What to Know About Land Acquisition for Custom Homes in New Hanover County?

Published by Richmond Homes on Nov 25, 2024 11:45:22 AM

There’s nothing quite like the feeling of building your own custom home in a place as beautiful as New Hanover County, North Carolina.

From the peaceful coastal landscapes to the thriving local communities, the area has a lot to offer, making it an excellent location for anyone dreaming of their forever home. But before you jump into the construction process, there’s one vital step to take: land acquisition.

Acquiring the right plot of land is the foundation—literally and figuratively—of your custom home-building journey. The plot you choose will impact everything, from your day-to-day living experience to the value of your home.

It’s important to know exactly what to expect in New Hanover County, and in this guide, we’ll walk you through everything you need to know. Let’s get started.

Why Is Location So Important?

When it comes to real estate, the old saying “location, location, location” holds true, and this is especially important in New Hanover County. The location of your plot can make or break your dream home. We’re not just talking about how pretty the land looks—there’s much more to consider.

Proximity to Lifestyle Needs

First and foremost, you’ll want to think about your lifestyle. Is the land close to the things that matter most to you?

For families, proximity to highly rated schools, like Ogden Elementary or Roland-Grise Middle School, is a top priority.

For retirees or beach lovers, being close to Wrightsville Beach or Carolina Beach might be a key selling point.

Neighborhood Safety and Growth

Next, there’s neighborhood safety. New Hanover County has some of the safest and most sought-after neighborhoods in North Carolina, such as Landfall and Porters Neck Plantation.

But aside from security, you should also consider future growth. Building in an area that’s set for economic development can increase your home’s value over time.

According to the U.S. Census Bureau, Wilmington, which is part of New Hanover County, saw a population growth of 1.9% from 2020 to 2022. That’s a strong sign of growth potential.

Environmental Features

Lastly, you can’t forget about environmental factors. Waterfront properties may offer stunning views, but they often come with extra considerations like flood zones and erosion risks.

New Hanover County has flood zone maps available to help you determine whether your plot is at risk. For example, land closer to the coast will often require flood insurance, and that’s an extra cost worth budgeting for.

How to Find the Perfect Lot for Your Custom Home

Finding the right lot isn’t just about driving around and hoping to stumble upon the perfect plot. It requires some strategic planning.

Work with Local Real Estate Experts

We recommend working with a local real estate agent who knows New Hanover County well. They can provide insider knowledge about up-and-coming neighborhoods, hidden gems, and even off-market listings.

Websites like Zillow can help you start your search, but nothing beats the expertise of someone who has been navigating this area for years.

Use Online Listings and Local Resources

New Hanover County has a variety of online resources for finding land. The county’s official website even offers a real estate search tool that allows you to see available plots, their sizes, and pricing. It’s a great starting point before conducting site visits.

Assess the Land’s Topography

We recommend physically visiting the plot to assess the topography and surrounding area. Are there any slopes or uneven terrains that could make construction tricky? Some plots might seem perfect online but could reveal hidden challenges when you step foot on them.

What Are the Zoning Laws and Restrictions?

Zoning laws are a big deal when it comes to building custom homes in New Hanover County. They essentially dictate what you can and can’t do with your land.

Zoning Types

In New Hanover County, zoning classifications such as residential, commercial, and agricultural will affect how you can use the land. Most custom homes will be built in residential zones, but you’ll still need to double-check whether the land has any restrictions that could impact your plans.

For example, you might fall in love with a large plot, only to discover it’s zoned for agricultural use. This could prevent you from building a traditional home without rezoning, which can be both time-consuming and costly.

Environmental Restrictions

The county also has environmental protections, especially concerning wetlands and coastal areas. The North Carolina Department of Environmental Quality places restrictions on building near wetlands to preserve the natural habitat.

Before purchasing land, ensure it’s not in a protected area that could halt or delay your building process.

How to Budget for Land and Your Custom Home Build

Acquiring land is just the first part of the financial puzzle when building a custom home. Budgeting carefully for both the land and the construction process is key.

Land Costs in New Hanover County Land prices in New Hanover County vary greatly depending on location. For example, a lot near the beach or in a gated community will typically cost more than one farther inland. According to recent listings, land in areas like Wrightsville Beach can range from $200,000 to $2 million, while inland lots in developing areas like Castle Hayne might range from $50,000 to $300,000.
Additional Costs to Consider Aside from the land itself, don’t forget about other necessary expenses, like site preparation. If the land needs to be cleared, graded, or connected to utilities, this can add significant costs. Additionally, you’ll need to factor in permits, surveying fees, and any special requirements related to local zoning laws.

What Utilities and Infrastructure Do You Need to Consider?

Before purchasing any plot, make sure to check for available utilities. No one wants to find out after closing that their land doesn’t have access to basic necessities.

Water, Sewer, and Electricity Ensure the land is equipped with access to water, sewer lines, and electricity. Some more rural plots may require a septic system or well, which adds to your overall costs. If these utilities are unavailable, you might need to install them, which can add thousands to your budget.
Internet and Communication Services Reliable internet is just as important as water and electricity. Double-check whether the land has access to high-speed internet providers like Spectrum or AT&T.
Land Development Needs We also recommend getting a site survey to determine whether the land will require significant clearing or grading. Lots that seem affordable initially may end up costing more if they need a lot of prep work before construction can begin.

Steps in the Land Acquisition Process

Now that you know what to look for, let’s walk through the actual steps of acquiring land.

Step 1: Secure Financing

The first step is financing. If you don’t plan to pay cash, you’ll need to explore loan options. Land loans are available, but they typically come with higher interest rates and shorter terms than traditional home mortgages. A strong credit score will help secure better terms.

Step 2: Make an Offer

Once you’ve found the perfect plot, it’s time to make an offer. Just like with any real estate transaction, negotiations may follow. If the land has been on the market for a while, you might be able to secure a lower price.

Step 3: Conduct Due Diligence

Before finalizing the deal, due diligence is crucial. This includes conducting surveys, environmental checks, and confirming that the land meets all legal requirements for building. We recommend hiring a local attorney familiar with New Hanover County land purchases to ensure everything is in order.

Common Challenges When Acquiring Land & How to Overcome Them

The process of acquiring land isn’t without its challenges, but they can be overcome with the right strategy.

Zoning laws can be tricky, especially in areas with environmental protections. If you encounter zoning problems, working with a local real estate lawyer can help you navigate the complexities of local regulations.

Permitting can also cause delays. If you’re planning to build near the coast or in a historic area, you might encounter more hoops to jump through. Partnering with experienced builders and realtors can help smooth out these issues.

Finally, watch out for hidden fees, like homeowner association dues in certain communities or costs related to installing utilities. Carefully review your contract and consult with your builder to avoid any surprises down the road.

Conclusion

Acquiring land for a custom home in New Hanover County is an exciting journey, but it’s one that requires careful thought and planning. From choosing the right location to navigating zoning laws and budgeting, every step is crucial in building your dream home.

At Richmond Homes, we’re here to guide you through the land acquisition process. With years of experience in the Wilmington area, we’ve helped countless families find the perfect plot of land and build the home they’ve always wanted.

Tags: Custom Home Building, Land Acquisition

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