When it comes time to purchase a home, there is always the tough decision of buying a property that is move in ready, a fixer upper, or starting from scratch. For many home buyers, the idea of buying a piece of land as opposed to an actual house is very intimidating, but it shouldn’t be. Often times, buyers underestimate the countless benefits of purchasing land, so let’s break it down in terms of the top 3 benefits.

1. Location. You can choose your location and build your perfect home. Bermuda is an extremely small island, and finding a home that you like in a location that you like can be quite difficult. If you can find a piece of land in your ideal location, you have the opportunity to build your ideal home. You can customize your home to maximize the benefits of your lot. For example do you have elevated water views? Build yourself a two story home with a balcony overlooking these views. It is the best way to maximize what is available to you.

2. Budget. A common concern when purchasing land, is that you have to pay for not only the land but also the additional cost of building a house on top of that. You’re right, it is expensive, but there is no rush. Once the purchase of the land has been finalized the land belongs to you. You can decide to delay your building plans for a month, a year or 10 years if that is what works best with your budget. When the time comes to begin construction on your house, you will be able to work within your budget to ensure that you get the most ‘bang for your buck’, and a house that you can afford. There are several different ways to do this. You can start by putting your project out to tender to get the best bids from construction firms. You can also pre-plan any potential additions you may need in the future. Perhaps you can only afford to build a two bedroom home, but eventually you will need that third bedroom. Build the house in a way that the additional structure will look like it was always meant to be there. To put this into perspective, it is three times the cost to renovate an existing home than it is to start from scratch.

3. Customization. We aren’t kidding when we say that you can build the house of your dreams. You get to decide everything form the layout, to the finishes, fixtures and fittings. There are countless architects, project managers and interior designers who can help you to achieve the overall look and feel that you desire for your home. You can even extend this design to your outdoor curb appeal. If you being the landscaping process early, by the time your house is move in ready, your landscaping will be in the stages of maturing.

Keep these benefits in mind when you begin your house hunt as sometimes it is not necessarily a house that you are searching for. Is purchasing land a little more work? Yes, but in the end it is worth every penny to end up with the house of your dreams.

Alton Hill – Price Upon Request

Woodland Grove –  $2,250,000

Plaice’s Point – $695,000

Emily’s Bay – $495,000