Building Our Home: Part 1 

My wife and I sold our home this past September so we could build a new home. We were given one acre of land from my wife’s grandparents. We are planning to build a completely accessible home. Our previous house was fairly wheelchair accessible, but it lacked access in a few areas as well.  

We never imagined the process it takes to get a home built: 

  • First we had to get a plat survey on the land that we were given by my wife’s grandparents.  
  • My wife’s grandparents had to go to our attorney and deed the land over to us.  
  • Once we had the deed to land in our name, we began looking at new home construction loans. I found a company offering a USDA home construction loan and began the process of getting a loan with them.  
  • I turned over every document they requested and everything was looking great until the government shut down and once that occurred it caused our process to stop because the USDA fell under those government agencies that were shutdown.  
  • I got tired of waiting and we found an all-in-one home construction loan with TD Bank.  
Loans 

An all-in-one home construction loan is one in which you only have one closing and the building can begin as soon as you close. We will have interest-only payments each time our builder makes a draw off of our loan. Once our home is built, it will just roll into a mortgage.

Our builder is scheduled to make four draws during the building of our home. The best part about the all-in-one home construction loan is that you only have one closing and one closing cost (loan fees, title fees, etc.). We are doing a conventional loan with 80% loan 20% down.  

A typical new home construction loan can take anywhere from 30-45 days from the time of applying. Although, it’s an exciting time it can be stressful trying to get all the documents that the bank needs. We should be closing next Tuesday on our home construction loan.   

Paperwork

I also need to mention that I had to get a driveway permit from the county I live in so that I could get an address for our property. Then I had to go to Department of Health and Environmental Control (DHEC) and pay them to do a PERC test. A percolation test determines the water absorption rate in the soil to see if it can hold a septic tank.   

Clearing 

Our next step will be getting trees cleared off our property and then our land graded. Then building will begin!  

It’s a Process 

For those of you looking to build just be aware that it’s a slow process. When it’s all over we hope to have the home of our dreams and it will be well worth the wait.  

 

The picture is the blueprint of our new home and a pic of our plat. The floor plan has three bedrooms and two baths. The master bedroom is on one side of the house and the two bedrooms are on the other side of the house. It is 1930 heated square foot with a total square footage of 2350, including two car garage. 

Stay tuned I will be doing a series of stories on the building process of our new home.  

Jeremy 

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