As the housing marketing continues to stay on a steady course of tense home buying, it may be time to consider an owner builder construction loan. Although there are some signs that more homes are going on the market, there are many more signs that show there are still more buyers than sellers. With a strong sellers’ market, we have seen home prices escalate. We continue to see historically low mortgage interest rates. And the bidding wars seem unbelievable and many times defeating. All this adds up to considering an owner builder construction loan. Building your own home might be the best way to get the home of your dreams in this tense sellers’ market.
An owner builder construction loan is designed for people who want to build their own home. Self-contracting and self-building are popular ways people can afford a home, find the home they desire and stay out of the tense sellers’ market. With an owner builder construction loan, the owner can act as the general contractor and or they can actually do much of the work themselves.
However, finding a lender who will finance an owner builder construction loan is another story. Although we often hear of people building their own homes today as a self-contractor and or a self-builder, it’s not that common to find a bank who will finance an owner builder construction loan.
KCSB Offer Self-Contracting Options
One bank unique in this area of self-contracting and self-building is Kalamazoo County State Bank. KCSB is one of the few banks that offer owner builder construction loans. The Bank has become known for their ability to work with self-contractors and self-builders. When considering building your own home, you can also consider having a professional contractor help you as you plan to build your home. For instance, do you have a blueprint or plan for the design of your home? Have you found the land for your new home? The foundation is a major job that is often contracted in the home construction process. These are parts of the overall project that you can act as the self-contractor, or you can hire a contractor. It’s always an option with an owner builder construction loan through KCSB.
Self-Building Possibilities at KCSB
Another option with the owner builder construction loan at KCSB is completing all the work yourself, bringing in friends and family to help with various projects, and hiring professional builders to do some of the work, like the foundation and framing. This is where the KCSB construction loan is unique – you can decide what projects you want to complete, what projects for which you will hire professionals, and what projects you will ask friends and family to help complete this work for you. Oftentimes, you can have partial work completed like dry wall and painting, electrical, plumbing, heating and air conditioning, flooring, trim work, and landscaping. The list is endless when you and your friends can put in sweat equity to complete the projects and keep your home construction moving as planned and on budget.
If you want to stay out of the tense home buying market and still find the home of your dreams, it’s time to consider an owner builder construction loan. Having the ability to self-contract and or self-build offers many opportunities for you to move into a home that is affordable, in a desired location and most importantly designed and built to your liking.
To learn more about one of KCSB’s unique Construction Loan Program, call 269.679.5291 or visit one of our branch offices. See https://kcsbank.com/locations to find a location most convenient for you. Discover the possibilities of an owner builder construction loan today!
Kalamazoo County State Bank is an Equal Housing Lender.
