The idea of building a custom home is very appealing to a lot of people, which is why there are so many new homes being built. If you cannot find a home that has everything you want or need, then you should consider building your own home and getting exactly what you want. The idea of having a home built can sound intimidating, but the job is not nearly as difficult when you know how to take care of the first few important steps.
Finding The Land
If you intend to fund your home building project through a bank, then you can make things a lot easier by buying the land before you try to get funding. As with any home loan, the bank will want to make sure that the property you purchase can appreciate in value and is a good investment.
When you buy the property on your own without bank funding, then the bank is not going to be as concerned with how much you paid. But the bank will want to feel comfortable with the idea that your house will be in a neighborhood that will appreciate in value and build equity over the years.
Finding A Builder
One of the most important parts of your home building project is to find a general contractor that you can trust. There are a lot of custom home builders in your area, but only a few have a positive reputation that you can trust. You need to ask around for personal referrals and do plenty of homework to find the right builder for your project.
You should use online referral websites to find at least four or five home builders you can interview personally for your project. Prior to talking to the builders, you need to put together a list of questions you will ask to make sure that you find the right contractor for your project.
Finding A Lender
If you do not have the cash saved to pay for your home building project, then you will need to get a loan. Funding a home building project is much different and more complicated than getting a standard mortgage for an existing structure. The lender will offer you what is referred to as a construction loan, and you will have plenty of paperwork to submit to the lender throughout the course of the project.
As with builders, it is important to compile a list of reputable lenders and take the time to interview each lender before making your decision. You will find that most lenders have unique policies and procedures when it comes to funding building projects, and you will want to do business with the one that makes you most comfortable.
If you want to have a home that truly satisfies your needs, then you should have your home built to your specifications. The process can be long and difficult to build your own home, but the results would be worth it.
robin rue says
My friend just went through this process. It was super stressful for her, but she just moved in this past weekend and is happy it’s all behind her.
Stacie @ Divine Lifestyle says
This is such great information. Building your own home is so involved. It’s FAR more involved than most people think, in fact.
I would love to go on my own home. I have some great ideas of what I would want to do. I wish I could do it. You do have some wonderful tips here for those that are able to do it and I’ll have to share it with a few of my friends.
Lisa Favre says
There’s one area near where I live that seems to have vacant land quite often. I always think to myself how lovely it would be to build our own home.
melissa chapman says
I am not planning on moving but building my own personalized home is a dream.everyone has. I think finding people you can work with is the most important step after funding.
Ora Lee Gurr says
The hints about building your own home are so helpful. Finding a reliable lender is definitely important.
Liz Mays says
This is a process I haven’t gone through yet. I always thought it would be satisfying to have a home built just the way I want it.
Veronica Solomon says
This is such a great post. Very important phase and so many decisions to make
Kelly Hutchinson says
We are going to be buying a home soon. We are hoping to have one custom built, so this was a great read for me. Thank you!
Joely Smith says
I am blessed to love my home HOWEVER if I could build I would do everything nearly the same with a better layout! If we were ever to move it would be into a home we build so thank you – this article helped a lot!
Tomi C says
We have a friend who recently inherited some family land and she and her hubby are building a new home. It’s really challenging but I know in the end it’ll all be worth it. Can’t wait to share this post with her.
Amber Myers says
We’ve never done this before but might down the line. My husband wants a house with things that WE truly want.
Marcie W. says
We have lived in our current home for almost nine years and I can not see us moving anytime soon. That being said, I would love to venture into the homebuying process from the ground up. The thought of being able to customize everything to fit our family is awesome!
valmg @ Mom Knows It All says
I’ve known a few people that thought they wanted to have a custom built new home. They did go thorugh a number of different challenges during the build.
We tried to find suitable land to buy a home, but about 11 years ago, the housing bubble here was awful. Plus hard to find residential land that we wanted in this area. Fortunately we were able to find a home we liked, but I still dream about building the home of our dreams.
AnnMarie John says
I’ve never tried building a house before. It takes a lot of work and research but it’s definitely going to be worth it since you did everything yourself. These are very helpful tips!
These are very helpful tips. My brother is planning to build his own home. I will share this with him.
Carol Cassara says
Great tips! I agree with everything that you mentioned especially with the builders and the lenders. It’s good to know what you’re getting into!
Jocelyn at Hip Mama's Place says
It’s always exciting to have the chance to build your own home. You get to pick the design and everything else! Which also means it takes more work but that’s what makes it worth it. These are all important steps, for sure!
Joanna @ Everyday Made Fresh says
I would love to be able to build a house one day. Everything exactly the way I want it, all picked out, fresh and new!
Alicia Taylor says
When we moved four years ago, we were thinking of building our own place. I had the perfect floor plan in mind. However, once we got down here, we opted to just buy a prebuilt house since we couldn’t find any wooded acreage for sale – but found a house in the middle of the woods!
Wendy Polisi says
I just love making a house a home. It is a TON of work, but so incredibly worth it.
Shannon Gurnee says
These are definitely all important things when it comes to building your own home. I would say that getting approved for a loan is at the top to make sure you qualify for enough to build.
Annemarie LeBlanc says
It would so nice to have your own home built according to your needs. The first step though would be to find vacant property in an area with a good neighborhood and ideal for raising kids. For the house, I’d like a patio, a big backyard, a ginormous kitchen, a pool, an entertainment room in the basement, a sunken living room, a huge master bedroom and master bathroom. Dream on!
Our Family World says
Thanks for this article. I am aware that some people prefer to build their own homes. I would too, if I had the budget for it. To have the option to design your own home according to your needs is awesome!
I built my first home and while it was super fun picking everything out it was also super stressful!! HA!!
Oh what a great post, lots of great information!
Great ideas! We wanted to build our own home but it was too costly, maybe one day!
The older I get, the more this appeals to me. I’d love to have a mother in law suite too, so I could bring my mom to live with us as she’s getting much older.
My husband and I’ve been in the midst of finding a new home, but it would be nice if we could build one, though. However, I have heard that it can be a lengthy process!
It has always been my dream to build our own home rather than just purchase one in a subdivision. Someday, I hope.
Angela Ricardo Bethea says
Thanks for sharing these wonderful tips and I’d like to build my very own home someday. Doing this kind of stuff will surely be a ton of hard work but I’m sure the result will be worth it.
Aduke Schulist says
When it is time for me to own a home, I’d love to be able to build it. The idea seems so overwhelming, but I have heard it can be more affordable in the long run, so totally worth it.
TIm B says
Unfortunately land is so expensive and hard to find around us makes it hard to be a viable option. These are some great tips for folks who live in places around the country where there is plenty of room to build. I wish I was one of them myself. Great post!
Amy Desrosiers says
We just moved into a brand new home. It is pretty much the home of our dreams.
Marielle Altenor says
The next home we get is going to be one that we build! Being able to choose everything from the nails to the door knobs would be so fantastic!
Shaney Vijendranath says
My dream is to build my own home. I think it is so much fun designing it how you want especially the kitchen and closet. 😛 One day I will get there!