The topic of building your home from square one is rarely discussed in the New York Metropolitan area for some pretty obvious reasons. The first being that there is very little vacant land, and in many cases the amount of capital it would take to build a brand new home may entail tearing down an old one or using the existing foundation and frame of an existing home. In lower Westchester County, this is really one of the only options you have, unless by some luck you happen to find a buildable lot. For this reason many builders have chose the upper parts of the county for new construction, even going further north into Putnam, Dutchess, and Orange County.
The first step to building your home from scratch in our Eastchester area would be to find the land to build on or to find a home to purchase at a discount to tear down. Obviously this is easier said then done, although there are many older homes in our area that may be potential “tear downs”.
You will need to secure the land by either paying cash or using a bank loan, sometimes landowners will offer seller financing (they will act as the bank). There are many banks that offer such loans that allow you to secure the land and work with a builder to make the plans and get the proper permits in order and will finance the construction. So your second step will be to find the builder you intend to work with and have an architect draw up the plans for your new home.
There are a lot of moving parts that go into home construction besides our favorite finishes in the kitchen and bathrooms. You will need to create your budget on the siding, windows, insulation, plumbing, and the style of architecture in the home. Make sure the builder and architect are familiar with the local building codes in the area you choose.
If you are not familiar with general contracting and the financing of these types of project, it is strongly recommended that you hire an trustworthy builder (you may want to ask around), as this will hopefully prevent you from being taken advantage of by local contractors.
Be sure to educate yourself on how the bidding works amongst contractors and to carefully read the contracts set forth by the builders. Educating yourself on the building process and the moving parts of the payment plan set forth by the bank to the contractor are very important for you, the consumer.
Good luck on your project!