Before You Start - 10-Step Plan for a Custom-Built Home
Considering all of the potential problems-whether real or imagined-in
building a new home, why would anyone consider hiring a builder, buying
a lot and starting a home from scratch, rather than buying an existing
ready-to-move-in home?
The reasons vary, but many custom home buyers cite the personal satisfaction
of the home-building process as a compelling motivation. Others want
a home with the latest in modern architectural design and home-building
technology or a custom floor plan and home design that fits their individual
lifestyle and needs.
Many people believe a brand-new home will require less maintenance
or appreciate faster in value. And, naturally, some people simply enjoy
the pleasure of living in a home that´s completely new from the
foundation to the roof. A successful home-building experience depends
largely on following a workable plan from the start through the completion
of the project.
Here's an example of a 10-step home-building plan that might
work well for you:
- Establish Your Budget
Before you start making plans for your new custom-built home, ask a lender
how much money you can qualify to borrow and what the down payment requirements
will be to finance the construction and purchase of your home.
- Select The Area
Select the general area where your new home will be built. Spend some time
investigating and visiting areas where you might want to live.
- Choosing A Builder
Select a construction professional to help you through the next
few steps of the process. See "Which
Builder Is Right For You?"
- Choose A Site
Pick a site for your home. Choose the specific site on which your new home
will be built.
- Select A Designer
Hire a home designer. Select a designer whose work suits your taste and who
will design a home that can be built within your budget on the site you've
selected.
- Finance Your Home
At this point in the process, you'll be ready to arrange the short-term construction
financing and the long-term residential mortgage for your new home.
- Obtain Permits
Obtain construction-related approvals and permits. Before construction can
begin, you'll need official signoffs from the local government building department,
utility services and the architectural control board or committee, if any,
that has authority over your site.
- Build Your Home
If your plan has been well-executed, the construction of your home could
be the easiest part of the process.
- Completion
Closing and completion of final work. After your home is built, the lender
will fund your residential mortgage and the builder will make any repairs
necessary under the warranty.
Articles Courtesy of HomeBuilder.com
