Home Building: A More Modern Approach
For those looking to build equity and retain existing assets, one of the best possible moves is to acquire real estate. You can even design a home with certain builders, such as Experience Homes, then they’ll purchase your old home as you’re looking to move into the new property. This makes everything a lot more affordable and includes a host of associated benefits such as:
- You Don’t Have to Pay Any Realtor Fees
- There is Only One Mortgage at a Time, Instead of Multiple Mortgages
- You Don’t Have to do Any House Showings
- The Stress of Being Out of the Old House on a Deadline is Gone
Of course, less complication doesn’t mean you should neglect to ask your builder certain home building questions. Especially with custom builds, there are a lot of little details that need to be addressed. A few we will briefly explore here include:
- The Level Of Budget You’re Working With
- What Sort Of Timeline Defines Your Build
- The Location Where You Build: Do You Have Land?
- How Many Customization You’re Going For
- Decor Packages, Including Associated Trim And Fixtures
When you’re in the home building process, the budget you’re working with will likely expand. Asking the builders what you should expect to spend in advance is wise. Now, the more professional the company, the closer they’ll hit initial estimates. However, the more customization you desire, the more your budget will need to expand.
Accordingly, when asking about the associated budget of a prospective build, add about 15% to whatever you’re told. If builders come in under budget, you just saved a huge amount of money that can be put into other aspects of the property.
You will also need to take into consideration closing costs, living expenses, home insurance, and other fees. Ask your builder if those things can be “rolled in” to your overall home payment.
How long will it be before the home building project you’ve initiated is complete? Again, more professional builders tend to get the job done in a fast way that is simultaneously qualitative; but unexpected events still happen. Add at least a few weeks just to give yourself a margin for error.
You should have the location where you plan to have the house built figured out beforehand. There will be utility fees unless you’re building some sort of totally sustainable off-grid property. Most traditional builders operate on designs built around traditional grid-based utilities.
If you’re building a custom home, that could be more or less expensive depending on associated customization. Working with your home builders in advance can help you balance your own custom modifications with their abilities and preferences as builders, facilitating the most cost-effective and harmonious result. That said, some customizations get pricey.
What sort of decor, trim, and fixtures will be associated with your new property? You definitely want to get these details right. If they don’t match your aesthetic preferences, the cost of fixing such issues can be high, and it’s unnecessary if you just get these things figured out in advance with your builders.
Going the trade-in route allows you to save time and money while getting a greater level of customization in your new property, and avoiding both realtor fees and simultaneous mortgages.
Ask about decor, trim, and fixtures. Determine where the land will be that you build on. Plan for a timeline within a few weeks of projected estimates. Finally, design a budget around these things as you fully realize what will be necessary for the process, and how much equity you already have in your existing home.
For more information on home building, and how best to go about it, check out Experience Homes in Amarillo, Texas. We offer trade-in options, customization, and experience.