Buying land in South Carolina - 5 Things you need to know

Buying land in South Carolina, 5 Thinks you need to know!

Are you considering purchasing land to build your dream home in South Carolina? If so, I’ve got 5 things you need to know before you buy! Hi, I’m Sue LeFavi with Ballenger Reaty.
#1, pay cash if possible. If you aren’t going to build right away and you don’t have cash to buy the property outright, you’ll find that most banks are going to want you to put down anywhere from 30 to 50%. If you are going to build right away, you’ll have a construction-to-permanent loan. With this type of loan, you’ll have short term financing and the rates are typically not fixed. Your bank releases funds as construction stages are completed. Then, the loan becomes a mortgage.
#2, perks! If your land isn’t on a municipal sewer system, then you will probably need a septic tank. That means you will have to get a perk test done. A perk test looks at how absorbable the soil is to the liquid that comes out of the septic tank. If you can’t support a septic tank with your land, you can’t build.
#3, Deed restrictions. Before you get your heart set on that property, you have to look at deed restrictions to determine what you can and can’t do with the property. These are typically found in the covenants for that particular community. You may find restrictions like minimum or maximum square footage and building styles. Often, you will need your plans reviewed and approved by a development’s architectural review board. The more rural the property, like out on St. Helena, the fewer restrictions are likely.
#4, Water. If you’re looking at land without access to municipal water, you may have to dig a well. That can cost $5,000-$10,000 to drill the well, plus the cost of water filtration.
And #5, Easements. Is if there is an easement on a property’s title, you need to know what that stipulates before buying. An easement lets another party have the legal right to someone else’s property for a specific reason, no matter who owns it. That might, for example, mean there’s an easement that lets other people drive over your property to get somewhere else, reducing your privacy. You’ll see this more in the rural areas.
Buying land can seem like a great opportunity, but a lot of research goes into making sure it’s something feasible. You need to do your due diligence and consult with a realtor, like me, so you know exactly what you are getting into! Please reach out to me if I can help in any way!Thanks for watching!

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