Building a Home? Factors to Consider

While many buyers choose to purchase pre-existing properties, some turn to home construction when looking for a new home. Building a home is much different from buying a home that's already standing. People who are new to the process can use these tips to get started.

Think of Your Future

Before starting the process of building or designing a home, buyers must think of their future and what it holds. Small growing families need space. Home buyers who want to age in place must think of safety and convenience. Hobbies and favorite activities may also be factors to consider when designing a home. To get started, a home buyer can make a list of priorities, and from this list, the buyer can determine what are the "must haves" and "nice to haves." Having this information can help the buyer make choices throughout the purchase and design process.

Green Features Save Money

Green features are important to home buyers who seek ways to reduce their environmental impact and save money. Buyers who wish to prioritize green features can do so by asking home designers about eco-friendly materials, energy-efficient appliances and other eco-friendly features. Asking these questions can help the buyer decide which home designer is right for them.

Get the Right Mortgage

Getting the right mortgage for home construction is important. The draw/progress-draw mortgage allows the buyer to take money out throughout the home building process, as the project progresses. When the project is finished, the completion mortgage enables the buyer to pay the builder for the completed structure. Working with a mortgage lender can help the buyer navigate the complex process of taking out the right mortgage at the right time.

Work With the Right Builder

Choosing a home builder can be tough. Buyers start by interviewing builders, looking at their portfolio, discussing costs, timelines and other factors. Once the buyer has narrowed the builder down to a few choices, the buyer can call each builder's references to help them make the final decision. In the end, the buyer must choose a builder who makes them feel comfortable, who has a reputation for excellence and who offers the best value for the work.

Know the Difference Between a Custom and Production Home

A production home, or "prefab" home, is a home that is designed in advance and picked from a catalog. Usually production homes offer homeowners choices regarding materials, layout, colors and features. Usually the choices are limited, and home buyers must pay more for upgrades. Production homes can be made relatively quickly and efficiently.

A custom home is a home that is built from scratch. The design, materials and layout are all chosen by the home buyer. A custom home can be far more expensive and can take far more time to build than a production home, but home buyers who have a unique vision for their property may find the process to be rewarding.

Plan Carefully Before Getting Started

The process of constructing a home, especially a custom-made Gleneagles home, can be a lot more time-consuming than many home buyers realize. Working with a reputable builder and budgeting carefully can help ensure that the buyer is prepared for the process. If you're a buyer who would like to build a home, work closely with a reputable builder and designer to make your plans. This can help ensure that the home you buy is one you'll love for many years to come.