First Steps before Building a House
What is your current living arrangement? Do you own your own home or are you renting? If you already own a comfortable home, why are you thinking of building? Consider the housing market. Do you feel that it is such that you could feasibly sell your present home when your new one is ready? Could your current home be improved through remodeling at a more economical cost?
Perhaps you are relocating for one of many reasons. If it is work related, will this move be permanent or at least long term? In a stable housing market, building a home could be financially wise even if you would possibly move again within a few years. Would you be able to sell the house and recoup your money or even make a profit? If your move is likely to be temporary, and considering the current housing market, renting would certainly seem to be a more suitable option.
If you desire to build a home in the future, you should begin immediately to build or maintain your good credit rating. Obtaining financing is becoming increasingly difficult in this unstable economy. However, the best possible credit rating is something that will benefit you throughout life no matter what the state of the economy at any given time. Check your credit rating to make sure that there are no surprises when you attempt to arrange financing. If there are incorrect items in your credit report, make sure that you take all necessary steps to have them removed and your report cleared quickly.