People end up building for several reasons:
- Can’t find a home that meets their requirements on the market.
- Want specific things that aren’t seen in most homes such as radiant floor heat, or something custom for them.
- Feel like its the best investment for their money.
There’s a few things that you should know if you are going to build.
- Cost of construction is always moving up- cost of materials and the cost of the actual labor.
- Most builders quotes have a good for xx number of days clause- you can’t necessarily get a quote and then a year later ask them to fulfill that quote.
- You will likely need a sizable down payment to secure a home.
- If you bring a plan to a builder they are putting there time and money on the line to build it- if you back out they need to be able to guarantee their money.
- True they will be able to sell the house they built for you, however, that home was truly built for you. Not everyone has your tastes or needs.
Selling your current home takes time. There are a few ways the process can go.
- You can put it on the market as soon as possible and end up selling your current home before your new home is done and rent for a couple months.
- You can wait and sell your existing home after you move and have two mortgages to pay until the existing homes sales.
- You could get extremely lucky and close on your new home the day before you close on the sell of your old home.
- With all of these cases you should know what the market average is for selling in the price range of your homes.
What should we do first?
- Determine what your goals are for your new home. How do you envision yourself living there? What types of locations would you find pleasing? Are there certain looks that you like that won’t fit in some neighborhoods?
- Determine what your budget is. Plan for something that won’t blow your budget leave some padding so that you can make adjustments when you select finishes for your home. Meet with a banker- we’ve got some good recommendations.
- Assemble your team. You will need a REALTOR®, architect or drafter, builder, and perhaps others. Once you start building out the team they will help you know who else you will be needing for the process.
- Find the right place keeping your goals in mind. If you are building its always wise to consider that this might be the last place you call home- is this house going to work that way?
- Plan it out. Trust me paper is cheap. If you have to spend an extra few weeks planning out a house you will actually like, do it. Its not worth spending over a hundred dollars a square foot for something that you don’t even like or want.
Sage Leaf Group would love to help you with your next home whether it be to sell, buy, or build or a combination we are here for you. If you are doing a combination of those ask about our package deals.