Number one:
The first thing that you should know about the building process is that there are three different ways that you can actually build a home and when you are choosing to have a home built you will most likely be choosing one of these options:
 The Builder constructs a "spec" home, which is basically just a home that they choose to build, on a lot he owns with his own financing. You purchase the home once the construction has been completed, and there are usually few architectural or design choices available.
 The Builder, which is a company you choose to work with, owns a lot or lots that you like. You decide to purchase the lot from the builder and you are allowed to pick the plans to have the home built. The builder usually requires a deposit and uses his own financing to construct the home. You usually have more flexibility in the design choices with this option, and you purchase the home once it is completed.
 You find a piece of property that you want to build on. Then find a custom builder that will build the home plan you desire. In this case, you will normally obtain your own construction loan in advance, and you have almost unlimited design and architectural control.

Number two:
If you are having a custom home built, the first thing that you will need to decide is where you want your house to be built. The type of home you want to build could be impacted by the characteristics of the site, and if any site improvements are needed they can greatly impact the cost of construction.

Number three:
And once you have found the lot or land that you want to build the home on you are going to need to choose the plans that you are going to use. If you are building a custom home you will probably have an architect in mind or one will be assigned to you to draw your plans for you. If you choose to build on the builder's lot you will probably have a few plans to choose from. If the house is already under construction you will only be able to make choices about the interior and exterior of the home, basically what is included.

Number four:
The most important step you will need to take once you have decided to build or buy a home is to get pre-approved. Not taking this step early in the process can cause a variety of unnecessary problems and can also cause delays, and which could hold up the construction process for months. Your builder must be 100% sure that you have the financing in place to purchase the home that he is constructing for you. The way that the assurance is provided to the builder is with a "Pre-approval Letter" from the lender you choose. A pre-approval means that you have completed an application, submitted the necessary income and asset documents, your credit has been analyzed, and your file has been pre-approved by the lender's Underwriter.