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Am I Ready to Build a Home? – The Essential Checklist
Regardless of your location, key considerations to keep in mind if you’re thinking about having a house built include:
- Your budget
- Location, location, location
- Your family’s wants and needs
- The amount of time you have to invest
Let’s look at each of these important factors more closely to determine if you’re prepared to embark on your home-building journey.
Are You Financially Able to Build a Home?
Your budget will ultimately determine if you are able to build a new home. We suggest that you reserve a buffer for unanticipated situations that can arise. For example, you might encounter increased pricing for lumber and other building materials or the need for additional excavation and landscaping as your project progresses. Be realistic when crunching your numbers and don’t sign on for more than you can afford. It’s smart to pad your budget with a little wiggle room for any speed bumps in the road.
Do You Have Land to Build a Home On?
Building a new home requires land. It’s hugely important that you carefully consider where you will build. Think about how close you want to be to your nearest neighbors, the demographics of the neighborhood you’re considering, the state of the neighborhood’s economy, and other relevant factors that can have long-term effects on your happiness and contentment.
It doesn’t make a lot of sense to go through the expense and work of building a new home somewhere you will not be happy for decades to come. Of course, you can’t anticipate everything, but you do need to plan for and address what you’re able to. Your new home’s location is one of the most important considerations, so give extra time to this step.
What Does Your Family Want and Need?
Planning your new home is an exciting event in the lives of your family members. It’s wise to make two separate lists, one of the things that you must have, and another of things that everyone would really like to have. For instance, it may be a necessity that you have 4 bedrooms, or a spacious, well-equipped kitchen. After you decide on your necessities, you can crunch numbers about optional desires, like a game room, theater room, or spa room. Knowing what you want ahead of time will also be a big help to your architect and building contractor.
Understanding the Commitment to Build a Home
It requires a lot more thought and energy to build a new home than to purchase an existing home. You may not realize all of the decisions that you will have to make. For instance, you’ll need to master all details about what you want in your custom design, how much square footage you need to live comfortably, as well as which types of light fixtures, backsplashes, flooring, and other materials you’ll need. And don’t forget about paint colors, roofing design, exterior siding, carpeting, and the rest!
Contact Multi-M Contracting in Bryn Mawr-Skyway, WA
The professional tradesmen, architects, excavators, and other team members here at Multi-M Contracting are here to help you plan and build your new home in Bryn Mawr-Skyway, Washington. Since 1996, we have offered raw land development and custom home-building services throughout Seattle’s many wonderful suburbs. Call our friendly and helpful team today at (206) 605-7373 or Request Service Online. We are here to make your home-building dream an exciting, beautiful reality!
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10 Questions to Ask Your Real Estate Developer
Real estate development comes with huge risks and thus, demands total commitment. But, if done correctly, you can reap a great reward. Here’s a list of 10 questions to ask about your real estate developer to gauge their competence and commitment to your project:
1. Can I See Your Professional Portfolio?
A good property developer should have a collection of past work with a few examples showing the type of project you hope to undertake.
2. What Is the Average Construction Time for the Project?
You need to estimate how long the process might take to budget accordingly.
3. Can I Read a Few Previous Client’s Reviews and Testimonials?
If your potential real estate developer fails to produce past reviews, that’s a huge red flag.
4. What’s the Plan If I Need to Put the Development on Hold?
You may face unforeseen circumstances and want out – a contingency plan should be in place.
5. Are There Projects That You Didn’t Finish?
Do your due diligence to make sure they are reputable and will deliver.
6. What are the Possible Risks?
Your developer should discuss with you candidly possible hazards and their mitigation plan.
7. What Are Your Charges?
Be aware of the charges they may levy for their services.
8. Do You Work Independently, or Are You on a Team of Professionals?
Solo developers are a red flag. A team of professionals ensures the work continues even when one fails to show up.
9. What Are Some of the Onsite Safety Procedures for Your Team?
Inquire about onsite safety procedures when selecting a real estate developer.
10. What Happens If You Can’t Continue With the Development?
Anything can happen. Therefore, you need a developer with a reliable network of builders.
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How Do I Get Financing to Build a Custom Home?
A construction loan is a type of financing used for the construction of a new home. Construction loans are short-term with repayment periods of one to five years. They also have lower interest rates than traditional mortgages.
Financing a custom home comes in three main components: buying land, construction, and after construction. You need separate financing for each of these components.
Buying Land
Before getting a construction loan, you must ensure you own the land where the custom home will be built. You can buy an existing parcel of land, or you might need to finance the purchase through a land loan.
The process is pretty straightforward, just as if you’re buying an existing home. However, you’ll need a much higher down payment than you would for a traditional mortgage.
Construction
The construction loan is where you will finance the actual building process of your custom home. The lender will give you money in phases as the construction progresses. They will release funds to pay for materials, labor, and other associated expenses. You’ll need to put down a significant amount of money as a down payment, usually 20% or more.
Permanent Mortgage
Once the home is built, you’ll need to take a permanent mortgage to pay off the construction loan. The terms of the permanent mortgage will be similar to those of a traditional one, such as a fixed interest rate and a repayment period of 15 or 30 years.
As you can see, there are a few key differences between construction loans and traditional mortgages. Namely, a larger down payment and taking out two separate loans; one for the construction phase and one for the permanent phase. But other than that, the process is relatively similar.
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The Difference Between Commercial and Residential Contractors
Commercial and residential construction is booming. If you have a project on your list that requires a contractor, you may wonder if you need a commercial or a residential contractor. Let’s discuss the differences between these builders so that you can choose the best choice for you and your wallet.
The key differences between commercial and residential builds are:
- The types of building materials used
- The equipment required to complete construction—including vehicles
- The necessary codes and permits required for proper licensing
- Overall cost differences based on the scale of the construction
- The project’s deadline
These differences highlight the general knowledge you’ll need for your contractor to have while completing your project.
How Can I Tell If I Need a Commercial or Residential Contractor?
Commercial contractors specialize in buildings used for business activities, while residential contractors focus on private living spaces.
You’ll want a residential contractor if your project involves a home. They will have expert knowledge of the required materials, equipment, and zoning regulations.
If your project involves a place of business or industrial facility, you’ll want to utilize a commercial construction company. New commercial projects or renovations utilize materials and specialized equipment. A commercial contractor will bring the experience and know-how necessary to complete your project.
Finding a Contractor
Multi M Contracting in Tukwila, Washington, specializes in commercial construction/renovation, new home builds, and land development. They have expert contractors for both commercial and residential projects.
Email us now to start a conversation about your construction needs.
If your project is outside of Washington, you can find a contractor near you with Angi—formerly Angie’s List.
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Bryn-Mawr-Skyway, Washington
Bryn-Mawr-Skyway is an ethnically-balanced community located about 12 miles south of Seattle, WA. With a population of nearly 20,000, it consists of 9 separate yet interlinked neighborhoods. This inner-city suburb offers enticing panoramic views of Mercer Island, Mount Rainier, and Lake Washington, as well as exciting vistas of downtown.
Multi-M Contracting is a General Residential and Commercial Building Contractor and Raw Land Developer located in Tukwila, WA. With more than $1.2 billion in completed construction projects, we have locally unmatched expertise and resources.
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