Jul 02 2013
While building a new home can be very exciting, it can also be challenging and exhausting. Follow these five home building tips to help ensure the construction of your new home goes smoothly and is stress free.
1. Choose a qualified and reliable builder. While there may be many builders to choose from, you might not want all of them to have a hand in the biggest investment of your life. Not all builders are created equal, therefore it is recommended that you do some research to find the most qualified and reliable builder that fits your budget. Ask for recommendations from family members, friends and co-workers who have recently built a home. Ask the following about each builder: Are they easy to work with? A good listener? Punctual? Do they do high quality work? Would you hire the same builder again? Furthermore do some research online. Which builders have a good reputation? Check with the Better Business Bureau. Finally, interview potential builders to get a feel for each one’s personality, work ethic, etc. Ask to see proof of insurance. Collecting all of the above information will help you make an educated decision about which builder you will hire.
2. Get pre-qualified for a mortgage/construction loan. Before you purchase land or blueprints, it is recommended that you get pre-approved for a mortgage or construction loan. This process requires you to contact a lender and provide them with basic financial information such as your income, debts, assets, etc. By doing so, you can find out what size mortgage you’ll qualify for with the lender. Then, complete the mortgage application and provide the necessary and required financial documentation for credit check to finalize the pre-approval for your mortgage. This way you’ll know exactly how much you can afford to spend on your new home well before you begin the building process.
3. Keep resale in mind. Though you might be building your dream home, it is highly possible that this might not be the last home you own. As you make all of your home building plans, keep resale in mind. Ask yourself if the features you are incorporating in your home will appeal to a potential buyer years down the road. Be mindful of adding upgrades. If you add too many upgrades, you might overprice your home for the neighborhood making it hard to sell ten years from now.
4. Expect delays. While you might expect your builder to stick to the construction schedule, there is always a chance for delays. Be prepared to be flexible as there is always the possibility that inclement weather, labor problems or a shortage of supplies could delay the construction schedule. Ask your builder to add some extra days into the schedule to accommodate delays. If you’re prepared for delays going into the building process, you won’t be nearly as surprised, stressed or frustrated when various delays arise.
5. Make arrangements for temporary housing. Often there is a delay or gap in time between the time your lease expires on your rental unit or you sell your existing home and the time construction is finished on your new home. If this happens to be the case for you, make temporary housing arrangements in advance. This could be necessary for a few days, a few weeks or a few months depending on your construction schedule. Make sure that your temporary housing arrangement is affordable and doesn’t disrupt your daily routine too much (i.e. staying in your parents’ basement that is more than a hour’s drive from work when you’re used to driving only 10 minutes to get to work.)
It is definitely more exciting and easier to enjoy the home building process when things go smoothly. These tips will help you prepare for what is to come as you start off on your home building adventure.