Building a new home with no experience

[Ram Wagle]

I've been looking for a new home for a while in St louis MO. But after way too many open houses and not much to show for - reasons being, not built as per my open space design, not in favorable part of the city, too old, design flaws, cost etc, i've decided to find a lot in the desirable space and build a house (not that custom but today's mostly approved open layout plans). 

Most of the houses (4BR, with about 2000-2500 sf) I've been looking for are listed around 450-500K. My rationale is, if I find a lot around 100-125K and spend about 275K to build a house as I like, i am still better off. The layout and design i am looking for is something like the Ashford design- http://www.mcbridehomes.com/home-model/single-fami...

That being said, I have very little experience with building a house here. So my assumptions of building a house for 275K might be very simplistic - hence my post.

What all should I be looking for in house building - hiring a GC vs others? Is this even a realistic dream? what all gotchas should i be considering and be mindful about? What all should i be considering from financing point of view?

I know its a long post and multiple questions but any suggestions and links from priors post that relates are highly welcome. Any supporting suggestions on builders and contractors on the st louis market is also highly appreciated. 

Thanks a lot in advance. 

Ram

[Stephen Hundley]

it can easily be done w the help of a good GC. Your entire project hinges on a good GC. Ask for tons of referrals and take the time to meet the GC's in person and also review their current work. You are on the right track but make sure to take your time selecting the right GC.