Record-low inventory of homes for sale is forcing some home-buyers to build their own homes, however they still need give consideration to where they are going to build. Buzzfeed recently tested ordinary people on their real estate knowledge with some surprising results. Are you aware of how to calculate just how much land you will need for that dream house and how much a parcel of land is going to cost? Just how many square feet are in an acre?
Just how much land will you need to build a house?
DO THE MATH The National Association of Home Builders reports the average expense of $85,139 for a buildable lot. Now’s the time to bust out that handy calculator. The percentage or ratio of the size of the building to the lot on which it resides is referred to as the “land-to-building ratio.”
To reach the land to building ratio, divide the square footage of the land parcel by the square footage of the building. Here’s an example: 188,000 land square feet/43,500 building square feet = 4.32, defined as a 4.32:1 land to building ratio.
BUYING THE LOT There aren’t many rules as to the amount of land one should buy to build – it really is determined by the size of your home. The median lot size of a new single-family detached home sold in 2016 was 8,562 square feet, or just under one-fifth of an acre.
Don’t forget to speak with your builder about how much space you’d like for a backyard, front yard, garage and fencing when setting the property lines prior to the building starts and ensure to leave enough space for the home’s utility grid.
TINY HOUSE LOT Even though the excitement for tiny homes is growing, most city zoning laws and building codes haven’t caught up to addressing the trend. The American Tiny House Association rounded up state regulations for most states or you may petition your own city for tiny house-friendly zoning changes. The style of the tiny house – with wheels or on a foundation – will decide where the home can be located. If it’s on wheels – not an issue.
A tiny home on a foundation is a little trickier. Most zoning and building regulations won’t enable you to buy land and build your tiny house on it. You’ll need to build an accessory dwelling unit (ADU), which means that a secondary residential dwelling unit located on a single-family lot, often referred to as a carriage house, granny flat, mother-in-law suite or cottage.
