Be in the Know When Building a Custom Home
What are some things you should know about when building a custom home?
How to Pay for a Custom Home
What You’re Paying For
Finding the Right Contractor for Your Custom Home
Designing and Building the House
There are many in the housing market that would rather build a home than purchase a new construction home that has already been built. When you build a home you have all the say from start to finish. There are some things you need to know when building a home. Here are some of them that professionals say are important to know.
How to Pay for a Custom Home
If you are in the market to build a custom home, then you will probably be using a construction loan. This type of loan is a short-term loan that will cover all of your expenses while you are building your home. It is a bit lengthier and stricter than a regular mortgage but is perfect for a custom home build. Many people choose to do a construction to permanent loan. Once your home is built and ready to occupy, your loan turns into a standard mortgage loan. Remember that a construction loan is typically only for 12 – 18 months and the payment process is different from a standard mortgage loan.
What You’re Paying For
Remember there will always be extra expenses when building a custom home. These include plumbing, electrical wiring, lighting, internet configuration, and media hookups. There will also be many different industry professionals who you will also need to pay including plumbers, electricians, city inspectors, land surveyors and structural engineers. All this aside, your builder or contractor will reach out and coordinate with all of the suppliers and laborers.
Another cost that you might incur is by using an architect. If you need to have help with the design of your home, then you will need to hire one. If you do not want to choose a stock plan, then this will be the route you need to go.
Finding the Right Contractor for Your Custom Home
This is very important because they not only need to be a professional in the industry but also need to work with your personality. Choosing the right contractor or builder will make all the difference. To go about choosing one, first, start with word of mouth. A first-hand account is always the best. Before making your decision, interview several different contractors. Keep in mind that you will want them to be able to meet your timeline, agree with your vision and have a positive attitude about your design. As with any other interview, check references, read business reviews and google their name to see what comes up.
Designing and Building the House
This will take a good bit of time because your contractor will want to meet with you for several preconstruction meetings. Remember during these meetings to take notes, keep records and pay attention. This way you will be able to reference the plans that were agreed upon. Put the budget in your forethought as you go through your planning stages. It is very easy to get carried away and spend much more if you do not keep track. Always keep in mind if what you plan is good for resale. This can also affect your decisions. Even though it is a long and tedious process, at the end you will have your dream home.
