Building your new home can be a bit complicated, but the ability to have more control over the site, design, and details you want is worth the extra effort. Here are some quick tips so you have information about building and buying a new home.
The most important thing to do first is to get all of your financial information in order. You will probably need credit scores, bank statements and tax documents. As you are gathering up the paperwork, use it to make a budget. You need to know up front what kind of mortgage payment you can afford. When you create your budget keep unforeseen expenses in mind.
Two Types of Homes
When you build your home there are often two options, custom homes or production homes. An article from New Home Source discusses the advantages of both options. Custom homes are perfect when you already own your own land or have a very specific architectural plans in mind. Production homes are usually built from one of several different styles of floor plans on lots already owned by the builder. A production home can still offer customized choices such as appliances or color choices. A production home will often be built faster and at a lower expense. There are many advantages to both types of homes; your situation and preferences will dictate which type is best for you.
Financing and Closing
When you have determined your budget and type of home you will pursue, you need to find financing. Often, the builder will offer financing and this is typically the best deal. You can also shop around for other financing offers. Don’t forget to consider closing costs and legal fees when you are considering the terms of your mortgage and down payment. You will also need to have home owner’s insurance in place at the time of closing. Closing can be a complicated process, New Home Source suggests you may find it helpful to hire a lawyer to walk you through the legalese. You want to be completely comfortable and know what you are getting into when your sign the paperwork.
Inspections and Involvement
As your home is being built expect there to be several inspections along the way. Don’t hesitate to ask your builder to attend these inspections. It may be helpful to you as a homeowner to know the inner workings of your house.
The Best Experience
We have just touched the surface of the very complicated process of building a home. It can be challenging, but it is very rewarding to have a custom home that was built specifically to your family’s needs and wants. Brendon Homes are experienced home builders and want to work with you so that building your home is a comfortable process. Contact us for more information about building your new home!