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squiddles15

Where to begin, owner-builder?!

squiddles
8 years ago

We are a few years away from building our own home, but the ideas are just starting to brew and the time to educate is now!!
We own our current home, and today it is worth nearly $100,000 more than what we owe. So, we will be starting out with plenty of cash (hopefully).

So, now what? I feel like I don't know anything! My husband has 20 years of home building experience, and we will be building the home ourselves. He is not licensed, but if we MUST go through a GC then he has several friends in the business who will do it for us (for a fee, of course). I plan on reading "the Owner Builder Book"

What order should I expect the steps to go in? Is this a good guess? What am I missing?

-sell current home, move into rental

-choose and buy plans for home

-find land (we want 5-10 acres)

-find a lender that will roll land and construction loan together

-OR buy land first and then find construction loan second

^^depending on which route we go, where can we expect our $100,000 to go? Some will be spent on securing house plans and the fees associated with getting them approved by the county etc... should we pay cash for the land and finance the house? finance the land, and finance the house separately? Our total budget is about 270,000. (we've already seen land in our area for around 50-80,000 depending on size).


Once we get the land and loan and are ready to start, does the construction loan cover stuff like clearing land, punching a driveway in, well and septic?


If we buy items used, or online how are we reimbursed by the financier? Is it difficult to get things like that approved?


thanks in advance :)



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