I want to build my own home, is this crazy and can anyone give me info on how to best do this in las vegas?

Question

I want to build my own home, is this crazy and can anyone give me info on how to best do this in las vegas?

Answer 1

If you have the cash, you can just buy the land, get a building permit and go to it.  If you need a loan you may have to hire a general contractor (at least in many states) in order to get financing.  The reputation of the GC will be a factor in having the loan approved.

Right now with all the foreclosures in the Las Vegas area, you may be better off buying an existing home and remodeling it to your specifications.  Otherwise, you may be able to get a good deal on a lot from a distressed developer or builder.

This is a great time to build since subcontractors are more available, but financing is very touchy so you had better have a significant pile of your own cash and squeaky-clean credit.

Answer 2

Either  find  a  lot  with  a  tear  down  or  look  for  a  vacant  parcel ,

But  then  you  will  have  the  extra  expense  of   getting  a  water  connection .

Do  NOT  pay  for  an  undeveloped  parcel  until  you  get  confirmation  from  the  city  they  will  approve  another  water  connection  there .

After   that  you  need  to   locate  an  architect  and  I  recommend  one  that   is   qualified  to  do   ICFs .  ( Insulated  Concrete  Form ) .

They   are  fire proof  and  termite  proof .   They  also  have  a  far   superior  rate  of  consumption  when  it  comes  to  utilities ,

And  I  imagine  Vegas  can  and  will  always  have  outrageous  elec  bills  during  the   hot  months  (  unless  you  have  an  ICF ) .

Additionally  you  will   need  a  general  contractor  to  manage  and coordinate  the  subs  (  the  architect  should  recommend  one  that  is  skilled  in   ICFs  also ) .

It   will  cost  a  bit  more  out  the  door  than  the  bulk  subdivision  wood  frame  but  it  will  be  much  more  of  a  keeper  .

Best  of  Luck

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Answer 3

What you'll need?  

Check with your city planning office where you're building.  Ask what geologic surveys you need, what land perk tests you may need, what radon and other tests you'll need.  

Check with your lender.  Ask what loan programs they have.  What construction to permanent loans they offer.  How they disburse funds during construction.  

What does the lender require for a subcontractor?  They'll want to know the subcontractor has a track record for finishing their contracts.  You'll need to manage the subcontractor on this as well.  It's not just a matter of hiring the subcontractor of your choice.  The bank needs to be on board with you on this decision.  

You'll need architectural plans submitted to the city before purchasing the property.  This is substantial cash outlay for a deal where the architecture was designed specifically for the lay of the land.  

You'll want to have 99% of the planning done, permits in hand before you close escrow or you may own a special little piece of the desert for the rest of your life!

You'll also want to research other build by owner projects in the city near you.  See if the planning department will release this information.  Then approach the owner and see how their project has gone.  Has the city delivered the permits in time?  Have there been any snags you need to be aware of with the city?

Answer 4

Unless you already own the land or can buy it very cheap, you might rethink it.   It's a buyers markets on new and existing homes, they have to sell.  Land sellers can usually wait.  Also lenders are making very few construction loans right now due to the mortgage crisis so unless you are doing it was all cash it's going to be an uphill battle.  

Answer 5

buy the land, hire a general contractor.