re: Building a house - looking for some advice

1). Own the lot or have enough to own the lot outright. If you don't have enough for that you should probably reconsider building.

2). Have a good set of plans. An architect is a good idea here. You will be asking the bank for a loan. Nothing is more ridiculous than someone asking for a loan though they don't even want to put up the money for the plans. Besides, you will need them to bid out to General Contractors so that you may obtain line items for the bank. The better the plans the better apples to apples comparison between builders cost you will have. The plans will also need to be appraised for the bank.

3). If you have already picked your builder and he knows he the only gc your taking a bid from naturally it will likely be higher.

4). Contract- Should define your payment schedule and their building schedule and an estimated completion date.