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When building new construction, often one of the biggest problems can be falling behind schedule. The following steps can help ensure your new home gets built within the expected timeframe.
1. Get pre-approved for a loan
If you are building your own custom home, rather than buying from a developer, chances are you are going to need to finance the building process. By getting pre-approved for a construction loan, you will ensure that you will be able to draw funds as needed to finance the various stages of construction. You will also want to be sure to have your mortgage financing pre-approved. Often, this can be arranged at the same time by means of “construction-to-permanent” financing. This involves taking out a short-term construction loan that automatically converts into a permanent mortgage when your home is completed.
2. Finalize your design plans in advance
Once you have signed a contract with your builder, one of the next steps is to approve the final designs. Decide if there are any special design features or upgrades you want to make before beginning construction. Making these choices as soon as you can helps the builder get the right materials ordered on time and prevents potential costly delays.
3. Avoid requesting changes
Try to avoid asking your builder to make changes to the designs once construction has begun. Even something as simple as adding a medicine cabinet can cause a domino effect, altering other elements of a builder’s carefully planned work schedule. Larger requests such as a change in floor plans can delay the process ever further. By making your choices in advance and sticking with them, you have a much better chance of having your new construction completed on time.
Published on February 15, 2007Read full article at realestate.com