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Nov
08

Custom Build 101: How to Go About Building Your Home from Scratch

  • Written by  Suzie Wilson
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Custom Build 101: How to Go About Building Your Home from Scratch

Despite there being hundreds of potential options, many homebuyers aren’t satisfied with the choices on the real estate market. Many people feel as though the available houses are too similar to one another, as though they were duplicates of the same original model. With a new home representing such a large investment, it makes sense that buyers are determined to find their dream home. If you find yourself in this position, it’s time to consider a custom build. Building your home from scratch gives you the utmost guarantee of having a home that fits your needs and desires. Here’s a quick guide to get you started.

Taking Out a Construction Loan

Unless you’re one of the small percentage of homebuyers who can pay for a new home outright, your first step will be taking out a construction loan to build your new home. Keep in mind that income guidelines, credit scores, and other requirements for securing such a loan are much more stringent than those needed for a regular home loan. It’s important to evaluate your appeal as a borrower before you send in applications. You can always consider taking out a construction-to-permanent loan. The builders (and, by extension, their employees) are paid by the lender once the job is finished, and once you have officially closed on your property, the total cost is then converted into the mortgage.

Hiring a Real Estate Agent

If you’ve decided to try your hand at building a home from scratch, you may be surprised to hear about real estate agents as an important part of the process. These professionals are typically only associated with buying and selling homes; it’s not often that you see real estate agents advertised for home construction. Real estate agents have the expertise and experience to act as your personal advisor offering you tips and suggestions to help navigate the complicated housing market. A realtor will help you find the perfect property on which to build your home. They can also be an instrumental component in finding a reputable and affordable builder.

 

Finding a General Contractor

Many homebuyers don’t even consider the possibility of building a custom home because of the perceived complexity of the undertaking. While there is more involved than a standard real estate purchase, you can always work with a general contractor to take care of the finer details. These professionals handle all of the outsourcing and permit requirements needed to build a home. General contractors are the source through which your dream home is translated into reality. They’ll be able to translate your desires into logistical possibilities with the hiring of professional subcontractors such as plumbers, landscapers, roofers, architects, and more.

Develop a Rough Timeline

Before breaking ground on your new home, it’s important to have a rough timeline established with your builder to ensure that everyone is on the same page. Without clear deadlines, it’s easier for a custom build to take longer than originally quoted or expected. The timeline should be created from input between you and the chosen builder. After creating a schedule with multiple goal dates, make sure to follow up throughout the process to see how things are going. You can work with your real estate agent as well for additional support. This correspondence can help alleviate confusion and contribute to a smoother operation overall.

Building a custom house is an exciting undertaking that gives homebuyers the possibility of bringing their dream home to life. Although there are more steps involved than a standard home purchase, the end result should be worth the extra effort. Just make sure you stick to the plan.

Photo Credit: Pixabay

 

Suzie Wilson ⎸ This email address is being protected from spambots. You need JavaScript enabled to view it. Happier Home

Read 259 times Last modified on Monday, 11 November 2019 20:46
More in this category: « Home Builders on Norris Lake

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