Valentine’s Day recently passed and if you celebrated with your sweetheart, it was probably an evening full of fun and love. Building a dream home, on the other hand, can be stressful at times. Buyers who choose to build their dream homes can expect to make quick decisions with long-term impacts and deal with delays. No one says it will be easy, however everyone believes building a dream home is worth it.
Designing and building your new Southeast Michigan home can be a dream come true. The financing of your dream home, on the other hand, can be challenging and frustrating. This is because banks have always considered new construction loans to be inherently risky. Worse yet, the bust of the 2000s rendered many lenders stuck with an inordinate number of these loans on their books and many new construction loan programs have disappeared.
Purchasing a new construction home is different than buying a house that was previously owned by another party. It is important to familiarize yourself with the overall construction process and learn a few trade secrets.
Here are four tips to follow when building a new construction home.
Beware of estimated build-out time.
During the pre-sale process, the builder or sales agent will typically provide an estimated completion date of the construction. The key word is estimate—in that it is a completion date target. Like everything else in life, not everything goes as smoothly as originally planned because many factors impact the actual date of completion. You should feel comfortable including the completion date that the builder estimates in the contract, however be aware that construction may take up to a month longer than anticipated.
Stay away from the construction site.
While it may be challenging to contain your excitement, it is best not to visit the construction site—at least not during the day when everyone is working. Construction sites are full of serious physical hazards due to the nature of the work. Staircases, floor boards, etc. may not be safe until the carpentry is complete. Electricians may be working on the wiring, so there are risks of being electrocuted. Things are constantly falling, so wear a hard hat if you dare visit the construction site.
Of course you want your home built correctly, however interrupting workers may cause delays. They really don’t have any control over changes you may request as they are instructed solely by the foreman. Simply talking to workers can also disrupt progression because they are there to work, not to chat. This common pitfall has been addressed in most purchase contracts which typically state that the buyer cannot visit the construction site unless an appointment has been made with the sales agent.
A recent study published in The Journals of Gerontology evaluated more than 4,000 Medicare beneficiaries and only 4.6% live in independent living facilities and 5.8% reside in assisted living facilities. In the past, many homes were built with ‘in-law suites’ to accommodate long visits by extended family. Today, many adult children of aging parents are opting to care for their mother or father at home, so there is resurgence in the construction of a second master bedroom or ‘in-law suite.’
The beauty of defining your new construction home is that you can ensure there is enough space and an ideal floor plan to accommodate young adults moving back home who require privacy and older adults who may struggle with their mobility, vision, etc. Ascertaining needs ahead of time will help thwart issues that often arise from different sleep cycles; noise levels; social calendars and general activities so as to ultimately guarantee a happy transition for you and your loved ones.
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