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We bought the land where we live now and then we built this house. We have 150 acres of dense forest with 1/4 mile of river frontage and a 2400 sq ft house [ with carport and various roofed-in walkways our total footprint is around 5000sq ft ]. We have grid power available to us, last year we shifted to solar power. By the end of this year we hope to be entirely net-zero in powering, heating and cooling this house. We have less than $125k into the project so far.
How large if this home that you are planning to build?
We bought the land where we live now and then we built this house. We have 150 acres of dense forest with 1/4 mile of river frontage and a 2400 sq ft house [ with carport and various roofed-in walkways our total footprint is around 5000sq ft ]. We have grid power available to us, last year we shifted to solar power. By the end of this year we hope to be entirely net-zero in powering, heating and cooling this house. We have less than $125k into the project so far.
How large if this home that you are planning to build?
If you were looking at buying an existing house, there are limited options on the market. You can only select from what is available. If you are going to build, that means you are going to design this house.
It completely baffles me, that today, people design new homes, planning on paying for electricity and heating fuel for the rest of their lives.
We migrated to Maine. All homes in Maine need some form of heating system. Of course it is possible to design a house to heat itself, but less than 1% do this.
To take an existing house and modify it is nearly impossible, as you would be re-building most of the house. Yet, I see all the time new houses and purposely refuse to build houses that would be free of heating costs.
i would never buy land and build . our friends did that. they bought land ,designed a custom home and got a builder .
well as the foundation went in water seepage from under ground became a problem . it delayed construction while they dealt with all the issues . with those delays went bills for heavy equipment ,porta potty's ,workers ,etc . the home ended up running 100k more because of the land issues .
i would want a builder to provide and be responsible for everything unknown including the land .
We built our house 10 years ago. it was our 3rd build. I would do it again after i retired only, as I had countless hours in sweat equity in our homes. There is nothing like having a brand new home EXACTLY the way you want it. You learn something with each build that makes the next one better. You can search thousands of house plans online until you find the one perfect for you. Our plans cost $500 and we have yet to see another like it. It even got used by lending tree in one of their ads when a photographer took it's picture for a stock site.
I don't know about your area but in mine your house will be worth less than you will pay to build it, so you have to come to the table with extra cash to get a construction loan. Not the case when we built, but housing prices have collapsed around here.
You need a reliable builder with references. We knew ours from previous builds and he was great letting me work on the project too, which saved me thousands and was very satisfying as well. You should plan well in advance picking out everything from trim, doors, windows, cabinets, counters, etc, so that your build is less stressful. You will have hundreds of decisions to make with little time to make them so that homework pays off big time. Keep a notebook as you go to record your choices and keep track of expenses. Good builders can give you a ballpark figure per sq. ft. after seeing your plans. That number can go up significantly as you upgrade heating, cooling, kitchens and baths. Figure at least 10% for surprises.
At the end you'll likely need some new furniture, window coverings, and all the little things to finish your home. Then comes the outside landscaping.
I'm not trying to scare you, but open your eyes to all building entails.The more prepared you are, the easier it goes and the less stress you will have. I was onsite every day doing projects and/or clean up. I think that is important that you know how your house was built and be involved. I saved over 8 grand just doing my hardwood floors. It was hard work but immensely satisfying.
My best advice is to do a lot of research and reading. Find friends who have built and pick their brains. The more you know upfront, the easier your build will be.
I would get the construction loan after buying the land - you don't want to run out of money in the middle of a build, a construction loan will be granted to you based on the fact that you own the land outright probably.
You can always use your HELOC money first, then tap into the construction loan when needed. With the construction loan you will only pay interest on what you have written checks for and of course, for the period of time between you write them and when you convert to a permanent loan.
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