Building A Home In The New Year
2019 is just a few days away and, according to Forbes magazine, 40% of Americans make resolutions. Some are to lose weight while some are to increase financial health. Still, others resolve to read more and be on devices less. No matter what you’re resolution though, success can only be attained by proper planning and a commitment to seeing your resolutions through. That is, after all, why a resolution is being made. You are falling short of something this year and hope to be better or get better in the next one. This same concept applies to anything you want to take on, including building your new home.
If you’re planning on building your custom home this year, here are five New Year’s resolutions you should make to ensure everything goes as planned. That way you’ll get the home you want from your chosen custom home builder here at River Landing in Wallace, NC.
Know Exactly What You Want in Your Home
As the G.I. Joe theme song used to end: Knowing Is Half The Battle! In order to get the custom home you’ve always wanted, you first have to know what you want in your home and out of your home. So, begin the year by doing your research and starting to compile a list of your must-haves. Separate your list so one column lists things you need to have in your home and the other column lists things you want to have in your home. Then, prioritize the lists. This way, if and when budgetary concerns come up, you’ll know exactly which features you can afford to lose, mentally and financially.
Figure Out Your Financial Standing
Building a custom home does not have to be an exercise for the wealthy. With the current interest rate hovering around 4% with just $10k down, a custom home can be more attainable than ever. Before you start looking over floorplans with your builder though, secure your mortgage terms so you know what your budget truly is. Take the extra step as well and find out what your credit report looks like, gather and organize all of your financial documents for mortgage applications, and know what your current income is.
Get Familiar With the Home Building Process
When you’re preparing to have a custom home built, it is incredibly helpful to have a full understanding of the process. Schedule a meeting with a home builder (or builders) to have every stage of the process explained as it pertains to your custom home. Your involvement in the process is robust as you’ll be involved in a lot of decision and design selections. When building a new home, it pays to have an understanding of the process.
Understand How Loans Work on New Construction
You already own property within River Landing. When you are preparing to build a custom home on your property, your mortgage loan is going to be different than that of someone buying a pre-existing home. This type of project requires a construction loan. It is a short-term loan (maximum of 1 year) that has special guidelines and includes monitoring to ensure the build is completed on time so your repayment can begin promptly. Construction loans have variable rates that move up and down with the prime rate. Once the home is built, you’ll use your mortgage to pay off the balance of your construction loan. To find out more you should contact one of the following Allied Partners of the River Landing Custom Home Program:
Make Your Home Build the Only Major Change This Year
Building a custom home can be one of the most rewarding events of your life. It can also be a stressful time though. The last thing you want to do is take on another major project during the year of building. Try not to commit yourself to another major event or even a major purchase while your custom home is being built. You’ll be far more successful and remain more sane and joyful.
If you are going to build a custom home in 2019 look no further than River Landing. We have four of the regions most accomplished builders working with us and we can help you get the home you’ve always dreamed of. Find out more. Contact our Custom Home Program Manager - Andrew M. Odom - by email today! You can also call 910-285-4171 ext. 2244.