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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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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The Best Time For Custom Home Building

myrtle beach buildersWinter is just around the corner and once that is done, spring comes next. It is the season that brings warmer weather as well as new life. But for other people, spring is much more than that. It is also the best time to begin the construction of a new home. Basically, it is the ideal season for completing building constructions faster without having to deal with several delay so you can move in to your new home sooner. If you are planning to build a custom home, listed below are some of the reasons why spring is the best time to begin.

More Daylight

When the summer solstice hits in mid to the later part of June, we begin moving back to winter. What that implies for your home building project schedule is that nighttime slowly falls much sooner as the day gets much shorter. By beginning the project during spring, your team of custom home builders can make the most of their time thanks to more sunlight during the day. However, it’s not only more sunlight that can help you finish your new home on time.

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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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Do You Need A Custom, Semi Custom, Or Spec Home?

myrtle beach builders-5In terms of constructing new homes, you can choose to build a custom home, semi custom home, or a spec home. Each type has its own set of benefits and drawbacks and your choice will depend on your budget, time, needs, as well as desire to manage the details. Here are some important things you need to know.

Custom Home

A custom home project lets you work directly with a custom home builder to plan, design, and choose each detail about the layout, construction, and finish of your house. When we say every single detail, we mean everything. You will choose everything from the color of the doorknobs to the number of bedrooms. Custom homes are ideal for couples who prefer a detail oriented process and do not want to compromise on what they want. If you choose to build a custom home, you will be responsible for deciding on the:

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What You Need To Know About Custom Home Building Process

custom home buildersThe building process involved in constructing custom homes can be very mysterious, especially if you have never constructed a house before or at least seen one completed. If you are thinking of building a home, you will most likely want to know what your expectation should be from the process, and that is why we have listed the 10 main steps that are involved when it comes to building a quality custom home. From the beginning to the end, here are the things you can expect from the building process with Dawol Homes.

Planning and Design

As you would expect, you are involved in the first phase of the home building process. It is your responsibility to decide what you want your house to look like, and it is your builder’s or contractor’s job to make sure that your dream becomes a reality. The primary step in the home building process is creating an initial design. A great Myrtle Beach custom home builder will talk to you about your vision to ensure they know exactly what it is that you are searching for.

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How To Prepare For Your Model Home Visit

model homes Myrtle BeachSo, you have finally decided to purchase a new house and you are thinking that it is the right time to book a model home visit. Although it might seem as simple as getting into the car and driving straight to your closest new home community, it is an essential aspect of the process that needs a lot of consideration. Before you take that drive to the model homes Myrtle Beach, here are four tips to help you better prepare for your visit.

Begin With A Checklist Of The Things You Want In Your New Home

In case you still don’t have any idea what you want, you will most likely have to visit dozens of model homes first before you could find the best one that really speaks to you. To make things easier, it is highly recommended that you create a checklist for yourself first.

List down important things like the kind of location or commute you are looking for. Do you have a preferred school district? Are there certain community amenities that could make or break the deal for you? Do you have any desired architectural style? Which options or upgrades do you classify as wants or must-haves?

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Custom Home Building: Tips To Help You Get Started

custom home buildersJump-starting the construction of your new home is a difficult undertaking. Despite being able to save enough money for several years, a part of you will always wonder whether it is enough. You might even think that you are still not prepared for this huge investment. We recognize and understand the fact that starting the construction process can be very difficult. However, with the right prep work and planning, the construction of your custom home won’t be as scary as you first thought. Provided below are some tips to help get your dream custom home construction project started.

Find The Perfect Location

A lot of people overlook this step. It is very easy to jump through the most enjoyable part, which is to plan and design the house. However, before you can jump into that, you need to find a place where you desire to live. For many people, this choice relies mainly on their family size and their budget. There are some who wish to stay in their existing home right up until their brand new custom home has been completed. However, for many, this is just not possible because of their finances. For many, they would rather sell their existing home and use the cash for the construction of their new custom home. Although this is a good method of saving money, it does not answer the question, “where will you live?”

In the event you wish to sell your house, you have the option to look for an apartment, stay with relatives, or rent a home while your custom home is being constructed. Staying with your relatives is obviously the most affordable option, however, this alternative is not for everybody. If you do not wish to live with your parents temporarily, or the parents of your spouse, you can always go for affordable rentals. They will most likely be smaller than you’ve hoped for, but just remember that you will be living there temporarily. What’s important is that you find a place that’s workable and you’ll see that this option will help you save cash while making sure that the budget for the construction of your new custom home is untouched.

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Fulfill Your Dream With A Custom Home

custom homeHave 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.

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