Think About Building a Home. . .

Finding the perfect home is difficult when you have a large selection of homes to choose from in a metropolitan area.  At times this task may be even more frustrating in a small town without a large number of homes to choose from.  The solution may well be to have a custom home built for you.  Not sure?  Let's explore the possibilities.

Plan Your Budget~  Unless you are one of the lucky ones chances are you will need a construction loan and a mortgage which is referred to as  All In One Loan with some mortgage companies.  An all in one will roll your construction loan over to your mortgage loan, when your home is complete.  It's not too early to find out what size loan you qualify for.  Also, knowing the approximate costs will help you modify your building plans to meet your budget.  We have names of mortgage companies that we would be happy to pass along to you. 

 How Long Will The Home Meet Your Needs~  What features do you require in a home to satisfy your lifestyle now, or ten years from now?  Depending on how long you plan to stay in your home, you'll need to ensure that the home has the amenities that you'll need.  For example, a two-bedroom dwelling may be perfect for a young couple with no children.  However, if they start a family, they could quickly outgrow the space.  Therefore, they should consider a home with room to grow.  Could the basement be turned into a den and extra bedrooms?  Are you planning to retire in this home where main floor living may suit your needs better then a tri level home.  Having an idea of what you'll need will help you find a home plan that will satisfy you for years to come.

Line Up Your Team~ You'll need a team of experts to design and construct your house.  Key players will include your Realtor, your Builder, an excavator, a surveyor and a home designer or an architect.  Many homeowners begin by selecting the Builder.  That pro then selects other members of the team.

 Choose Your Property~  Whether you are building your home in a suburban development or larger acreage with sweeping views, you will almost always need to choose the land before you select floor plans or other details.  Your Realtor, Builder and you will need to investigate factors such as zoning, building codes, well, septic, power and phone for the property.

 Pick A Plan~  Many new homes are built using stock plans from a catalog.  The builder may make minor modifications in room size, window style or other details.  A custom-designed home, on the other hand, is created specifically for the family which will live there.  In most cases, custom-designed homes require the services of a licensed architect.  Stock plan designers will also modify a stock plan which is an easy way for you to get the plan you want and save money.  Whether you opt for a stock or a custom design, you will be wise to choose a plan that will meet your needs for many years to come.

 Negotiate A Contract~  Be sure to get a written contract which has been signed and dated by both the builder and the architect or designer.  A contract for a new home construction will describe the project in detail and include a listing of all the parts to be included in the house as well as a time line for your home to move in ready.  Remember to amend the contract if you or your team makes any changes to the project later on.

If you are still unsure if you should build a home after making these considerations, we would be happy to talk to you about the pros and cons.  We look forward to hearing from you.