic and I'm skewered in court because I didnt have "No Trespassing" signs clearly posted or something stupid like that.
Appreciate 2
vreihen1614906.00