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10 step plan for your custom built home
Considering all of the potential problems in building a new home, why would anyone consider hiring a builder, buying a lot and starting a home from scratch, rather than buying an existing ready-to-move-in home? The reasons vary, but many custom home buyers cite the satisfaction of the home-building process as a compelling motivation. Others want a home with the latest in modern design and home-building technology or a custom floor plan and home design that fits their specific lifestyle and needs. Many people believe a new-built home will require less maintenance or appreciate faster. And, naturally, some people enjoy the pleasure of living in a home that´s completely new from the ground up.
A successful home-building experience depends largely on following a workable plan from the start through the completion. Here's an example of a 10-step home-building plan that might work for you:
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Establish your budget
Before you start making plans for your new custom-built home, check with a lender on how much money you can qualify to borrow and what the down payment requirements will be to finance the construction and purchase of your new home. Click here for Down Payment Assistance information.
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Select the area
Select the general area where your new home will be built. Spend some time investigating and visiting areas where you might want to live.
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Choose a builder
Select a construction professional to help guide you through the next few steps of the process. A preliminary agreement can give you the option of selecting the same builder or a different one to construct your home later on.
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Choose a site
Pick a site for your home. Choose the specific site on which you plan to build your new home.
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Select a designer
Hire a home designer. Select a designer/architect whose work suits your taste and who will design your home that can be built within a pre-determined budget on the site you've already selected.
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Obtain one or more bids
Choose a good builder for the construction of your home. The builder you choose may be the same one who has assisted you thus far with the process of building your new home. You might decide to obtain several formal bids for building your home. The bidding builders will assemble subcontractors' bids, suppliers' proposals and other estimates into a formal cost analysis based on the complete specifications for your home.
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Finance your home
At this point in the process, you should be ready to arrange the short-term construction financing and the long-term residential mortgage for your new home.
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Obtain permits
Obtain all construction-related approvals and permits. Before construction can begin, you'll need official sign-offs from the local building department, utility services and the architectural control board or committee, if any, that has jurisdiction over your site.
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Build your home
If your plan has been well-executed, construction of your home could be the easiest part of the process.
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Completion
Closing and completion of all final work. After your home is built, the lender will fund your mortgage and the builder will make any repairs necessary under the warranty program.