With record low inventory of Hamptons real estate, you may think it is easier to purchase your own land for sale in the Hamptons and build your custom dream home.
While the idea of building your own home can be enchanting it can quickly be a nightmare if you aren't careful and it can become a money pit.
Before you take the plunge and purchase land for sale in the Hamptons read my guide below for things you should consider.
Pros Of Buying Land For Sale In the Hamptons
Build the home of your dreams: Depending on the parcel of land, you can completely customize the home to your liking. While you need to keep in mind any zoning requirements, you can build your mansion or a small retreat - the choice is yours.
Appreciation: With limited inventory, land is becoming even more valuable. Rather than build your home, you can hold onto the land as an investment and sell it for a potential profit at a later date.
Cons Of Buying Land For Sale In the Hamptons
Time Investment: Building your own custom home means that it could be several years before you are able to live in it.
Financial Investment: Be prepared to go over budget with potential oversights and unexpected costs. While the cost of the land is fixed, the building of the house could vary dramatically resulting in unforeseen costs.
When buying a home you may need a traditional mortgage but when you are buying land you may need a construction loan which will cover the cost of building the home and is distributed in phases.Construction loans are short term loans that need to be paid off in a few years. It is common to apply for a home mortgage to pay off the construction loan if you can't afford to pay the construction loan at the end of such a short period of time.
Interested in learning more about Hamptons land for sale? Browse our available listings and get in touch today.