Not surprisingly, one of the most common questions people ask when considering building a custom home is, How much does it cost? The answer, of course: It depends. There are so many factors that go into calculating the cost of building a custom home that it can be difficult to predict the total price until the project is finished. However, by understanding all of the associated costs, and by working with an experienced builder, you are better able to predict the total price tag and ensure that you stay within your budget.Read More
For most people, a new custom home build requires outside financing. Much like getting a mortgage for an existing home, unless you can pay with cash, you will need to source other funding. There are several options for financing the construction of a new home. The one you choose will depend on your individual financial situation and personal preferences.
The two primary sources of funding a custom home build are a new-construction loan and builder financing. You might also be able to save with new-construction tax credits.Read More
You’ve probably heard that now’s the time for buyers to get into the market. The main reason for this is interest rates - that is, historically low interest rates.
Purchasing your very first home is one of the most exciting, important steps you’ll ever take. However, the process can be stressful and even scary at times, since there’s so much riding on it. One of the most common questions we encounter from first-time homebuyers revolves around how much to save for their new home.
Although the answer to the question, “How much do I need to save for my first home?” will vary for each individual homeowner, there are several factors that will likely come into play for everyone:Read More
Most people can’t fund the construction of a new home using cash, but that doesn’t mean it’s impossible to build your own custom home. Much like getting a mortgage to purchase an existing home, you can get financing to pay for the costs of new construction. Also like a typical mortgage, there are several different financing options available to you. The one that makes the most sense for you will depend on factors such as:
- Cash available for a down payment
- Ability to make monthly payments
- Credit score and history
- Household income
- Existing debt and assets
If you’ve never built a new home or gone through the financing process, it can feel intimidating. There is always a lot of paperwork, and the many options can be confusing if you don’t understand all the details. However, you don’t have to go through it all alone.Read More
You can buy a new house at any stage of life, but there are a few key points when it just makes sense to own a home that truly matches your lifestyle. Living in a space that is too large or too small can create unnecessary challenges. Trying to stay in the same place because change is hard might actually be more difficult in the long run. Whether you are a first-time homebuyer or are ready to move on from your current situation, it might be time to think about taking the next step toward purchasing a new house.
When is the right time to buy a new home? Often it’s when there are major changes happening in your life, such as:Read More
When building a new home, budget is always a consideration. If you’re like most people, there is an upper limit to what you can build with the resources you have available. If you don’t yet have the funds to build your dream home, you can save money by using your existing space to your advantage. Spare room rentals will allow you to save money for a down payment on a construction loan or pay off more of your existing mortgage faster to build more equity.Read More
Construction loans can be structured in a number of ways, depending on whether you also need to purchase land or already own a lot. If you already own land and want to build on it, you can finance your home in a variety of ways. Every lender is different, so it’s always a good idea to discuss your options with various providers to find the solution that works best for you.Read More
A home warranty gives you the peace of mind that if your home has structural issues within a certain period of time, you will be covered financially. For example, soil settling can cause structural distress to a load-bearing element such as the foundation, floor framing, or columns. This is the type of event that is totally out of the builder’s control, but if you have a home warranty, you won’t have to pay out of pocket to cover the repair costs if something like this happens to you. A home warranty also typically covers defects in materials and systems for a certain period of time.Read More
Affordability is consistently ranked as the top concern for people shopping for a new home. It’s no surprise that homebuyers like you want to ensure that they are getting a good deal, regardless of whether you’re a first-time buyer or a more seasoned homeowner who is looking for your dream home.Read More