Building your own home sounds fun, but unless you know what you’re doing, you can get financially hurt. Instead, hire a general contractor. They buy products in bulk in order to be profitable.
In the 80’s, Keith was one of Reston Land’s original 12 Builders. The others were Pulte Homes, Ryan etc. If you build as an individual, getting supplies from Home Depot and hiring a crew, would not be cost effective. As a General Contractor with multiple home building projects, I got wholesale prices on materials and my labor crew knew they had future employment. Thus I had low product and labor costs.
If I were building one house today, I would not do it unless money was no object. It’s cheaper and better as an agent to find a house already built and get your commission applied to your closing costs. ( by stating it in your case processing sheet of course.)
If going forward anyway:
Be sure there is electric at the property line.
Be sure a sewer line is at the property boundary. If not you would need a perc test to see if you could install a Septic tank. If the perc test fails, the land can not be built on.
Before buying land, make a loan application for a construction loan that converts to permanent upon completion.
To get that loan you need to pay all cash for the land, because the land owner will not subordinate to a construction loan.
Construction loan approval is based on the bank’s confidence in your building expertise and background. If a construction loan is approved the loan would come in draws based on building stages of completion. Many times the draw will not be enough to pay your vendors to get to the next draw. So unless you can cover the shortage, it would be game over.
Finally after the building is complete, you would convert the construction loan to a permanent loan.