Building your first home is both exciting and frightening. It can be hard to decide what is right for you and your family. Fortunately, there are some clear steps to the home building process. Follow these steps carefully, and you won’t go wrong.
Step 1: Decide How Much Home You Can Afford
The money portion of this is probably the least fun part of the process. Deciding how much you can afford is never easy. The best place to start is with a reputable mortgage broker, lender or bank. Not only can they help you determine how much your family can afford, but they can also help you with the next step.
Step 2: Shop for a Loan
Shopping for a loan is similar to shopping for anything else. There are several types of home loans for you to consider. Each mortgage has different terms and different repayment options. Your broker will be able to help you decide which loan is right for you. Shop around before you decide on the best lender.
Step 3: Prequalify for a Mortgage
Although some will say that you should find a property first, it is better to know how much a lender will give you rather than setting your expectations too high. Knowing what is practical will help you when you begin your search for a home construction company.
Step 4: Find a Builder
A big step in constructing a home is finding a construction company that is knowledgeable and licensed in your state. Most states have a website where you can look up professional licenses. Also, seek out independent reviews and check the Better Business Bureau for complaints and recommendations before making a final decision.
Some have a limited number of floor plans they work with and do not like changes, while others have more options for you to choose. Talk to them about exactly what you want to be sure they can accommodate your needs, wants and budget.
The home construction company you choose absolutely must know the county and state’s permitting and construction laws. If not, you might wind up in trouble with your local government.
Step 5: Work With Your Builder
The contractor can help you decide between dreams and what is affordable. The right one will work with you if you choose to change the preset plans and ideas. They must work with you rather than fighting you on every little change. Keeping open communication between you and your home construction company is vital to getting the home you desire.
Step 6: Be a Part of the Process
Be involved in the process. Do not leave everything up to the workmen. Do multiple walkthroughs during the process to make sure everything meeting to your expectations. It is far easier to ask questions while construction is going on than to change something later.
If you don’t understand something, ask about it. A good one company will explain everything to you; a bad one will sidestep your inquiries or might not be available at all.
Building your first home is an important milestone not to be taken lightly. Take your time, and you will have a home that you love.
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