New Home Construction Checklist
Building a new home can be daunting. Everything from money, to the lightbulbs that you will have in your home needs to be considered and decided on. Because of this, it is hard to fathom the idea of getting started without being fully confident. Luckily, there is no shortage of materials to read up on that will give you some confidence moving forward. Here’s a look at some basic steps that are necessary to get started before you can begin building your new home with Nustar.
Step One: Decisions, Decisions
In order to get started, you must know what you want. The best way to determine what you want in a house is to shop around. Find a realtor to show you what your options are in the areas you are looking at. Keep in mind the size of your family and if you will have any new additions, how long you plan on living here until you will move again, and what type of neighborhood you would like to be a part of.
If you plan to build on your own private land, make sure to pick out a spot that you will be happy with. Something remote and beautiful probably won’t provide the same perks as having a spot right out of town. Unfortunately, finding land near the city center is nearly impossible, so those wishing to build a home should take their new commute into consideration.
Step Two: Planning
Now that you have a better idea of what neighborhood or location you would like to move into, it is time to talk with a builder. Take your realtor with you, and talk to the builder of that neighborhood, or a builder willing to take on your private project. There, you can talk about what you want. If you are moving into a development, you can likely tour a model home to see what your home will look like, and the possible upgrades you can choose from. Although a development will likely be a series of similar homes, if you decide to build, you can work with your builder to tweak small things to better customize the standard model to your tastes.
If you are working from scratch, you will need to draw up custom plans. For this, consider all of the homes that you’ve seen and the aspects that you have liked from these when designing your home and model aspects after those things that you like. Nowadays, people like big open spaces, and large walk-in closets. Luckily, you have the freedom to add these elements when you are working with someone that will customize your home’s plan to your desires.
Step Three: Money
Before you can break ground on a property, you must first have all of your finances in order. Spend time carefully going over your budget, assess your savings for a down payment, and account for everything you will be building. Make sure you also account for any unexpected expenses that will likely pop up on the way. It is important to take a good look at your finances before you get into a mortgage to make sure that you remain financially well throughout the buying process and into the future.
You will need a new construction loan to pay your builder, and a mortgage to pay back what you borrowed to start construction as well as the cost of the property you purchase. To get a loan, shop around for the lender that will give you the best interest rate you can qualify for and with the down payment you can offer. Sure, a fraction of a percent seems miniscule, but over a 30-year mortgage it can add up to thousands of dollars.
This is only a small part of the home building process. We want to work with you to make it easy for you. Give us a call at (801) 523-8499 to get started. You can also visit our website for more information about us, and some more information about building your new home.