Simple Ways to Acquire a Lot
The first thing you need if you're going to build a house is land. Owning a piece of land immediately lowers your home-building cost. You may already own a small plot of land, or perhaps someone in your family has half an acre no one is using. That may sound funny, but it is surprising how many folks inherit or buy a parcel of land and have no clear intention for its use. Some people just like the idea of owning land, even if it sits there year after year, doing nothing but growing weeds.
If you have a relative in this situation, you might be able to purchase his parcel inexpensively. A relative may be thrilled to see the land put to good use, or perhaps he is just tired of paying taxes on a quarter-acre and cannot seem to sell it on the open market. You can offer to take it off his hands for an attractive (to you) price.
Maybe your parents or an investor outside of your family will join you in purchasing a lot that can be subdivided. You can build on yours; the investor can either hold hers or sell it to another would-be homebuilder.
Does anyone in your family own a lot that could be split into two parcels so you could build on one and she could continue to hold the other? Be sure to check the zoning restrictions. Can the land be legally subdivided? Or will you all have to apply for a zoning variance (an exception to the zoning laws)? Naturally, it is assumed the land in question is in a viable location and can, according to local laws, have a home erected on it.
Building a home is not likely to work for you if you are on a tight budget and have to spend a lot of money for land. But if you live in a part of the country where land prices are still relatively inexpensive, then buying a lot and erecting a manufactured or modular home can quite cleverly ease you into homeownership at a reasonable cost.
