One of the biggest decision is if you want to live on Rural Land or on a lot in an Established Subdivision. The choice should be made early because the size of your lot may restrict the design of your home. Conversely, the design of your home may also limit the size of lots you consider. Read more about the Pros & Cons.
Choosing Land or a Neighborhood Lot SEE PROJECT »
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Your budget is the foundation for every other decision you will make while preparing to build a home because it provides context for what is possible. Most people attempt to answer the question of “What is my budget?” by simply deciding how much they would be comfortable spending. Unfortunately, while this is a crucial part of the process, it ignores the rest of the picture. We advise our clients to answer the following questions in the order below. However, if you are self-financing the project, skip to question #3.
This sets what we refer to as your Maximum Loan Amount.
This is where many people get confused because if you ask the wrong questions when interviewing lenders, you’ll get vastly different answers. We recommend reviewing the information in this article on the loan type you will need before meeting with your lending candidates.
Just because a lender is will to lend up to your Maximum Loan Amount, this does not mean you will be willing to borrow and spend that amount. Consider the monthly payments as a starting point and adjust your Budget amount from there. Your chosen lender can help you with this.
This answer will come from a qualified builder during your preliminary meeting. Be prepared to discuss your budget so that the builder can help you get a better idea of what size home to design to meet your goals.
