As home availability shrinks and cost to purchase a finished home climbs, more and more people are considering building a new home. Building a new home is a challenge and a rewarding endeavor that can be exiting or a disaster depending on how on top of the process you are. That being said, it is very important that you stay on top of the schedule, keep in close contact with your Builder and be willing and able to make decisions in a timely manner. Do not be the reason for delays in the build process because you cannot decide what tile, paint for flooring you want.
Extra tip! Do your research on finishes and know your color preferences before you start the building process. You will save a lot of time and make your Builder happy if all you have to do is provide your builder with a list of your selected materials. Early material selection is really important for specialty items like imported tiles, flooring and windows which have long lead times and cannot easily be changed. On the plus side, if you go with a builder such as Adair or HiLine homes, they will have samples for you to choose from. However, if you are going the custom route, be prepared to help your builder source products like light fixtures and granite counter tops.
Here are 6 Tips you need to know before building your Central Oregon Home
1) Talk to your Mortgage Company to make sure you can qualify for a construction loan. If you are working with a builder, make sure that the Mortgage company knows this information and that the builder has worked with your Mortgage company in the past. It is also common for many Builders to have list of approved Mortgage Companies or Banks for you to choose from. Some things to keep in mind when talking to your Mortgage professional. a.do you need to include the cost of the lot in the construction loan? b. do you need to included the costs of development such as permits and lot preparation in the construction loan? c. will the construction loan convert to a traditional mortgage after completion or do you need to reapply for a mortgage at the end?
2) If you do not already own a piece of land, be sure to hire a Realtor that understands land purchases and new construction requirements. Not all Realtors sell bare land, and as a result may not be aware of zoning, special development charges, HOA/Architectural committee rules, and other lot specific or development specific requirements that can affect you ability to build the home you want.
3) Not all contractors are builders. Huh? Yes, that is right, a builder has a specific skill set and are usually a general contractor or architect. You want a builder with a good track record who builds homes in the area of your purchased lot. When choosing a builder it is a good idea to walk though one or more homes that are under construction and already built by the builder so you can get an idea of what a job site looks like under the builders care as well as quality of construction and design aesthetic. You should also check to make sure that the builder/contractor is in good standing with the state, by checking the status of the his or her license here
4) Decide if you are going to choose a home plan available from your builder, purchase a set of pre-drawn plans and hire a builder to construct the home or contract with an architect to create a home to your specific design criteria. Each option has pluses and minuses and this choice is one of the most important decisions you will make as part of the building process.
5) When budgeting your home build be sure to include costs for land preparation such as lot grading, tree removal, a driveway and any sidewalks. If you are in a more rural area be sure to include costs for Septic approval and installation, a well or water system hookup. And last but not least, trash and debris removal during the build and after completion of the home.
6) Items not usually included in a home build are fencing and landscaping, so be sure to include this in your budget and completion plan. This is especially important if you are located in a HOA neighborhood that has rules about having landscaping completed within a set period of time after your builder hands you the front door keys.
