Congrats on securing the 11 acres.
The process of building a custom home is more complex than the standard purchase of a standing home (or even a home to be built by a spec builder in a planned community). However, it isn’t as difficult as you may think.
a few things to consider before taking next step:
- #1 is budget. How much are you looking to invest into this project? Also, do you currently have the funds or the ability to secure the necessary financing for this? This is the most important part of your decision making process. Figuring this out will answer many of the questions that you have and also shape what is possible for you right now (it is quite possible you may need to sit on the land for a while and put a plan in place).
- What type of house are you looking to build? 11 acres is a lot of land. You can easily fit a 3500 sq ft home on .25 of an acre. So your options are limitless with 11 acres. Is having a house surrounded by private land important to you? Have you considered the maintainance?
- Have you considered subdividing the land and selling some of the average? This could be a fantastic way for you to generate some money to put towards your own custom home if you aren’t in a position to pay for the construction currently. For example, you could keep 5 acres for yourself and subdivide the other 6 acres into 1 acre lots. From there, you could partner with a builder and sell the six 1 acre lots To interested buyers and then use the profits to build your own home. If executed correctly you would have a fully paid for custom home on a lot of land without having to reach into your own pockets too much.
Generally speaking, you need to have the following things in place:
- Financing for the build (this would include grading the land, underground utilities, builder costs).
- Finding and partnering with a reputable custom home builder. Experience and expertise is critical. Good questions to ask potential builders are 1. How many homes do they build annually. 2. How many homes have they built in their career. 3. What style of home is their specialty. 4. Do they have a qualified architect as a member of their team (any experienced builder will either have architectural skills or strong contacts within that field).
- Timeframe. Custom built homes are a process. In your case, it sounds like you are starting from scratch (raw land). So you should probably estimate anywhere between 9 months to 1 year+ for the entire process (researching builders, financing to completion of build).