I watched my coworker do it. He loved it but it was a lot of work. The hardest part is finding the land and actually getting the construction loan. Usually you have to put down a decent percentage to secure the loan for construction, so you'd have to buy the land out right and then also put down the % for the construction loan so it takes a decent amount of cash up front. It was 30% where I used to live, I imagine that varies by location, and you have to make loan payments during construction on your construction loan and also mortgage/rent on where you are living during construction.
I'm lazy (and don't have that much cash without selling our current home) so we are doing the contractor already has the land, and we get to pick the floor plan and features we want, for our new home.
Post by dixeedeluxe on Sept 14, 2016 11:58:13 GMT -5
@lindy, is correct about the hardest part. We were gifted the land, but we still had a hard time obtaining a construction loan on our own. It's a good thing this is Smalltown USA and my FIL is friends with everyone!
How custom do you want? There is an option to buy from a builder who already owns the land. So, it'd be like buying in a development, but it doesn't need to be IN a development.
C25K...it works Seaside 5K...........40:45(2012) Turkey Trot..........41:30(2012)/37:08(2013)/37:40(2014) St Pat's 5K..........39:27(2013)/38:48(2014)/35:12(2015) Belair Town Run......38:09(2013)/36:27(2014) Back To Football 5K..37:36(2013)/43:44(2015) Balt Run Fest 5K.....34:59(2013)/41:50(2014)/35:54(2015)
Post by dixeedeluxe on Sept 14, 2016 12:03:00 GMT -5
You can Google builders and your state. Then there will sometimes be links for "available homes" on their website. They aren't always houses that are already built. Soemtimes it's just homesites.
C25K...it works Seaside 5K...........40:45(2012) Turkey Trot..........41:30(2012)/37:08(2013)/37:40(2014) St Pat's 5K..........39:27(2013)/38:48(2014)/35:12(2015) Belair Town Run......38:09(2013)/36:27(2014) Back To Football 5K..37:36(2013)/43:44(2015) Balt Run Fest 5K.....34:59(2013)/41:50(2014)/35:54(2015)
Maybe I should look for land owned by the construction company.
This is all a pipe dream I think.
Homes are so expensive here and we need a big house bc we have too many kids!
I wonder where to start to look for land owner by the builder
You can call around. Google the town and home construction or you can try talking to a realtor. The house we ended up with wasn't anywhere online but we found a company that was building houses nearby and called to see what they had.
Oh Jesus, well there goes any idea of doing this for our next home. lol
If you find one in a development where the builder has the land already, and you get to do partial customization, the % down is much much less. We only had to put down 2% to start the building process.
C25K...it works Seaside 5K...........40:45(2012) Turkey Trot..........41:30(2012)/37:08(2013)/37:40(2014) St Pat's 5K..........39:27(2013)/38:48(2014)/35:12(2015) Belair Town Run......38:09(2013)/36:27(2014) Back To Football 5K..37:36(2013)/43:44(2015) Balt Run Fest 5K.....34:59(2013)/41:50(2014)/35:54(2015)
Post by mcburglar on Sept 14, 2016 14:33:21 GMT -5
I don't know much about this but we developed the family farmland as a kid. Many people would purchase the land but not build until they had the construction down payment saved.
Post by teamhayes on Sept 14, 2016 15:44:48 GMT -5
Well our home only has 4 bedrooms upstairs and one in the basement 3 floors down and I want everyone to sleep on the same level
Currently we are working on m and k moving in together by closet space is at a premium and they all will need a place to do school work when they get j to grade shool and privacy so we are trying g to plan ahead and get moving on he envy year or 3 max
Our home estimate is suppose to be at its peak late summer 2017 so we should try to ae Around d then but who knows I am pretty lazy
We did. We bought our property and had it paid off before we built. We did a construction loan which rolled over into a conventional loan once we were done. With the land as collateral plus our down payment, it was pretty easy to get a loan, but we live in a VLCOL and did not need a large amount. It cost us about $100/sq foot to build.
Post by teamhayes on Sept 14, 2016 16:20:01 GMT -5
Thanks for all the info
It sounds so amazing to have exactly what you want
I grew up in a home my parents designed and they loved every inch. Of that home and it would be awesome to be able to create the same but I have lots and lots of research to do
We had ours built. We purchased the land ourselves, but then our builder financed the construction so we didn't have to go through the hassle of a construction loan. We just had to give them our down payment up front and then get a traditional mortgage. The trick was that we had to sell our house first to get the equity out of it and we lived in a rental for 9 months.
Being able to have exactly what we want is amazing. It's not that big, but it's layed out to really maximize the space for the way we live.
Also we waited a couple years and then this summer we just finished the basement, which added another bed and bath and a big media/play room.
Post by whiskeytails on Sept 14, 2016 19:59:34 GMT -5
I'm in the process of a build.
We decided not to do turn-key (builder carries the loan) because of the extra finance costs plus less flexibility with making changes during the build.
We purchased our land and went with a custom craftsman ranch. It's not a huge house--but different enough to others in the area. Since my husband is a vet, we found a great loan officer that set us up with a construction loan that will be refinanced into a VA loan.
We are 2.5 months into our build with about 1.5-2 left.
Definetly take time to figure out exactly what you want. I love my house, but there are a few things I would do different (mostly bigger pantry and utility room.) We built for fairly cheap and before kids, so I think you will have a better idea of what you want than we did. Unless we win the lottery, we are in our forever house. We have plans on changing things over time (cabinets and flooring) but plan on waiting until the kids are much older and less likely to destroy things.