Inheriting land is often a mixed bag of emotions. Aside from the grief that may come from the passing of the person left you the land, there is also often a lot of confusion about the process. There could be estate taxes, property taxes, capital gains taxes, and possibly even other costs associated with the land (like maintenance costs). Then, once you have the deed, and it is truly yours, you have to decide what to do with it. You could sell it. This is often the best choice when the land is inherited by several individuals, since sharing it would be difficult. You could also let it sit, hoping that it will increase in value so you can sell it later, or to increase your net worth. Or you could develop the land and build your own custom dream home. In many ways, having inherited property makes that process more comfortable.
It is no secret that building a custom home is often an expensive process, and a big part of that expense comes from buying the land. In this situation, you no longer have to worry about that, unless the property was also inherited by other family members who you will need to buy out. Even in that case, the cost of buying their share of the land will more than likely be less than purchasing another plot elsewhere. Remember that this is just part of the price, and you should still do an in-depth look at your finances before committing and make sure you have the budget for such a big project.
Your property needs to be inspected before you can move forward with a custom house project. You should do this before committing to buying out anyone else’s share, so you know the land will be good for your project. If you have a builder that you already decided you want to work with, they can help you set up or possibly even do this inspection. Remember that there are lots of elements involved in the project, some of which you might not even know about. You might look at your inherited property and only picture the big house that will sit perfectly in that open field, with a pool behind it. You custom builder or another professional can point out how running power or internet will be a substantial extra expense or how the slope would flood your pool. Rely on the expertise of professionals before committing.
Questions? Call Cedar Square Homes Today!
Whether you are ready to start the custom building home process, or you still have more questions, the trained professionals at Cedar Square Homes are here to help you out. We are beloved throughout Maryland and beyond for our attentive service and affordable home remodeling and building prices. We service Anne Arundel County, Annapolis, Crofton, Severna Park, and Pasadena. Visit us online or give us a call at 410-987-9771. To see more examples of our work and for helpful tips and tricks, be sure to follow us on Facebook, Twitter, and Pinterest!