Building your home is a very exciting time but it can also be a very challenging one. The following five tips can help to make sure your experience goes smoothly.
1. Get pre-qualified for a mortgage
This is the first step when building a new home or buying an existing one. You can find out the size of the mortgage for which you are likely to qualify for by contacting a lender with some basic information regarding your debt and your income and assets. Pre-approval is very important and it is crucial that this happens before any construction is started.
2. Be selective about location
The most important thing to decide when building a new home is where you are want to build. What kind of community are you interested in? Have you checked it out? Does it have the amenities you are looking for? It is also important to find out if the developer is planning to add any amenities that will enhance the area like walking trails and ponds.
3. Know your timeline
A brand new home can take many months to build. If you are already a homeowner, your current home must be sold, and you have to arrange a new mortgage. You should get an estimate from the builder on the timeline for your new home and plan accordingly around that.
4. Keep a close watch on progress
A great way to help prevent delays and mix-ups is to stay involved in the building process. If it is possible for you to drive by the site, that is a great way to keep track of the progress that is being made. You should also keep in touch with your builder to stay in the loop on upcoming changes and developments.
5. Arrange temporary housing
There may be a delay between the time you sell your existing home (or the lease expires on your rental) and the time you move into your new home. If this is the case, you may need to arrange some temporary housing. You might be living there for a couple of months so make sure it is affordable and meets your needs.
These are a couple of our tips for making your building process a smooth one. Are there any other tips you think we should add to our list?