Finding the Right Luxury Home Builder and the House of Your Dreams

May 17th, 2012 by admin No comments »

Buying a new home is a major life decision. There are many factors involved and the process can be overwhelming. And there is no better time to be in the market for a new property than today. The cost of such properties is more competitive than ever. More builders are starting to offer properties at cost-effective rates, and with added incentives for the potential homeowner. In some cases, negotiating with an experienced luxury home builder may result in bigger discounts. It would be wise to take this opportunity while it is available.

The internet is the most convenient way to find home builders. A single Google search will give you numerous hits. Start by narrowing down your search. Limit it to the particular area where you plan to settle down. Read the content on their websites carefully to help you make informed decisions. It would be a good idea to look for pricing guides and sample floor plans. Browse through as much information as you can. Come up with a shortlist of prospects and contact them. Schedule a personal meeting and see if you can visit model units and developments.

The following are some characteristics you should look for in a developer. Note, however, that these qualities are only recommendations. The final decision should always depend on what you see fit and think is best.

Excellent Customer Service

A luxury home builder should provide you with more than just quality property. They should also be there every step of the way. The relationship will likely be long-term and will call for constant coordination. For this reason, you need to establish a good rapport with the developer. You need to share a mutual trust and respect for each other.

Find builders who are in constant communication every step of the process. This will give you the opportunity to be more involved in the project. It will also ensure that both parties regularly see eye to eye. There is nothing worse than misunderstandings, as they can delay the homebuilding process. Find home builders who provide customer care well beyond the completion of the project. This level of interaction will give you the peace of mind and confidence you deserve.

Experience and Quality Craftsmanship

It is important to work with professionals who have extensive experience with the luxury homebuilding process. Ask for references about their past work. You can also do this over the internet by browsing through their website. » Read more: Finding the Right Luxury Home Builder and the House of Your Dreams

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Building a Home – The Cost of New Construction

May 16th, 2012 by admin No comments »

We know that building a new home means having to spend a lot of money. We call the money to be spent as the Cost of Construction. If you are thinking of building a new home rather than buying from the many available existing homes, you should know the right procedures you have to take before you finally start buying materials for it. But before we go to that, let’s identify first the choices you have when it comes to financing your home.

In financing, as the owner of the home that is to be built, here’s the two ways you can choose from to finance your new construction.

1. Finance it by your own money.
If you have saved enough to finance a new construction, you do not have to look for a bank to loan. This could be great because you do not have to worry about bank loans and the financial obligations that come with it.

2. Bank loan
Going to a bank to loan for the cost of a new home construction could be a hard process as more banks don’t usually allow loaning for a new home construction. But do not be discouraged because you can still find banks that allow this kind of loan. You just have to find one, talk about the terms, and your construction finances will be taken good care of by them.

Now that you know the two options a home owner like you has when it comes to getting the finances for the construction, next let’s get to know about the real deal i.e. where the finances you have will be used.

Home builders- First and foremost, you will have to contact some local home builders. Builders will tell you how much per square foot they will be charging from you. They can give you a good idea of what your ideal home might cost. » Read more: Building a Home – The Cost of New Construction

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Building Your Dream Home: Make It Happen With a Construction Loan

May 15th, 2012 by admin No comments »

With residential real estate prices at an all-time low, most people in the market to buy a home automatically assume they can get the most for their dollar by purchasing a used home. While there are some great deals on the market for used homes right now, there are also some amazing deals for undeveloped land.

Rather than settling for someone else’s home and essentially inheriting someone else’s ‘problems’, why not build a new house exactly as you want it and exactly where you want it?

For most people, the idea of building their dream home seems like an impossible goal to accomplish. Really, it’s a lot easier than most people think. If you have good credit and a down payment, you can accomplish your dream with a construction loan.

How Construction Loans Work

The most popular construction loan product available today is called a construction-to-permanent loan. The construction-to-permanent loan covers you from the ground up. It provides financing for the lot, financing for construction and it converts to a mortgage when the construction of the house is complete.

Just like a standard mortgage product, you can finance the land and house together, and avoid paying PMI with only 20% down. During the construction process, the buyer makes interest-only payments at a fixed interest rate. When construction is complete, the loan can be converted to a 15-year or 30-year fixed rate mortgage.

Some banks will offer interest reserve accounts to borrowers. An interest reserve account allows the borrower to avoid making interest-only payments during the construction process. The bank will figure out how much your interest-only payments will be and they will factor the total amount into your overall loan. They will deposit the funds into a separate account in which your interest payments will be made from during construction. This arrangement is perfect for borrowers that are paying rent or have existing mortgage payments to make during the construction process.

Your licensed contractor will develop a ‘release schedule’ which will outline the construction schedule on a monthly basis and illustrate the funding that will be needed each month to complete each step of construction. During construction, your contractor will receive ‘release payments’ from your bank in order to fund the project as it progresses.

Steps to Take

If a construction-to-permanent loan seems like a good fit for you, here’s what you need to do to get started:

1. Determine How Much You Can Afford

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