I have some questions about building new construction. I am wondering what is the process, were do I start? Should I secure the lots first, then find a builder or vice versa? Do I buy the lots on my own or with the builder etc? I have experience in doing rehabs and in other real estate investment areas but not this one. Anyone who has experience in this, your advice would greatly appreciated.
Get the lot under contract and make it subject to a feasibility study of 30 days with another 30 days to close. During this time get quotes from builders. Make sure exactly what you are getting . Is the water fee to city paid and other hook ups. Well and septic are usually not included by the builder or are utility hoop up fees. You will need plans for them to build. They may have some already depending on what you want to build. Be getting all the other quotes together closing costs, interest rates, title fees so you will know what the total project will cost and see if it is something you want to do.
No need for the builder to be involved in the purchase of the lots.
You may also want to get ball park figures from builders while you are looking for lots. Ask like what does a 3 BR 2 bath 1500 foot house cost to build in this subdivision. This will make it easier to get firm bids during the inspection of the lot. Hope this was not too scatter brained.
Not at all, I welcome all help or advice. Thanks!