"Build on Your Lot" Builders and Other Newbie Questions
This is my frist post on this forum and my first house to own or build. My fiancee and I inherited an acre of land in an unincorporated part of a suburb of Houston (make sense?) - it's technically in "Brazoria County." We're in the very early research stages of the "is this right for us" and here's the quick back ground:
It is a full acre
It has been "developed" if you will (1970's trailer home, not livable; various wooden and aluminum sheds; gravel/crushed concrete drive; well; septic system)
The well and septic system are basically a loss and will need to be rebuilt / filled in / redrilled,
My student loans and fiancee's current school payments keep us from currently being able to afford more than $1200 on a house
It's not on enough land to classify it as "country" but it's not city enough to have things like street lights and sidewalks.
We're looking at established builders because we feel like developing this property to a livable-by-current-standards home is a good decision (can sell for significantly more than it's worth, walk in $30K up due to land value), and believe that a major builder that builds standard houseing would be the most expedient, cost-effective way of doing it. We don't want to be in this house forever, or even more than 10 years, so we're trying to make it a good investment by spending as little as possible to get the most impact.
This is all a round about way of saying - pelase give me some advice! I've been reading the internet and talking to people that I know to get anecdotal evidence about building a home, but everyone I'm able to speak to did this when they were my age (late twenties) and that was 40+ years ago.
I don't, at this point, even know what questions to ask. We think we've figured out a good estimate for the taxes, insurance (WindStorm area II - yay not area I!) and what the monthly payment would be for the mortgage, but I'd like to get a good feel for the actual PROCESS.
When do you actually have to start paying fo the mortgage loan? I assume it differs if you get a consttruction loan and then pay that off with the mortgage, but good estimates of that v. time building the house v. time havnig to find houseing while paying for a mortgage as well would be helpful.
TL:dr: I'm a first time home owner, builder, looking for some general advice or good literature to read about the process.