When you are ready to build the home that you have always dreamed of owning, it is exciting to select the layout and design of the house. While this stage is important, plenty of work takes place before you ever pick out a lighting fixture or select your cabinets. Beginners often experience confusion about where to start. Knowing what to expect when it is time to break ground helps the process to run smoother. Here a few tips to get you started.
Know Where to Build
Finding the right place to build your house is an important step to take. The right location means something different for everyone, but it generally revolves around finding available land near favorite amenities, great schools, shopping and work. Some attempt to find a plot of land to purchase on their own, but that is not usually the best path to take. Hire a Realtor and talk to your builder about what is available. In addition to looking at location, it is valuable to understand the local ordinances and regulations. They may prevent you from building the size house you want or things like a pool or fence on the property.
Determine How to Finance the House
Building a custom home sometimes means you cannot finance the project in the same way you could if you were buying a home that is already built. Lenders often require all of the details of your construction plans. Some finance the land and construction separately. Typically, they communicate with an appraiser to determine the value of the land and house that is built.
To increase your chance of qualifying for a loan, it is helpful to have a credit score of at least 680. Also, plan to pay an average of 10 to 20 percent as a down payment. Lenders will need your proof of income and any assets and cash reserves.
Consult with your builder to find a lender that is experienced in providing custom home loans to make the process smoother.
Hire a Team of Professionals
While building your home, you will need a team of professionals working on your behalf. General contractors like Alair Homes Green Bay ensure that every step of the process is completed. They manage construction on site and oversee the work of sub-contractors. This person holds a high level of accountability in seeing that your project is finished on time and the home is built to the highest quality standards. Research each professional you are considering to ensure that they have experience in the industry. Ask to see a portfolio of past projects, and make contact with references to see what their customer service experience was like.
Building your new home in Green Bay requires planning and support from the right people. By knowing what steps to take, you can avoid common mistakes that are often made and help the project to run smoothly. The end result is proudly walking into the home of your dreams and starting to make memories with your family and friends.