The Essentials Of Home Construction Loans

Myrtle Beach custom homeHaving your dream home built is an exciting experience but your enthusiasm can be tempered easily with the unfamiliarity and intricacy of mortgage loans for a new home construction. Understand the fundamentals of home construction loans and be prepared when the time comes that you have to decide if you want to build your custom home.

2 Types Of Home Construction Loans

Home construction loans are available in two types:

Construction-To-Permanent – You borrow cash to cover the construction costs. Once you move in, the lender will change the loan balance into a permanent mortgage, making it two loans in one.

Stand-Alone-Construction – the first loan you will get is going to be for the construction costs. Once you move in, you will obtain a mortgage to pay for your construction debt. Unlike the first type, this is two different loans.

Construction-To-Permanent Loans

You will have lesser fees to pay because you just have a single closing with a construction-to-permanent loan. In the construction period, you will only focus on the outstanding balance. The interest rate is changing during the construction phase, which means it could move up or down based on the prime rate. In case the Federal Reserve decreases or increases short term interest rates while your house is being constructed, you can expect your interest rate to change.

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Property Taxes Preparation Tips When Constructing A New Home

Myrtle Beach custom homeBuilding a custom home that has the amenities you need is quite different from purchasing a pre-owned home from a real estate building especially when we are talking about property taxes. Without the exact figure based on the historical amount, how will you know how much you need roll into your mortgage or save? This has kept a lot of families wondering about the ongoing costs of homeownership especially when it comes to buying a newly built home. As confusing as it may seem at first, it actually just requires a little untangling. With a little research and legwork, you can have an answer that will relieve you of your stress that is related to your new home’s property taxes.

Property Taxes In Your Location

It does not matter where you construct your house, you will always be required to pay property taxes. If you are new to homeownership, you might not even realize that property taxes differ from one municipality to another. Generally, property taxes are evaluated by the local government, but also have federal and state consideration.

The first kind of tax that goes into calculating any property tax is the millage for your specific jurisdiction. The millage is a property tax that is due for every $1,000 in property assessment; it’s actually presented in the form of a percentage. For example, when your property is evaluated at $200,000, and the mill levy or millage rate is 1%, you need to multiply the $200,000 by 0.1 to obtain $2,000, which is the amount you have to pay for your millage tax.

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Tips For Getting The Best Deal When Building A Custom Home

A lot of people have dreamed about building their dream custom home. However, without proper research and planning, it can easily become their worst nightmare. With the countless options readily available these days, anybody can spiral out of control without any difficulty.

Dawol Homes have helped several clients in creating a strategic plan when it comes to budgeting for their dream home. They know first hand how important it is to always be prepared. To help you achieve your very own dream home, provided below are some of the most important guidelines that can help in ensuring that you don’t end in over your head.

Be Selective When Picking Out Your Builder

Custom home building can be expensive and stressful, and that is why it is important that you choose a team that you can really trust. Do not simply sign a contract with the first charming builder that you come across with. Going for an honest and transparent builder can save you money.  In case you cannot have candid discussion from the very beginning about the markups, budget, or subcontractors, you should consider working with a different custom home builder.

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Should You Build, Buy, Or Rent Your First Home?

If you are thinking of buying your first home, there are several things you must consider. You have to decide whether to purchase or continue renting for now. If you believe that becoming a first time home buyer is what you want, you have to determine whether you need to purchase an existing one or build a Myrtle Beach custom home from the ground up. Take a look out the pros and cons of every option before you make a decision.

Renting

There are some individuals who benefit from a home rental. This might describe you in case, for instance, you need flexibility or maybe you have to move from one location to another because of your job. This holds true if you love to travel and live in different cities every few years.

There are several reasons why people prefer to rent. If you do not have extra credit or cash, making a down payment on a home can be hard. Knowing for a fact that your landlord will take care of any broken appliances or repair a leaky roof is enough to rent rather than own.

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5 Ways To Protect Your House From A Hurricane

Myrtle Beach custom homeHurricane season is here (hello: Hurricane Florence). It is crucial for homeowners living in coastal areas to prepare their houses for tropical storms, strong winds, and even flooding. Although we hope you never have to face any of these, there is also nothing wrong with being prepared. Fortunately, there are ways for coastal homeowners and those who live in hurricane zones to protect their abode from damages. These may include simple improvements like cleaning gutters and pruning trees. Others may cost a bit more but are worth it. A home that is hurricane proof does not only have a better resale value but it also makes sure that you will still have a house to return to after the hurricane passes. If you are currently looking for a custom home near a beach, be sure to include these 5 hurricane proof improvements to your checklist. These tips can significantly help your home weather the next storm.

Go Metal!

If you have decided to relocate to a hurricane zone, you need to have a roof that is hurricane proof if you want your home to survive the next major storm. A home’s roof is constantly exposed to outside forces like wind and rain, making it one of the most vulnerable parts of any house. If you are moving to a place that is prone to hurricane force winds as well as tropical storms, your roof will definitely take a beating.

Fortunately, a metal roof can withstand the torrential downpours and high wind speeds brought by a hurricane. If you are buying a home that does not have a metal roof, you should consider installing one. A metal roof has gained its reputation for being resistant to strong winds of up to 140 mph. The American Building Components said that metal roofing provides distinctive security and strength thanks to its interlocking panels. Metal roofs can last for up to five decades, which is more than twice the lifespan of a conventional asphalt shingle roofs. Meanwhile, don’t forget to make sure that the metal roof you wish to install meets all local and state building codes.

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