Yes it is all about location, great schools are very important, a street that is not busy, walkable area, low crime neighborhood, everything you would care about when selecting a place to live for yourself. 

  Now here is what you might not know about selecting the property. Ideally you want a lot that will allow the house to sit slightly uphill from the street. Not on a mountain, just an upward crown an elevation difference of 2ft depending on lot size and house location. 

  Next you want an open lot or one that you can open up. Clear out brush and dying trees. If there is a tree worth saving make sure it is not dying by having an arborist look at it. 

  Triangle lots are tough and usually not worth the trouble, corner lots are the same. Corner lots are viewed as having two front yards and the setbacks from the street in front typically are the same for the side street greatly reducing your build footprint. 

  Neighbors, you definitely do not want to build a spec house near the neighborhood hoarder or front yard mechanic. No fence will hide what you see on your first and every approach to your new home. You also want to get along with your new neighbors when you purchase your property. 

  Price, this is mathematics not feelings. Before you start looking for property you need to know a few things first.

• What price are you looking to sell your new house at?

• What are the comps for the targeted market? Bedroom, Baths, house sft, lot size?

• What is the cost you can build at per foot to deliver the same type home in that space?

• How big is the market space and how many days on market to sell?

• Then select the area you want to build based on the local comps. 

  New homes sell for more than older homes per house size, bedroom count, and land size. Waterviews and waterfront increase the sales price as do pools and other features.  Sometimes they are worth adding and sometimes not, the math will tell you. 

  Having completed your homework you can then decide on the price for the land. Your ceiling is set by the comps, you need to deduct the cost to build with the features the other comps have, then the land price, closing fees, and have enough profit to be worth the effort.