Four Steps to Prepare for New Home Construction

 

Building your dream home is a lofty undertaking, and you understandably are eager to complete the construction soon so that you can move in. However, the home construction process is lengthy, and a significant amount of the work takes place long before you break ground. When you spend ample time walking through the initial preparatory steps, you can potentially enjoy a smoother overall construction experience.

Create a Budget

The creation of a budget goes hand-in-hand with the other preparatory steps listed here. You can estimate the cost up-front by looking at the cost per square foot of new home construction in your area. Add the cost of land to the construction cost estimate. However, once your floor plan has been created and materials have been selected, you will need to update your budget. There are many aspects of a budget that are easy to overlook, such as the need to rent a dumpster for waste removal or the need for crane service Iowa. Your materials selection also affects your budget. As you finalize your budget, review your personal finances to ensure that your home construction project is affordable. Adjust your plans as necessary now so that you have enough funds available to complete the entire project.

Apply for Financing

Once you have a reasonable idea about the cost of your project, you should take the next step to line up financing. There are several types of construction loans that you may apply for, so spend time researching the options. Consider working with a mortgage broker who has experience with construction loans so that you can receive knowledgeable assistance. Keep in mind that you may be able to purchase the land separately with a land loan, and you could later finance the construction when you are ready to start building. Otherwise, you can typically finance the land and construction work together. You generally need to take out a construction loan with a permanent home loan after the work has been completed.

Hire an Architect

These steps also are completed in conjunction with your design plan. Find a reputable architect who has considerable experience with new home designs. Look for architects who have previously designed homes that are similar in size, style, and quality to the type of home that you wish to build. Consider touring some works in progress so that you can get an idea about the architectural detail and overall quality of the plan that the architect may create.

Create a Practical Floor Plan

Once you have selected an architect, you are ready to begin designing a floor plan in conjunction with the architect. An experienced, skilled architect will usually conduct an introductory meeting with you to obtain insight into the type of home that you wish to select. The architect may complete a rough draft for you to review and make adjustments to. This back-and-forth process may go on through multiple cycles. The most important thing is that your new home design meets all of your expectations and can be built within the budget that you have available. The plan should also be designed with the lot's characteristics in mind. For example, if you wish to take advantage of a beautiful view, the living room may need large sliding glass doors or windows.

Building your new home is not a matter to rush through. This project requires careful, diligent planning and budgeting in order to produce stunning results that live up to your expectations. Remember that your upfront efforts may also yield a smoother process overall. Remember to seek professional assistance when you have critical questions and concerns.