Building or Buying a New Home

If you are thinking of buying or building a complete new home, you are in luck as a result of this article was written for you! In fact, many of my clients have determined the market has become pretty much picked over and therefore the majority of what is left is either over-priced or junk. Recently I have been fielding plenty of questions on buying brand new construction or building a new home, so I've set to help you by outlining the method.

Cosmicindia.in

STEP 1: Get pre-approved for your construction loan or to get the freshly engineered home once it's created by the builder. This is especially important new construction! If you are buying a lot and building a home, the construction loan underwriting process is much tougher than if you are buying an already built new home. This usually needs a lot of deposit, higher credit and lower debt to financial gain ratios. I've had many clients qualify to buy an existing home but do not qualify for a construction loan.

STEP 2: Locate a community and lot to make your dream home on. Once your mortgage (construction or take out financing) is approved then you recognize what quantity you are comfortable and capable borrowing and can choose a lot.

STEP 3: Build your home! This is a general timeline and guide to the key steps that occur during the course of construction.

Building Process:

Customize house plan w/ builder

Color Orientation- Coordinator & suppliers w/ options pricing (1-2 weeks)

Pre Construction Meeting (3-4 weeks)

Color Selection Meeting- Finalize decisions (6-7 Weeks)

Start Dig (7-8 weeks)

Electrical/ Flat-work Meeting- Discuss location of lights, plugs, options & concrete (11-12 weeks)

Walk through Meeting- Confirm upgrades are in place, create punch list of missing items (18-20 weeks)

Cosmicindia.in

Closing & Completion of Home- Time will depend on size & scope of home (19-21 weeks)

STEP 4: Close on your home and move in If you have done a construction loan in your name then you already own the house and you only move in. If you've got chosen to the builder construct the house for you, then this can be after you get your put off loan and truly purchase the home. Our goal is to have your loan closed the same day the city issues the Certificate of Occupancy so you can move in immediately.

So that's it, you are now more educated than most people who have done this process several times over. Congratulations!

Related Posts :

agreement between buider and buyer

reasons to choose new home over resale

Tags : Reconstruction , Building or buying , Cosmic Projects, Cosmic Structures