I'm thinking into buying land so i can build a home but my thing is, the home part would probably take some time before actually starting construction. My question is what do i have to look forward to when i buy the land? just the land.
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If you buy property a few years before construction, you’ll be able to 1) enjoy the property...and understand view potential, 2) spend time on the property and understand which way prevailing winds blow...and which way winter winds blow, 3) start design of house, 4) locate and determine best location for utilities, 5) understand noises, if any, and when they occur, 6) If you finance the property, you can “wrap” it into your permanent house loan...and , presumably the value will increase, which will help with your downpayment.
Lee Sam
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Whether land or house, real estate does soak you for taxes, so as opposed to your money sitting in the bank, where it might make some (not so much these days) money, land will cost you to hold. Depending on the market the price may rise or fall, so you might be happy or sad you bought when you did.
You do get the opportunity to scope out the land over time and consider where things go, which is a big issue on large acerage and not much of a choice on city lots. You can also start sinking money into whatever services your house will need, piecemeal, such as water (well, or connect to public if available) sewer (septic, or connect to public if available) electricity and buiding a driveway, or at least the "construction version" of a driveway, once you know where you'll put the house.
Ecnerwal
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