You’ve finally decided that now is the time to upgrade and build your very own custom home! You have a ton of ideas, and you are ready to take the plunge. So, what’s next?
Step One: Financing
Order your credit report and check for errors. If there are any, get those tidied up before you apply for a construction loan. The cleaner your credit, the more favorable your terms.
What is your realistic down payment option? Gone are the days of zero down so understanding where your sweet spot is will give you a more unobstructed view of what property types are realistically available to you.
Construction loans typically take longer than traditional loans and require more documentation. Usually, both the borrower and the construction company will need approval, so make sure you have all documentation in order before selecting a bank.
Step Two: Buy Land
Knowing the condition of the desired lot is essential. Will you need to dig in for a septic tank, or are there environmental mitigations and building restrictions? Is the site already set up with electrical, or is that an added cost to your budget? Finding a location outfitted with the basics can remove much of the hassles.
Walk your property and the neighborhood surrounding it. If your family is avid outdoor enthusiasts, then make sure you have access to plenty of green space and parks to enjoy. If you would rather stick close to home, decide if the community amenities in the neighborhood where you are looking meet your needs. If you enjoy entertaining, determine if you’ll need to budget for a backyard pool or a living room with a fireplace and a custom wet bar.
Step Three: Find a Builder and Determine a Design
When it comes to choosing a custom home builder, do your research. Make sure to look through their portfolio and tour different models to make sure the home design will fit your needs. Start with the basics. Consider how many bedrooms, a one or two-car garage, and how much entertainment space is necessary. Is there an intelligent way to situate your floorplan that takes into account the natural beauty and light of your property? You may adore the idea of a bay window with a reading bench only to find out that it doubles your heating bills over the winter months. Asking your home builder questions will help you narrow down your options.
Final Step: Move-In
Once your home is complete and the landscaping is finalized, your relocation into your new home begins. Show off your unique design choices, and enjoy the next chapter with your family and friends by hosting a housewarming. This is the perfect time to get to know your neighbors.
If you are ready to take the first step toward finding your new home builder, contact Harbor Classic Homes today.