Читать книгу Building Your Custom Home For Dummies - Peter Economy - Страница 64

Although it may be true that the value of something is based upon what someone is willing to pay for it, land value has other factors to consider when determining its ultimate usefulness for building a custom home. You need to take into consideration the cost of getting the land ready for the build. You also must factor in limitations on the size of the home.

When determining the value of a particular piece of property, a lender’s appraiser looks at other comparable land sales in the area to create a number for the lender’s purposes. Keep in mind, however, that this appraisal doesn’t guarantee your ability to resell the land for the same price. Nor does it mean that your custom-home budget will be able to absorb the price of the land. Consider all the factors associated with your build — especially financing — before purchasing a lot. Chapters 9 and 10 can help with understanding how lenders evaluate your land in relationship to the entire custom-home project.