Article: Building a log cabin can be costly. The cost of the land, the cost of supplies and the cost of labor are all factors you will need to consider when estimating the cost of your new home. You have a number of options when it comes to financing your home, including savings, mortgage loans and construction loans. Talk to a mortgage broker to discuss which option works best for you.   Mortgage loans. The most common type of loan is the closed-end, fixed-rate mortgage. These loans come on a variety of terms, but the most common is a 30-year term.   Construction loans. This is a good option when it comes to building a log cabin. A construction loan acts like a credit line. You draw as you need and pay interest only on what you draw. You don’t have to use it at all and can roll over or convert to a typical mortgage loan when the house is completed if you like.  Savings. If you prefer not to take out a loan, you can pay your whole project with cash, provided you have enough. You will give up significant tax benefits and tie up your money at a reasonably poor return, but it can be done.  How much should you borrow? The answer is plenty. Running out of money is the worst thing that can happen during construction. Despite your best budget estimates, it is impossible to know the exact cost of your log home until it has been built.  What will the banks look for? Banks are essentially looking for two things. First, they want to know that the home will be sufficient collateral to secure the money they are loaning. This means they want to make sure the house will be built within the budget and will be a marketable house when it is finished. The second thing banks want to know is your ability to repay the loan. When the banks evaluate you, they look at three basic areas: credit, liquidity and income. It's important to do your homework before deciding what land to build your cabin on. Real estate agents and developers can help you to find a suitable lot. If you own land already, the first thing you need to do is make sure that it's suitable for building. Factors such as slope, soil conditions, accessibility, zoning and use of surrounding properties all play a part in determining whether a lot is suitable for building.  You will need to contact local soil engineers and have them do a soil analysis. This will indicate whether water is readily available and if it's of good quality.  Your potential building site will also need to pass a percolation test - which determines whether the land will soak up waste water from a septic system. Some people have a clear idea of what they want their log cabin to look like. Other may have a list of priorities but are flexible when it comes to a floor plan. You can choose an existing plan from a producer's list of designs, or you can work an independent designer or architect to come up with an individual blueprint.  Keep in mind that the design and dimensions of your home will depend on the amount of money you are willing to spend and the quality of the materials you intend to use. A larger home will raise the cost of labor, supplies and building permits. Your chosen log style will also help to narrow down the design options. Certain log styles are only suitable for use in specific building designs. Submit your plans to the local permit office for approval. This is necessary to obtain the building permit required before you can start construction. You will also be need to find out what building codes you log home needs to adhere to. These can vary from state to state. How long it takes to build your log home will depend entirely on what type of house you are building. If you are building a custom, traditionally built log home, you are likely looking at 1-2 years from beginning to end. If you are building a modular or prefab kit home from a stock plan, the project can be completed in as little as six months.  Factors such as whether you are planning on building the cabin yourself or hiring a team of professionals, will also significantly influence building time. Log homes are just as susceptible to delays, such as those caused by adverse weather conditions or poor workmanship, as any other building projects. Try to allocate some time to unforeseen delays in your schedule. Avoid deviating from your blueprints. Be aware that if you make any last minute changes, even small ones, you can create a domino effect of delays which can throw your building project completely off target. Deciding whether to build your log home yourself or to have it built professionally is a big decision. Hiring a professional to build your log house is the quickest, most hassle-free option, since he will have the skills, contacts and equipment to complete the job in half the time it would take someone with little to no experience. However, if you're not afraid of some hard work and a longer timeline, nothing beats the sense of pride and satisfaction gained from building your own home. At the end of the day it just comes down to personal preference.
What is a summary of what this article is about?
Finance your home. Choose the land. Determine the design of your home. Obtain a building permit. Create a timeline. Determine whether or not to hire professionals.