Buying a newly-built home is exciting. You don't have to worry about damage from previous tenants or wear and tear that has accumulated over several years. If you plan to have it built, you will have total control over the design and structure. If you are thinking about building a home, here are the steps you will likely need to take.
Pick a Location
Choose a lot in the area where you want to live. Look for a good location, since you will be living there for possibly years to come. If you decide to sell it later, you can attract more buyers in a property that is situated in a nice neighborhood with good schools and local amenities. Don't settle for a cheaper lot or one that is smaller than you want just to save money. The lost is as important as the house, so choose one carefully.
Design a Blueprint
Draw a rough sketch of the home you would like to have if you are planning a custom design. You can also use a computer app to design your new home by working with various elements, features, and colors. Coordinate your plans with a building budget that includes all the actual costs as well as possible overruns or extra unplanned expenses. Remember to include any landscaping or yard design that you would like to have. You might have to make tough choices if the budget gets tight, such as giving up one of the three bathrooms to get extra storage.
Interview Building Contractors
Research the best builders for your home design in the area you have selected. Meet with one or more contractors to discuss your plan or blueprints to confirm the home's layout and size. You might also want to look at their existing designs and tour new construction homes for an idea of the quality and style of the finished houses. When you're ready to sign a contract, read the fine print, and consider having a real estate attorney review it first.
Talk to a Lender
Contact your bank, credit union, or another financial institution to discuss financing your new home. Ask about interest rates, mortgage terms, and special conditions that might apply a penalty, such as paying off the mortgage early or making a late payment. You may want to talk with a couple of lenders to get the best loan for your new house.
Building a new home requires thoughtful, detailed planning. Don't skimp on steps like these to make your dream home a reality.
