Now that you’re eager to build your perfect log home, do you know where you’ll put it?
Do you have your eye on a corner of woods, lakefront or the edge of a meadow? Or are you still looking? Do you have a design in mind or should you find the site first? (If the property has irregular features such as a slope or boulders, you may have to adjust the design. But think of the possibilities that opens for unique features you hadn’t considered.)
The location and nature of your dream home’s site are key to creating your ideal home. But it’s essential to consider several key factors:
- The zoning laws and other regulations that potentially apply.
- The nearness of electrical and water service.
- The type of loan or loans needed to purchase the property and build the home.
Here’s where it helps to do research and to find a real estate agent familiar with the desired area to learn about any restrictions on the property and zoning regulations that apply. For example, is the property in a floodplain? What, if any, rules govern tree removal? The agent also should know the location of electric and water service connections. If you have school-age children, or plan to, how highly do the public schools rank?
Once you’re ready to buy, find a financing package that fits your resources. If you’re ready to build, a construction loan covering the land purchase and construction of the structure may be best. (A construction loan is short-term, and homeowners often convert them to longer-term mortgages when the home is complete.)
If you’ve found the ideal site but won’t be able to build right away – maybe you’re still working on design – you may want to seek a land loan. Financers may be less likely to grant land loans for untouched “raw” land. The ones that may charge higher interest rates and tend to require larger down payments than other loans. On the other hand, if you buy the land outright, that commitment to the project may help convince a lender to offer a loan to build the home.
As with any major decision, invest effort to corral and process all options and requirements. With the right help and planning, you will end up with a superbly designed home in the perfect location where you and your family can enjoy the views and setting for many years.