whats the first step i take in getting a house built???

Question

im a little confused. how do i get something financed thats not built yet?? and how can i get it built without it being financed?? who do i go to first to get the ball rolling???

Answer 1

you need to have the land
financiers will take a mortgage on the land - this includes anything "attached" now or in the future to the land
when they pay out the loan - it is done in stages according to how far the building has been completed.
first step - assuming you own the land (with or without borrowing)
talk to a financier and to a builder to see if you can borrow enough to build what you want

Answer 2

It depends. In some developments, you buy a lot, hire the developer to build a house, arrange for financing for a construction loan with the assistance of the developer, have the house built then apply for a standard mortgage.

Or, shop for a lot in an area you want to live. Find out from the township zoning department what you are allowed to build on the lot. Shop magazine racks for home design magazines to get some ideas on what you want to build. Find a builder who specializes in building new, custom homes. Depending on your wants, you may also have to hire an architect, if there are no stock plans the builder can work from. Then get a construction loan, then apply for a mortgage.

It seems like a nice idea to have your dream home built. It can become a nightmare. You will be called upon to decide everything, to and including the size and color of door hinges.

I favor buying homes that already exist, and preferably one that is about ten years old. By then all of the problems are sorted out and you still have 10 years to go before things start wearing out. By then you may be able to afford some renovations.

Answer 3

It depends on your finances and your credit rating. Do you have the property or do you need to buy it? I would check with a bank and see what they will do. If you already own the property then you need to check with the city planner or with the county planner. You will need to know how the property is zoned and the specs on the home you are planning on having. They need to okay the plans. I would also talk to a builder that is building a sub-division and check out what they charge. You also will want to check out the property tax in different areas if you are looking to buy property. Taxes vary substantually on where you build.

Answer 4

a carpenter.