Thinking of Buying A Lot & Building A Home? Some Thoughts From A Professional.What to Consider When Selecting Vacant Lot to Build A Home. What a great idea to buy a lot and to build a home in the location of your choice and design a modern home with all the amenities you want, to enjoy your life with family and friends, or to sell for a profit. First things first. What are the restrictions? What should I do to start the process? The first thing to do when exploring the idea of buying an undeveloped lot is to identify and find the land or lot parcel you want to purchase and then see what the financing options are available if you are not paying cash, then and decide your budget. Several banks will offer home building packages. I know US Bank had an excellent home building package that included the lot purchase, the take-out financing ( Construction Loan), and then they would roll that construction (take out ) investment into a 30 year fixed rate, fully amortized mortgage.