Posted by Melissa Lynn Galland on Oct 15, 2013 1:00:46 AM
Find me on:

One of the most important aspects of building a home is to pick a floor plan that fits your needs. Equally as important, your plan must also fit your budget. Your floor plan then plays a crucial role in the appraised value of your homebuilding project. In turn, appraised value identifies the down payment you will make when you fund a construction loan.

Smaller home plans that include extensive options may actually require a larger down payment, while a larger square footage homes with fewer options and upgrades might lead to 100% financing. This is because many lenders will only finance 75% of the project's appraised value. It's worth noting that the financing company Adair Homes uses (Alliance Financial Services) can provide 100% financing when the total project cost is less than 75% of the project's appraised value – an almost unheard of opportunity in today's market.

But financing aside, there are many other factors to consider when choosing a floor plan. Besides the primary choice of one or two-story and the number of bedrooms and bathrooms, ask yourself these questions:

  1. How long do you plan to stay in your new home?
  2. Do you anticipate starting or adding to your family?
  3. What rooms do you spend the most time in?
  4. What are the appeals and drawbacks of your current home?
  5. Is an open kitchen or living room important to you?
  6. How many closets and cabinets will you need?
  7. Do you work in a home office?
  8. Is outdoor recreation part of your life?
  9. How much yard work do you want to do?
  10. Do you entertain often?
  11. Do you frequently have overnight guests?
  12. Is privacy a concern?
  13. What furniture will you dispose of/keep?

Your answers will take you a long way to choosing the ideal floor plan for the way your family lives.