New user! Beginning Steps - Survey, Loans, Design
I recently purchased a .63 acre neighborhood corner lot on a dead end in my current neighborhood (where I rent) to build my first house on. I plan on paying off the cost of the land before building to be able to use the land equity towards a loan since I won't have house equity like many other builders. The land loan is a 5 year loan that I intended to pay off in 2, but with a recent pay increase (and a stricter budget that I wasn't initially sure I could stick to) it looks like I'll be able to pay off the loan in 12-18 months.
After looking through hundreds of floor plans, I've decided to design my own house (and have started) and will eventually post them here for criticism.
My biggest concern is determining how to limit myself in size. How do I determine how much I would qualify for without actually applying for a loan? I plan on saving for possibly another year or more after the land is payed up for a significant down payment, but determining that amount is beyond me as well. I also have parents and another family member willing to help on the loan since I don't have a house for equity.
I plan on designing as much of the house myself before taking the plans to an architect for professional blueprints. At what point do I survey the property? It has a slight slope and because of the length I believe I can have a walk out basement in the with the rest of the basment being more level near the front.
Thanks for the help!