HOUSE CONSTRUCTION 101: FINANCIAL MISTAKES TO AVOID

custom homeIf you’ve bought your home from someone else, you might have thought about what was running through the builders head. While some people go for a run-of-the-mill design, others want to have custom homes. And it’s obvious why. Some homeowners want to make a home that will stand out or simply function and look the way they want them to. If you’re planning on building your custom home, you might want to consider a lot of things. Of course, this includes going over the common financial mistakes that homeowners make. Here are some that you should avoid:

 
Not having all the details ready for your custom home

 
Although designing a home might seem relatively easy, it actually isn’t. There are a lot of things that work together to build a house exactly as planned. Deciding on what tile color and design is a small yet important factor. These are just examples of the tiny details that when accumulated, comes together harmoniously to create your dream home. Before you give your custom home builder the go signal, make sure all details big and small have been dealt with accordingly.

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An Overview Of The Custom Home Building Process

custom homeBuilding a custom home isn’t for the faint hearted. The entire experience can be overwhelming but the journey is definitely worth it. Besides, everyone wants to have a custom home that meets their family’s needs.

Before discussing the process of building a custom home, the first thing you need to know is the breakdown of the costs involved in a custom home construction.

Pricing Breakdown of Building A Custom Home

House Structure Costs

These are the costs for building the house including its structure and everything inside the house. The prices vary depending on the area where you live in.

House Upgrades

Most custom home builders will give you an estimate for the structure that you design. After that, they’ll provide you with a list of the features included and you’ll have to pay extra if you wish to upgrade any of these features.

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CHOOSING THE RIGHT BUILDING PLAN FOR YOUR CUSTOM HOME

custom homeIf you are building a custom home, you need plans that will guide you through the building project. Listed below are a few tips from expert custom home builders to assist you in choosing the most suitable building plans for your needs.

 

Create A List of Needs – talk to your family and have a discussion over what you all want. Identify your current needs and what your needs will be over time. Write all of them down.

 

Observe – Take the time to observe your current lifestyle. You should also identify where you spend most of your time in your apartment or home.

 

Reflect – you should also reflect on the properties that you have visited. What features did you like most? You should also take a look at the lifestyle of other people. Is that how you want to live?

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Tips For Selecting The Best House Plans For Aging In Place

custom homeThe universal design’s principle hopes to create a built environment that’s accessible for as many people as possible, and for as long as they live. It’s partly rooted in design for those who are handicapped. However, universal design principles likewise support those who prefer to age in place. Multigenerational house plans with a universal design are becoming increasingly popular because the long life expectancy these days means many people live longer and they parents are still alive even when they are old themselves. If you are thinking of building a custom home that accommodates aging in place, there are a few things you need to know.

Things To Look For In Aging-In-Place Custom Home Plans

Single Level Designs

As a person ages, he or she will find it hard to go up and down the stairs. It’s also impossible for those who are in wheelchairs. In case a multi-story design is needed, then house should have an elevator.

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How Are Home Buyers and Sellers Faring Amid The Coronavirus Outbreak?

custom homeThe coronavirus outbreak has triggered a stock market crash, financial crisis, layoffs, and probably worsen the already serious housing shortage. Hard hit cities have implemented preventive measures like the stay at home order and social distancing. Amid the crisis, realtors are seeing a decline in the number of custom homes in the market because of the coronavirus, as per the recent National Association of Realtors.

Expert realtors revealed that if home sellers take out their homes from the market, it would continue to plague the low inventory conditions that the country is facing right now. A lot of homeowners are following the social distancing guideline and are taking the for sale signs off their front yard due to fears of an economic downturn. They are also scared of entertaining potentially infected home buyers who are interested in checking out their custom homes Myrtle Beach. However, with the country already going through insufficient inventory, this will most likely worsen the problem once the demand soars past the available supply.

About % of realtors have seen sellers take out their houses off the market because of the coronavirus pandemic compared to the 3% one week earlier, a new survey found.

