I was a Town Engineer shared between a dozen small towns in CT many years ago. I've seen realitors pull all kinds of swindles, most on purpose, a few not. Think of them as "used land salesmen". We all know about "used car salesmen". In this case, with land, you are talking alot more money. You need to start a note book and record all visits, documents, and photos related to this project. Visit: your lawyer, a surveyor, the town building official, your banker, and anyone else that they say you will need approval from. With all the information you can make an informed decision. Even so, things can go horribly wrong. I saw a 3 house subdivision have big trouble because a guy showed up claiming that the land was his(he had an old deed) and not the developers. Fortunately, in this case the developer was honest and paidoff the claim but plenty of others would have just filed bankrupcy and screwed the home owners. When you buy, get "Tittle Insurance".
Another aspect is that if you borrow the money to build, the banks are a huge pain to deal with. I saw banks shutdown houses half built so that the owners lost everything. I personally paid off my existing residence and then used a home equity credit line to build the new one. When we moved to the new one there was no liens on it but, the old one was in debt. When I sold the old one, all debts were then paid off. I built my place. Mostly just the wife and me until we had our son then, it was me with help hired as needed.
Please take your time and do full research on land laws and home construction. How are the schools? Look into energy efficient construction and passive solar heating. I would be looking at that piece of land that you already have. Good Luck, Rick
P.S. I have seen on several occassions where people claimed to be selling much more than they had. In one case, the owner claimed 13 acres and the Realtor knew it wasn't but went along with the seller. When the buyer found that he only got 3 acres, he revealed that he was a retired State Trooper from the other end of the State and the County Prosecutor was his brother in law. I enjoyed seeing that crook lose her license and go out of business. When I bought my property, I had a survey done before buying it. It was worth the piece of mind.
Edited by boyscout862, December 28, 2014 - 10:47 AM.