Record-low inventory of homes for sale is forcing some homebuyers to build their own homes, but they still need think about where they will build. Buzzfeed recently tested ordinary people on their real estate knowledge with some surprising results. Do you know how to calculate how much land you will need for that dream house and how much a parcel of land will cost? How many square feet are in an acre? Does your real estate knowledge stack up to the Buzzfeed challenge? Here are some real estate tips to better your score on BuzzFeed’s Regular People Take a Real Estate Exam . DO THE MATH The National Association of Home Builders reports an average cost of $85,139 for a buildable lot. Now’s the time to bust out that handy calculator. The percentage or ratio of the size of the building to the land on which it resides is called the “ land-to-building ratio .” To arrive at the land to building ratio, divide the square footage of the land parcel by the square footage of the buildin...
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