Have you always wanted to have a home with a large entertainment area, game room, or perhaps a dance studio? If yes, then a custom home might just be what you need to fulfill that dream.
Purchasing a home is an essential part of the American Dream and it is one of the biggest investments you will make in your life. But the whole experience is made much exceptional if you can a build a house that meets your specification. However, before you start making decisions about your dream home, the first thing you have to do is learn everything about how a custom home building works.
Get Your Finances Ready
Constructing a custom home does not have to be costlier than purchasing an existing or newly built house. With the help of Dawol Homes, you can build a modest custom home, however, getting all the construction materials individually instead of in bulk can increase the price dramatically compared to production houses. The crucial thing you need to remember is that the decisions you make regarding the land you wish to purchase, the quality as well as the design will all make an impact on the total price.
You need a construction loan when it comes to financing a custom home and this type of loan is offered only by a few lenders. If you don’t own a land yet, you need to should the cost of buying the land and the construction of the house. In most cases, you are going to have two closings, and each of these will bring upon settlement fees.
Lenders consider building a custom home as risky and that’s why you must have an excellent credit. You also need at least 20 percent to 25 percent down payment if you want to have higher chances of qualifying for a construction loan. Apart from that, lenders require borrowers who want to build a custom home to have bigger cash reserves to make sure that they have the funds set in place for any issues that may require the extension of the construction period. Additionally, don’t forget about your insurance.
Talk To Builders and Architects
In case you have a specific kind of home that you wish to have, you can begin by looking for architects who are known in your area to have built similar designs. There are a few custom home buyers who would rather find a builder first and ask him to recommend an architect who can design your home while others prefer to do it the other way around. You can also find a build or design firm that can take on the whole project. It does not matter what route you take, what is important is for you to carefully check references, interview possible partners, and check out examples of their work so you can evaluate the quality of their work before you make your final decision.
Begin With A Land And Plan
If you already bought a land, you must talk to potential architects and Myrtle Beach custom home builders at the site and talk about probable plans and issues. In case you do not own any land, there are builders who can assist you in finding a site or they can refer you to a realtor who can help you. It is important to make sure that your land plan and home design match. You don’t want to design a home and then end up finding that the land you purchased cannot accommodate it.
It would be best if your builder will walk the land with you and figure out the extent of preconstruction required including the positioning of the utilities like driveway and septic system.
Check The Neighborhood
A lot of people who construct a custom home think they will never be able to sell it in the future. However, you might wish to relocate to a different place or even construct a new custom home. It is nice to think about the resale value when constructing a home. To be more specific, you should match the general size and the price range of your custom home to other houses in the neighborhood so your house won’t stick out because it is overpriced and oversized.
Avoid Cost Overruns and Delays
Planning your dream home from the ground up including every single detail in between can save you money and time if go for a custom home. Your decisions regarding each detail of your house must be made well before your home’s construction begin so you could lessen the chance that materials will not be available whenever required or that you’ll have to demolish things that have been constructed already so the change you want to have can be accommodated.
Careful preparation and hiring a great team could help you have a fun and exciting custom home experience.
3100 Dick Pond Rd # E
Myrtle Beach, SC 29588