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Imagine you've been looking tirelessly for your perfect vacation home in the gorgeous wilderness of Minnesota. You have searched and searched; however, you just can't quite seem to identify the perfect property. Some homes are too big; other too small. Perhaps the way the home is situated on the land is objectionable, or the amenities too sparse. In short, you are picky and, quite frankly, you are entitled to be. It's your hard-earned money you are spending! So, why settle? If this is the situation in which you find yourself, why not consider building your very own dream home here in Minnesota? Designing your own home can be the perfect decision for the discerning buyer. Within reason, you can craft a home according to your desires and specifications without being tied to the existing real estate market. From the light fixtures to the doorknobs, constructing your own dream home helps you retain control every aspect of your new home. As you embark on this journey, you will need a carefully crafted plan to ensure that your dream home construction gets pulled off without a major hitch!
1. Identify a Parcel of Buildable Land
First, it will be necessary to identify the perfect parcel of buildable land. While Minnesota is home to some of the most gorgeous lake front properties in the United States, buildable lots sell quickly and often fetch a premium in today's real estate market. Keep in mind while Minnesota is known for its lakes, there are also beautiful prairie regions where you can build.
Before deciding on a parcel you will need to carefully consider the terrain of your prospective piece of property. Consider whether the landscape itself will meet your building needs. Take a look at whether trees must be cleared or land re-graded. Having an expert on drainage can help provide valuable comments about the suitability of the parcel. Land clearing and re-grading can be an expensive proposition. Walk the entire property to survey its suitability for building. Check on the zoning regulations to ensure that the purpose for which you intend to use the land is approved by your local governmental organization. Take a look at the surrounding area. Check to see if there is access to local shopping centers and community resources, if you so desire. While it may be desirable to be in a private location, having readily available access to shopping, towns and other resources can be valuable for both you and your property's resale value.
If you are looking to build on lakefront property, make sure you carefully consider whether the property might be impacted by flooding or other weather related events. Rising lake waters in heavy rains could spell disaster for a basement or crawl space.
Consider the infrastructure that will be available to your property. Check to see whether utility lines such as gas, water, telephone, and electric have already been established for the community. If not, carefully consider how long it will take before utility lines can be established, or whether you might need to rely on alternative power sources such as generators and propane gas. Will you need to install a septic system? Is the property amendable to a septic system if you do need to install one? Are there roads maintained by the local government, or would you need to establish a way to travel to your property? Also, Minnesota winters can be brutal. Take a look at community services to see if any roads would be plowed in the event of a major snow event. Particularly if you are living in a remote area, means of ingress and egress are crucially important.
Finding a local real estate agent to assist with the process of identifying the perfect piece of buildable property will be essential to the future success of your building project. For Minnesota, take a look at the qualified agents of LandBin.com for assistance.
2. Financing Your Project
Next, you will want to shop around for a qualified lender. In recent decades, our world has become increasingly global. While it may have been advantageous to have a local lender fifty years ago, finding an online lender can be a very attractive alternative. Online banks often offer very competitive interest rates to finance your project. Take a look at interest rates and don't be afraid to shop around for the best deal for yourself and your family. Construction loans are a different animal than typical mortgage loans and you must familiarize yourself with the differing requirements.
3. Hiring Help to Build
After taking a careful look at the characteristics of the land and identifying a qualified lender, you must next identify an architect and contractor to work with. While some people have the skills to build their own homes or structures, many of us will require the assistance of seasoned professionals with this process. Identify an architectural firm with a high quality reputation in the region where you want to build. Check the references of past clients to see how satisfied individuals and businesses have been with their services. Take the same steps in respect to any contractor you are looking to hire. While hiring the architects and contractor with the best reputation may not be the cheapest option, chances are that highly qualified individuals may be able to save you a few headaches during the process of building. Check on the licenses of your contractor to ensure they are up to date. Check online for complaints and comments about your selected professionals to see if others have been satisfied with their assistance.
4. Organize Your Paperwork
As mentioned, prior to breaking any ground, you will want to ensure that you are in compliance with any zoning regulations, or have obtained any necessary exemptions. Make sure that you have any necessary permits to comply with local ordinances. There are few more frustrating problems than having your building process delayed by a local government regulation you failed to comply with. An experienced contractor should help assist you with the process of complying with local building regulations and obtaining any necessary permits.
5. Manage the Process
Successfully completing a residential building project can be dependent on the owner's involvement in the project. Overseeing the process from start to finish will help ensure that your hired contractors and agents are fulfilling their promises to you. It will also help you to have any questions you might have answered along the way.
In short, if you have ever considered building your very own dream home, why not explore the myriad of possibilities here in Minnesota? Buildable land here is plentiful, but also highly desirable, so if you identify the right piece of property, it's important to act quickly. A professional real estate agent can help you through the process and sometimes can even help you identify available property before the general public even becomes aware of it. So, if you have searched for residential property without results, why not look into building your own dream home? Take control of your destiny and take a look at the buildable property available in Minnesota today!