The 5 Best Questions To Ask Yourself Before You Decide To Build A Home
April 29, 2016
Making the decision to build a home can be a very exciting process, but can also be a daunting one, especially when so many decisions need to be made. However, with proper planning, it’s easy to avoid costly mistakes. Here are 5 questions everyone should ask themselves when considering whether or not to build a home.
- Can We Afford it?
There are always going to be unforeseen costs when building a home. Material prices, such as the cost of lumber, can fluctuate making the budget you carefully created a couple weeks ago inaccurate. To combat this, make sure you have wiggle room beyond the initial price breakdown that you can reasonably afford. Also, be sure you factor in all costs of the building process. Fortunately, with our Construction-To-Permanent Mortgage, we will finance the initial construction then convert to permanent financing with just one closing, which saves you money.
- Do We Love The Location?
Location is key when building a home. Do research on the community and schools, talk to neighbors, and identify any potential problems with the surrounding land. Living in a flood plain isn’t for everybody. Ultimately, decide if you can truly see your family living there for years to come.
- Do We Have The Patience and Time?
Although ultimately rewarding, building a home can be a long and very stressful process. How you handle stress should help determine what type of house you build. Do you have extra time in your schedule to build a custom home or should you stick with builder standards?
- Do We Have The Appropriate Builder?
This is one of the most important questions to ask during the process. Is this a company/person you trust and get along with? Are they professional and open-minded? What is their reputation in the community?
- What Are Our Absolute Must-Haves?
Make 2 separate lists: things you absolutely must-have in your new home and things that would be nice to have but might need to be put on the back burner. This is a list you should reference and adjust often. It can also help clarify whether you need to build to get what you want or find an existing home that will fit your needs.
The decision to build a home is not one that should be taken lightly. Make sure you have weighed all of the pros and cons before breaking ground. Once you’ve made your final decision, contact an ENB Mortgage Expert. We’re here to discuss some of the financing options available for building, as well as buying, your dream home!