One of the first steps to building your own dream home is finding the right lot and developer. If not, your dream could quickly turn into a nightmare. But, how do you know if you’re making the right choice? This is where obtaining a property report is so important.
If you have a developer in mind already, there are some things you will need to know before you go ahead and decide whether they are right for you. The property report is there to provide this needed information. So, what should it contain? Naturally, you will want to know information about the area like, the nearest communities, locations of schools and recreational facilities etc. The report should show this. It should also tell you what you can expect to pay for utilities during and after the build and the availability of sewer and water services. For example, will it be mains or well water?
What else does the property report tell you? It should provide information about the title of the property, what kind it will be and when you will obtain it. It should inform you about problems that might affect the construction of the home such as issues with soil etc. It also must tell you of any previous liens or mortgages that exist on the property.
So, before signing any contract, make sure you obtain the property report and study it thoroughly, get to know all you can about the lot you are buying so that there are no unwanted surprises later on. Be aware, though, that property reports are prepared by the developer, so read the small print.