The idea of buying land and building a dream home on it is appealing to many people. But before you break ground, there are several factors you need to consider.

Building a house after buying land
Your first step should be to determine whether you can build on that land at all and, if so, if there are any restrictions due to the topography of the site and zoning restrictions. An experienced local builder can help you navigate those issues.

You also need to meet with a lender experienced in construction loans who can help you understand your financing options and pre-approve you for a loan based on your individual financial needs.

In general, construction loans for a build-on-your-own lot or custom home—I’ll explain those terms next—require you to make a down payment of 20% to 25% on the entire cost of building the home including permits, site preparation and the construction itself. Most lenders will finance a construction project for a year, and then when the house is complete, they require you to refinance into a permanent loan for the property.

Since you already own the land, your costs to build a house could be significantly lower.

Your next decision depends on your budget and your vision for your home. You can choose between a “build-on-your-lot” builder who offers customizable floor plans, a design-build firm that combines the architectural design of your home and the actual construction within one company, or you can opt to hire a separate architect and builder.

Build-On-Your-Lot Builder
Most build-on-your-lot builders have a library of floor plans you can choose from, but they vary in how much you can customize the plans.

Do some research into companies in your area online to find out which builders have experience building the type of home you want and already work on land similar to yours. You can get ideas from builder websites for floor plans and prices.

Often these builders have a design center or offer you a choice of specific products for your home. While this can save you money, make sure these products match your design ideas.

Always check out the warranty offered by builders.

Design-Build
A design-build firm works with you to plan your home from the ground up and is similar to a build-on-your-own lot builder, except that each project is usually a custom design rather than one based on existing floor plans.

Most design-build firms have an in-house architect or contract with architects to design your home who will work with the actual building team. Sometimes an interior designer will be part of the company.

Architect
You can opt to hire a builder first and then find an architect to design your home, or you can choose an architect first and then find a builder.

In this case, your home will be created by the architect according to your vision and the architect’s ideas. If you choose this route, make sure the architect and builder are comfortable working together and both are confident they can meet your budget.

Building a home on your land can be a great experience, but take the time to research your land, your financial options and a variety of local builders before you decide which to choose.

Always have a local attorney with experience in construction law review the contracts before you start the project.

Source: https://www.realtor.com/advice/buy/how-do-i-build-a-house-on-my-land/

lala

okay

Thank you op. I am interested in a construction loan u mentioned can you help state examples of companies that can give one such offer

2. Can they also help complete an uncompleted building project

Thanks for the information

Good one

SmallmebigGod:
Thank you op. I am interested in a construction loan u mentioned can you help state examples of companies that can give one such offer

2. Can they also help complete an uncompleted building project

Thanks for the information

Even me too.

Lalasticlala

SmallmebigGod:
Thank you op. I am interested in a construction loan u mentioned can you help state examples of companies that can give one such offer

2. Can they also help complete an uncompleted building project

Thanks for the information

@havillaplus kindly respond to the above enquiries . as you can see someone else is interested in this information. Thanks for your help

I m also interested. I have a property that is 85% completed, and just sourcing for loan to finish up . op pls advice

SmallmebigGod:
Thank you op. I am interested in a construction loan u mentioned can you help state examples of companies that can give one such offer

2. Can they also help complete an uncompleted building project

Thanks for the information

Most construction companies find it easier to access construction loans from financial institutions. As an individual, you may find it difficult. Some banks gives this loans. Talk to your account officer. But please know that financial capability to pay back in the stipulated time will also be considered.



Irrespective of where your loan comes from, nobody will give you a loan and leave you alone.

MrPeterson:
I m also interested. I have a property that is 85% completed, and just sourcing for loan to finish up . op pls advice

I guess many others too will be interested in this.

lalasticlala, lawyer, dominique,

MOD

What is the op saying

ok

Awesome

Interesting

Good one

following

Good infor

this is for foreign lands na

havillaplus:



Most construction companies find it easier to access construction loans from financial institutions. As an individual, you may find it difficult. Some banks gives this loans. Talk to your account officer. But please know that financial capability to pay back in the stipulated time will also be considered.



Irrespective of where your loan comes from, nobody will give you a loan and leave you a lone.

I love the sentence in colour. Please never borrow from a nigerian bank to finance building project, particularly a non-commercial building.
If you do, you will wail.

Op i want to build a house with this design.

ruggedtimi:
Op i want to build a house with this design.

ruggedtimi:
Op i want to build a house with this design.

Hahaha

Guy no go dey copy Oyinbo thing come dey paste for Nigeria...it cannot work...we know aw we do our thing here...aw come this reach FP sef

havillaplus:




Source: https://www.realtor.com/advice/buy/how-do-i-build-a-house-on-my-land/

Ok

I am coming

ruggedtimi:
Op i want to build a house with this design.

if you are ready lemme know, i will get the building and structural plan ready for you at an affordable fee

MrPeterson:
I m also interested. I have a property that is 85% completed, and just sourcing for loan to finish up . op pls advice

my uncle just finish his construction with loan from his cooperative

NICE CONTRIBUTION OP.....

You forgot to include omo onile.