Building Your First Home

Building your first home entails taking on many tasks. Homebuyers must find a new home construction loan, lot and builder and that's just the beginning. Just because it's the first time out of the starting gate doesn't mean you can't come out a winner; you just need the right tools. Staying organized, documenting every detail and planning every stage of the process can prime homebuyers for success. Many resources are readily available for those who're ready to tackle this challenge.

When you're serious about building your first home, you'll need to take financial steps to make it happen. In most cases, this will require getting a new home construction loan. The first step in going forward in this department is to get approved for a mortgage. Then more specific decisions can be made concerning that new home. Has the lot already been selected and purchased? Buyers may choose a construction to permanent loan, where they only close once. Or they can select a double close loan that is a loan for the construction period, then they'll refinance for a more traditional mortgage. If things seem a bit overwhelming, there is always the option of getting a construction end loan, which allows buyers to gain financing for a recently constructed home.

Before building your first home, a lot must be selected. Think about the top choices for setting up a residence. Will the perfect new home be next door to in-laws or at least two towns away? In some cases homebuyers will already have purchased a parcel of land or at least have one in mind. The type of home site chosen may significantly impact the budget and the new home construction loan, so choose wisely. Considerations to keep in mind include size, level, shape, view, clearing and grading needs.

After the lot is chosen, a logical next step can be selecting the style of house or picking home plans. A knowledgeable builder can offer guidance about determining what plans look best on which lots while staying within a specific budget. Ultimately however, it is the homebuyer who is responsible for making sure everything fits well together. Look at the current needs of your family then try to visualize the future. How much square footage is needed? Is entertaining space a priority? Will frequent guests need their own rooms? Will anyone work out of the home? The more questions asked, the better idea of what style of house will work best.

Choosing a builder is the next part of building your first home. Once home plans have been narrowed down, the lot has been chosen and you're approved for that new home construction loan, a builder must be selected. Find the right person for the job through word of mouth, Web sites or the National Association of Home Builders. Get recommendations and references then follow through: this is no time to drop the ball. Meet with top candidates, get estimates and decide who will work best for your project.

Who knew building your first home could be so involved? Well anyone who's ever built a home, that's who. Locating a builder, getting approved for a home loan, finding a lot- oh my! Just take it slowly and keep it organized. Think of each step you take as one step closer to that newly constructed home sweet home.