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:
- How long do you plan to stay in your new home?
- Do you anticipate starting or adding to your family?
- What rooms do you spend the most time in?
- What are the appeals and drawbacks of your current home?
- Is an open kitchen or living room important to you?
- How many closets and cabinets will you need?
- Do you work in a home office?
- Is outdoor recreation part of your life?
- How much yard work do you want to do?
- Do you entertain often?
- Do you frequently have overnight guests?
- Is privacy a concern?
- 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.
