You’re searching for a forever home. You find the perfect location where your future can truly begin. But instead of having a move-in ready house, there’s an empty lot and plenty of work to do.
You’ll need to hire a contractor to build a brand-new house for you and your family. But before they start building, there are some important questions you need to ask the contractor and yourself when constructing a new home.
What’s Your Dream Style of House?
Each homeowner has a preference for the style of their future home. When you’re hiring a company to build a new home for your family, the building they create must meet your wants and needs.
You can take in-person or virtual house tours to gain inspiration. Ask your friends their opinions and experiences with their own home renovations as well. When you have a clear vision, communicate the ideas with the contractor. Continue the discussion and establish an agreement based on your budget.
Which Features Are Standard, and What Can You Upgrade?
Not all contractors build entirely custom homes. If you purchase a lot in an established neighborhood, there’s a chance you’ll choose from a set of home design options with minimal customization or upgrades.
When it comes to the included prices, ask as many questions as possible! What type of flooring will they install? Can you use different types of metal roofing instead of the average asphalt shingles roof? What appliances come with the cost?
It’s best to know what you’re receiving so that there are no surprises by the end of construction. If you want to make customizations or upgrades, determine what additions are possible. The goal is to create a brand-new home that you love.
What’s the Estimated Timeline for the Build?
Do you need to move into your home as soon as possible? Does your family have a home you can live at during construction? You may need to rent a place during construction.
The process of constructing a new home typically takes seven to eight months. On occasions, the builders can encounter delays, extending the project past the original timeline. While you need everything done correctly, you and the builders must also meet the timeline.
Discuss the estimated time for the build with the contractor to determine the right time to sell your previous home and prepare for move-in day!
What Are the Financing Options?
Finding the right method to finance your home is an important question to ask the contractor when constructing a new home. When buying a house on spec, you’ll pay an initial deposit to the builder. On average, the cost is up to 15 percent of the purchase price. Now, you can take the next step to determine the interest rate and mortgage payment from the lender.
For custom homes, many homeowners apply for a construction loan. Once the build is complete, the loan transfers into the typical mortgage payment.
If you ever have any questions, don’t be afraid to ask them! Communication with the builders is important. With such a big investment, it’s important to understand the ins and outs of the construction process.
