Jan 9, 2024
Building a home from the ground up is a dream for many, but the process can often feel overwhelming... Not with Overstreet Builders by your side!
We specialize in helping families in the Chicago suburbs find land for their custom-built homes. Our expertise in real estate, land acquisition, financing, and custom home construction makes every step of the build smooth and stress-free.
Below, we'll walk you through the process of finding land and building a home in the Chicago suburbs, so you can see just how easy it can be with the right team on your side.
Navigating Land Acquisition in the Chicago Suburbs
If you've been watching the Chicago real estate market for any length of time, you know that buying a home in the suburbs can be pretty pricey. And you might not even find what you're looking for.
But when you build a house in the Chicago suburbs, you get to decide where you'll live, what your home looks like, and how much you'll spend. And finding the perfect plot of land to build on is key.
You can spend months searching for land online, meeting with real estate agents, and touring potential properties. While you explore, there are several things to look out for when viewing a property:
- Zoning Laws and Building Regulations: These land restrictions determine what can be built and where, which can impact your home's size, design, and placement on the lot.
- Soil Quality: Poor soil conditions can make building difficult and expensive, so it's important to have a professional assess the land before you buy.
- Utility Access: Will your property have access to water, electricity, gas, and other necessary utilities? This may need to be installed before or during construction.
- Location and Lifestyle: Does the land suit your family's needs and lifestyle? Consider factors like school districts, nearby amenities, and commute times to work.
- Budget: How much are you willing to spend on land? Remember to factor in potential additional costs for site preparation, permits, and utility setups.
While you can navigate this process independently, partnering with Overstreet Builders simplifies it significantly. We offer expertise in evaluating land for buildability and can connect you with sellers offering pre-assessed properties that are ready for construction.
Our collaboration with Greg Overstreet Realty, LLC, leverages combined real estate and building expertise, so that you find a property that meets your needs and budget while minimizing the risk of costly surprises.
Financing Your Land Purchase
Most people don't have the cash upfront to purchase land and construct their homes, which is where financing comes in.
- Land Loan:This is a short-term loan that covers the cost of buying land. A down payment of 20-50% is a common range, and interest rates for land loans are often higher than traditional mortgages, but these can fluctuate based on the lender, the borrower's creditworthiness, and market conditions.
- Construction Loan: This is a short-term loan, with interest-only payments during construction, which converts into a traditional mortgage upon completion of the home. You can typically finance up to 80% of the total project cost, but this can also vary depending on the lender and the specifics of the project.
Our team can connect you with trusted lenders who offer competitive rates and specialized loans for land acquisition and construction. And because our lending partners understand the unique needs of custom home construction, they can offer guidance and support throughout the financing process to make sure there are no delays or setbacks during your construction timeline.
House Demolition and Rebuilding in Chicago
One potential obstacle when buying land in the Chicago suburbs is an existing home on the property. In some cases, you may find a great location for your new home but need to demolish the current structure.
Overstreet Builders can help you "tear down" an existing house to clear the land for your custom build. We have experience in managing the demolition process, from securing necessary permits to coordinating with utility companies and disposing of debris.
Financing the demolition can be included in your overall construction loan, so you don't have to worry about any additional out-of-pocket expenses.
Our goal is to make the transition from land acquisition to home construction and move-in as seamless as possible!
Custom Home Building in the Chicago Suburbs
Once we've helped you find the perfect plot of land and cleared it for building, the real fun begins — choosing features and designing your dream home!
Our team of experienced designers and builders will work closely with you to understand your vision and create a custom floor plan that fits your lifestyle. We'll also guide you through the selection process for finishes, fixtures, and materials, ensuring everything is within budget and meets our high-quality standards.
During construction, we'll keep you updated every step of the way and address any concerns or questions that arise. We pride ourselves on our efficient timeline management, so you can move into your new home as soon as possible.
Do you have more questions about land acquisition and custom home building in the Chicago suburbs? Contact Overstreet Builders, and we'll be happy to provide you with more information and guide you through the entire process.