First Things First

I know that you’re fired up and ready to become a house building CEO. There are a few things, however, that you need to take care of before you give your first orders.

It has been said that money is “the root of all evil.”  You’ll get an argument from me on that point. But there can be no argument that money is the “root of all construction.”

So before anything else, your financing should be in order.

Once you know how much money you’ll have to spend, start looking for land to build on, if you haven’t already done so.

Having found a lot that fits your budget and other needs, it’s time to come up with a house plan.

When the house plan with specification list is finished, your lender will want a copy. He will order an appraisal on the prospective house to ensure that the loan-to-value ratio is what it should be.

He will also require a certificate of a builder’s risk insurance policy.

 

Verify that the cost of construction, totaled with the cost of land, will fit into your budget by using cost estimating methods.

This is getting a bit ahead of schedule (which is a good thing), but you can also be using this time period to find subcontractors.  Compiling a list of names and numbers is good enough for now.
 
You can also be checking out various material suppliers and building supply stores, who can be helpful to you in the pre-construction phase.

Complete all of these tasks and you should have a plan, some land, and enough money to see your house building dream through to a happy ending.

 



 

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