It’s almost spring, which means it’s construction season! In a time where anything can bloom, learn the ins-and-outs for how to grow your dream home into reality. Discover how to navigate the home building waters with these 10 easy tips to constructing your ideal home:
- Budget
No matter if you’re building the city’s largest mansion, or a humble abode out in the country, you’ll need proper financing to make it happen. To secure your home lending you’ll need a plan, and a budget. Sit down with your family and decide the bare bones of what you’re looking for and what it will cost. Be sure to account for potential problems, additions, and upgrades.
- Find your ideal land.
With so many options, sizes, locations, and other factors, be sure the price tag on your ideal plot is factored into your budget. Working with a realtor and your financial lender can help determine what factors to consider when choosing.
- Get a home mortgage from Peoples Bank & Trust
Now that you know your price point, you can get a pre-approved mortgage from Peoples Bank & Trust. Make the search for your future contractor easier by having quick and easy access to your designated financing.
- Hire a contractor.
Ask your realtor to provide some contractor recommendations, and be sure to research companies before investing in a signed contract. Contractors are like any other company, they want your business, so shop around and don’t be afraid to negotiate. - Set Timeline and stick to it
Work with your contractor to establish a goal for both the big picture, and all the little projects to get there. Speak with your provider and if you’re handy, there may be projects that you can complete to save on labor, such as speaker wiring or painting.
- Adjust Financing if needed.
Building a home is a process, and along the way there may be aspects of construction that change. We’ll help work with you and your budget to adjust your financing as needed, or work to include an option for a line of credit.
- Complete the Home Building Process
Ta-da the day is finally here! Now that you have your keys in hand it’s time to start making your house a home. Decorating, and adding those family details will help make your new construction feel like a familiar family retreat.
- Reorganize Finances
After the building process is complete it’s time to take another look at that budget. Did you stick to your financial goal, spend more or less than you planned for? If you’ve spent less than planned for congratulations! You can now lower your principal amount by paying off a portion of your mortgage with the surplus of funds. If you’ve spent more than budgeted for, just be sure to look into your finances and see if you need to adjust your spending or if you have the cushion to continue with larger payments.
- Make a New Household Budget
With a new home, come new expenses. Be sure to keep your eye on the prize by tracking monthly expenses and creating a strategic spending plan including utilities, mortgage payments, insurance, and any home owner association fees.
- Enjoy Your New Home
After all the time and effort that goes into creating a home it’s time to enjoy it! Have a house warming get-together or just sit back and relax, but be sure to celebrate because this is surely an accomplishment!
We know home building can be a hectic process, and that’s why we’re here to help you along the way! Stop by or call us today to learn about all of our home financing options! We can’t wait to see your dream home come to life.
Peoples Bank & Trust Co.
Member FDIC
Equal Housing Lender
NMLS#407724