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Build Your Custom Dream Home

custom homeWhen you are imagining your dream home, you want everything to be perfect. You look for that perfect home, you will exhaust every current inventory, and every new listing that shows up in the market just doesn’t fit your preferences. There’s something off in each of your options like not having an open floor plan, the appropriate lot size, insufficient garage space, and so on. You are just on the verge of giving up and you’re about to throw in the tower. Does that sound familiar? Before you give up, there’s a different option you may want to take into account. Why don’t you build your own dream custom home?

How do you know that building a custom home is your best option? The first and primary benefit that you will get to enjoy is that you will get to customize the house. So if you want to have everything you want than this is a wonderful option. And to kick off the decision making process that comes when building your dream home, you have to pick between a production home or a custom home.

Custom Homes

A custom home is just like hiring a baker who can create a custom cake for you. You can choose everything from beginning to the end like the tiers, size, colors, shape, decorations, and frosting. Most people talk to a few custom home builders to make sure that they find the perfect one and then after choosing one, they will have to deal with other important things related to building their home.

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Top 5 Benefits Of Building A Custom Home

custom homeIf you are a homebuyer, one of the most important decisions you need to make is determining if you want to purchase an existing house or have a custom home built. Others will tell you that it’s better to go for an existing home. However, they won’t mention anything about the advantages of choosing to build a custom home. So, to shed some light on this matter, listed below are five of the best reasons why it is better to go for a custom home.

Style of the Custom Home

If you are looking for a house in a specific area, existing houses may not have the design that you want. A certain area may have houses featuring a transitional design but what you want, for example, is a classic style home. What’s great about a new construction is that it’s easy to find an existing community or development that provides the style you like. With a custom home, you don’t have to settle for aesthetic features you don’t want.

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How To Choose The Perfect Floor Plan?

custom homeChoosing floor plans for new custom homes could be an exciting process. As you begin to go through your options, it’s crucial to know how you and your family will use the space and how it would fit your lifestyle. The perfect floor plan would enhance the way you experience your new custom home, and everything from its style to its shape must be accounted for. You may find your options overwhelming, but there are some tips to help you decide which house plan is the best for you.

The Perfect Floor Plan For Your Custom Home

Size

The first thing you need to consider if you are choosing a house plan for your custom home Myrtle Beach must be the size. You should not run the risk of under or overbuilding your house. As you start browsing plans for your custom home, spend some time to create a wish list that you want your custom home to have. You need to know how many bedrooms you want or if you would like to have a formal dining room, and what kitchen design would suit you best.

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Is Building A Custom Home The Best Choice For First Time Homebuyers

custom homeWho doesn’t like the smell of something new? People love everything new. Does that apply to having a new custom home, too? They increase in value much faster than a house that’s already existing. But, they tend to cost more per square foot to construct or purchase than an existing home.

Everything inside a new home is brand new. Since you will be the first one to use the amenities, there is a chance that it may not be as trustworthy as the ones that managed to withstand the test of time. This is one of the things that are the points of debate when it comes to purchasing or building a custom house versus purchasing an existing home. There are positive points to each option but they also have their own set of disadvantages. First time home buyers must consider everything especially because it’s their first foray into the home buying game.

The Perfect Custom Home

Many homeowners believe that they can have their perfect dream house. But that’s not the case in real life. The reason has nothing to do with your budget but it all boils down to your needs, tastes, and vision, which tend to evolve, especially if you are a first time home buyer.

So what may seem to like a good idea one minute ago may come up short a few hours after.

Don’t Get Caught Up In The Excitement

New construction can be exciting. However, many first time home buyers get caught up with the thrill of making something that’s unique. In many cases, they end up realizing that their plans didn’t make any sense and didn’t relate to how they enjoy their houses. They may end up spending a lot on certain designs or features that they don’t need.

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The Essentials of Home Construction Loans

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 Custom 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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