Building a brand new home is a dream for many people. While building your own home can be a great option, it can be a confusing process to get done. If you are thinking of building your own custom home, there are several things you will need to do to start the process.
Find a Piece of Land
When you are starting the process of building a new home, the first thing you will need is a piece of land. The land will need to be in an area of town that is zoned for residential housing and is large enough to fit your home. If you buy from a home developer many of these challenges may already be handled, but you could be limited on housing choices. If you want to build in an established community, another option would be to buy an older and cheaper home and have it torn down.
Develop and Submit Plans
Once you have an idea of where the home will be located, you will need to have plans written and developed. By working with a contractor and architect you could have detailed home plans written up. The contractor could then have these submitted to your local zoning board for approval and make any necessary changes. The contractor should also be able to provide you with an accurate estimate of what the total costs to build will be, including the land acquisition.
The third step in building your own home is to obtain the financing that you need. Financing for a construction home is typically more complicated than a standard loan. This process will require you to have plans and budgets approved by the lender. The lender will normally have an appraisal completed on the finalized project to determine how much they are willing to lend. In most cases, they will finance up to 80% of the estimated home value after the project is complete.
For more information on new construction homes or new condominiums, contact the team at Columbia Homes today.