Building your own home can be a dream come true, but it can quickly turn into a nightmare if the project is poorly planned. From the moment you start the project, it’s important to plan out every phase of the home construction and that means considering things that you might have taken for granted. While this is a new experience for you, learning from others can help you avoid common pitfalls.
Understand That Building Is Different from Buying
Even if you have previously bought a home in the same area, you may not be fully prepared for the financing differences for home construction. When you consider building a new construction home in Baltimore, the first thing you should do is determine how much the home you want to build will really cost you. If you’re buying a premade plan, the seller often offers an in-depth estimate. This includes the cost of materials, labor, taxes, and other expenses as they would apply in your area.
Additionally, the financing experience is very different, since you will need to pay for the construction of the home first. This requires a builder’s line of credit, which is used to pay for the building of the home. Once the home has been completed and you’re able to occupy the residence, you’ll need a mortgage, which will be used to pay off the line of credit.
Research Your Contractors Thoroughly
The contractor you hire will have a great influence on your home building experience. A disreputable or careless contractor can leave you with a mountain of problems, but the right contractor will provide a much more positive experience. To ensure you end up with a reputable and professional contractor, you should interview several luxury home builders in Maryland. Check out their credentials and insurance to ensure they’re qualified to do the work. You can narrow down your choices by checking online for past customer reviews. Additionally, examine professional builder’s organizations to find out if there have been any complaints or lawsuits filed against the contractor.
Learn About a Punch List
The punch list is a list of items you observe in a final walk-through of the home to determine if you can begin the closing process. It’s a wise precaution to conduct this walk-through with your real estate agent, because they will have this type of experience. You should make two lists: reasonable flaws and unreasonable flaws. Reasonable flaws are minor repairs or those items that won’t affect the quality of the home. Conversely, unreasonable flaws are those items that must be fixed before you can reside in the home. These items must be repaired prior to closing.
Don’t Rely on Your Schedule
In the beginning, you will sit down with your contractor to plan out the construction of your home. This will include creating a schedule for the phases of building your home, and it should provide an estimated date of completion. While that can give you an idea of when the home will be ready, you shouldn’t view this as being set in stone. Rather, it’s a guideline that can change as the result of bad weather, construction issues, and scheduling conflicts. Building MD custom homes isn’t an exact science, and anything can delay the process. For that reason, you should make living arrangements that can be extended, if necessary. A nine-month estimate can easily stretch to a year or more, so be prepared for delays.
Choosing a Plot of Land
While selecting a plot of land on which to build may seem like a simple matter, it can be extremely complex. Once you think you’ve found a suitable location, you should contact the office for zoning and planning to make sure you can build on the lot. Ideally, you will want to select a plot of land with few zoning issues, since taking extra steps to meet zoning guidelines will cost you in both time and money. Additionally, make sure the property has direct access to public roads. Otherwise, you may have to apply for easements to gain the authority to cross another’s property.
These tips can help you identify concerns you should be prepared to address as you begin planning the construction of your home. Taking the time to plan out every phase of the project will help you avoid costly mistakes. While it may make the process a little more time consuming, taking the time to learn everything you can about the home building process will save you money down the road.