New Construction - Step By Step
Having your next home built for you can seem like a lot of work, however it becomes enjoyable and easier when it's broken into a logical step by step process & when working with a professional Real Estate Agent, who's done it many times before! Like myself :) I'm going to break it all down, to help you better understand the process when the time comes. Remember, I work with very reputable builders which I'll link to below and if you ever have any questions, I'm only a phone call/text message away!
1) Obtain Financing
We will need to secure a pre approval from a bank of your choice, for financing the construction of your home. This can help you save money by A) knowing your budget before getting started and B) by getting you locked in for a "Rate Hold" by the bank.
2) Identify the desired location
The next step is to identify where you'd like to build your new home. Take into consideration factors such as the proximity to schools, work, and amenities, as well as the availability of land and zoning regulations. Really take your time on this one because location is important!
3) Select a Builder
We will then choose a builder to work with. This can be done by asking for recommendations, researching local builders, and checking their past work, references and credentials. I'll add the link to the builders I recommend,
4) Design the home
This is where we get in contact with our draftsman, and we work together to design your home. This will involve selecting a floor plan, choosing the finishes, and making any necessary modifications to the design to fit the client's needs and budget. I'll add links below to good building plan websites that I send my clients too.
5) Write the contract
This is where we write an Agreement of Purchase and Sale that will be a binding contract which outlines the price, the completion date, a deposit amount (normally 15%-20%) and selected conditions to protect yourself and the builder throughout the building process. (Your lender will need a copy of this agreement in order to deliver an approved financing letter to the builder, which they require before starting construction.
6) Start Construction
Once the permits are obtained and the financing is in place, construction can begin. CONGRATULATIONS!!! We will be able to monitor the progress of the construction and watch day after day as your dream home becomes a reality! Keep in mind, making any adjustments or changes at this point can change the overall price.
