After searching through home listings for a while, some people reach a point where they give up on finding the perfect home for sale and decide instead to have it built. Having a new home built just for you can be an incredibly rewarding experience, but it is also a really big endeavor. If you're standing at the beginning of this journey or are about to embark on this journey, here are some questions that are probably floating through your mind.
How long does a new home take to build?
The actual building process typically only takes a few months. However, you also have to account for the lead time during which the architect will work with you to draw plans, and the builders will source materials. Then, there may be a waiting period while finishing touches are made and the home is inspected for the Certificate of Occupancy. All in all, having a home built typically takes one year. If there is a particular company you're thinking of hiring to build your home, ask them what their typical turnaround time is for a more accurate estimate.
How do you finance a new home?
Paying for a new home to be built is a bit different from buying an existing home. You typically need to give the building company a deposit, which may be anywhere from 5% to 10%, before they start working. The remainder will be due upon completion of your home, and that can be paid in the form of a mortgage if you don't have the cash. Most home builders have banks they work with on a regular basis, but if you prefer a different bank, you'll be permitted to go through them instead.
How can you make sure the project stays on budget?
You may have known someone who had a home built and ended up spending more than they planned. This is really common. However, there are ways to avoid overspending if you are diligent. Let your builder know your maximum budget on day one. Also, make sure the home you initially design comes in well under that maximum budget so you have room for add-ons and changes as you go. Going with a more open floor plan also helps keep costs down as fewer walls need to be built and painted.
Now that your most burning questions have been answered, you're ready to consult with a home construction company and get started. A year from now, you should be relaxing in your new home.
Share6 May 2021
When I moved into my current place, I was concerned about the size of my master bedroom. I was worried this small space wouldn’t fit my bedroom furniture. Unfortunately, I was correct. After sleeping in this bedroom for eleven years, I decided to make a huge change. I consulted with a reputable, remodeling contractor. I hired this professional to build a huge, master bedroom addition onto my home. I decided to turn my small bedroom into a comfortable guest room. On this blog, I hope you will discover how a remodeling contractor can improve the function of your home. Enjoy!
