You’ve found the perfect land – now it needs the perfect home. Before you grab a shovel and start breaking ground, there are some questions you need to answer: what type of financing do you need? How long will it take? What are the hidden costs?
That’s where we come in! (Don’t worry, we’ll dig the land and build the home, too.) Below, find five things you need to know about building a new home on your own land.
What are the benefits to building on my own land?
There are so many benefits to building on your own land! Oftentimes, you don’t have the same Homeowners Requirements that you do when you build in a new community. You can pick a homesite within a desired school district. You have the opportunity to choose a homesite with more acreage, or one in a desirable area such as near a golf course or a bustling downtown.
What steps do I need to take to build on my own land?
The construction process for building on your own land versus within a Lombardo Homes community is very similar, with some notable differences. When building on your own land, your first two steps are to secure financing and find the perfect homesite. Once you’ve done that, our team takes over! We’ll start by conducting a site evaluation, where we determine how your home will fit on the land and collect lot-specific information such as permits, utilities, topography, and more. After the due diligence period is complete and you’ve signed your Construction Agreement, the construction process is very similar to as if you were building within a Lombardo Homes community. Check out our blog post for more details on our build process.
What type of financing is required?
Unlike when building in an established Lombardo Homes community, all clients building on their own land are required to have a construction loan. We encourage our clients to secure financing before meeting with a sales manager, but if you don’t have a lender, don’t fret! Our team has a list of lenders we’ve worked with in the past that we can recommend.
When should I meet with a sales manager?
As soon as you’re approved! Meet with a sales manager early so we can start the site evaluation and due diligence on your land before you purchase it. This will give you a clearer picture of what costs are associated with building on your land.
What are the hidden costs when building on my own land?
Our team is upfront about the base price of your home and what it includes, but there may be costs associated with building on your land that are not reflected in the initial purchase price. Tree clearing, grading, driveway length, utilities, and municipality requirements can add to the overall price of the land. We uncover these costs during the due diligence period so you know what to expect when signing a Construction Agreement.
Interested in building on your own land in Southeast Michigan or the St. Louis area? Check out our frequently asked questions about building on your own lot, then contact us to learn more about Anywhere Lombardo in Michigan and Missouri!