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After you've found the lot of your dreams, the next step is determining how you're going to purchase it and finance the building procedure.
First, go to your local banker and talk about your plan. Typically you want to buy the lot or the tear-down house with cash, and then finance the build and convert that loan into a permanent mortgage. This way, you don't have to deal with double-billing.
Again, you're looking to determine what your build cost will be. At that point, you need to hire an architect, lay out what you want, and how much you want to spend. Typically, architects charge between 10% and 20% of the build cost. Included in the architect's services is management of the general contractor and builder to make sure everything is done according to plan.
At that point, your architect will help you find a builder. If you have any other questions about the new construction process, please give me a call or send me an email. I look forward to hearing from you!
