Hey everyone, thanks for visiting our blog. Today I wanted to talk to you a little bit about new construction, and what kind of process you can expect when it comes to building a new home.
Many times, buyers think the first step is to meet with an architect and get plans drawn. This can be an unnecessary and costly expense.
The first step actually is to get pre-qualified with a local lender, and talk to the lender about your financial goals to fit within your budget. Next, you will need to determine whether you need to do a new construction loan, or a traditional one. This will impact the type of builder you search for.
Now, you’ve got to find a lot, which determines the cost of the building. A sloping or hilly lot can end up costing much more to build on than a flat one. There are many factors to go through to determine if the lot fits your goals.
Next we will find the builder. You want a builder who is willing to get the construction loan themselves so you can buy the lot and the finished home. The next step is having a contract drawn up that protects you as a buyer, has all the specs, and includes a time-frame for the home to be completed.
Going through the building process prior to getting involved is crucial to ensuring a smooth transaction. As you can see, the cost to build isn’t simply about the cost per square foot, it’s much more than that. If you have any questions about it, give us a call or send us an email.