Building a new home or remodeling your current one is a huge decision and an exciting endeavor. For many, it’s a lifelong realization of a dream in having the home of your dreams. But many people’s experience after signing the contract, is anything but that. They don’t consider that those decisions would be much less stressful and expensive had they don’t their research thoroughly before signing on the dotted line.
Doing your research ahead of time can literally save you thousands of dollars and will ultimately lead you to getting the home you want at the price you can afford. Here are some very basic steps that should be taken before signing any contract for home building:
Ger Pre-Qualified For A Mortgage
Make sure you find out how much home you can afford way ahead of time. Get your credit in order and ready to be scrutinized for the best rate you can get. Review your needs for construction financing or bridge loans and get all of the possible options from a qualified lender.
Consider and Review Your Current House Situation
How many bedrooms do you need and how large do you want them to be?
Do you have needs for a guestroom or quarters for extended family now or in the near future?
How do you prefer to entertain? And don’t forget to consider outdoor entertaining also.
Do you have any special needs like workshop areas, home office or maids quarters?
Consider the size and style of any furniture you would like to keep for the new home also. If you are starting over furniture wise, consult with an interior designer first to choose a style ahead of time so that it will all fit in with the style of your new home.
Find A Lot Where You Want To Build
Choose an area that is close to what fits your needs like schools, stores, churches, airports, hospitals, etc.
Consider where the sun is in relation to your new lot. Consider where the sun faces in the warmest afternoon hours and where the best sunset views (if any) are.
Research any special tax levys or assessments in the area.
Make sure you visit the neighborhood at all hours so you see how busy traffic is on a Monday morning rush hour vs. a quiet Sunday afternoon.
Find The Right Home Plan That Fits Your Needs and Budget
Customize a home plan that fills your most important needs. Do you want an open floor plan that brings the outdoors in? Do you prefer the master bedroom area to be away from the other bedroom areas? Do you want a bedroom on the main floor? Is the plan flexible for special rooms like oversize rooms, study, recreation or kids play rooms, etc.
Select The Right Building Contractor
Is there a builder that is already attached to the lot you are interested in? If not, make sure you interview at least 3 qualified contractors. Check references of the builder you are interested in from customers, subcontractors and vendors. Make sure the contractor is capable of providing the types of customization you are seeking and has a keen eye on detail.