Finding and getting an offer accepted on any home is tough in today’s housing market, but what if you could build your own dream home? You could design it how you want and potentially build your own equity in the process. Either buy land and finance it into the costs of the loan or build on land you already own while using its equity as a down-payment. With a construction loan from Homeseed, there are plenty of options and adjustments available throughout the process as you build your dream home.
“Nothing worth having comes easy” is the mantra to remember when going through the building process. The whole process can be daunting but having a can-do attitude will be your ticket to success.
Here’s a simplified checklist for the construction process:
- Research land: location, available utilities, cost for development
- Research type of home: layout, cost to build, finishes
- Research builders: reputation, easy to work with, attention to detail, cost per square foot
- Research loan options: which loan option fits your project and financial goals.
Doing your own research will help you prepare for the challenges ahead. Depending on how you like to organize a project, you will want to keep a digital or paper record of all the details and information you discover. Tip: check out the local jurisdiction in the location you are wanting to build for building requirements and costs. Some building departments have super helpful websites as well.
Getting the financial piece nailed down is one of the early important steps. Here at Homeseed, we offer Conventional (conforming and Jumbo loan amounts), FHA, VA, and USDA construction loans. Speaking with a loan advisor about your financial goals will help you decide which loan option is best.