Building a home is one of the most exciting projects you’ll ever undertake! It can also be overwhelming, so establishing a realistic mindset is important. Let’s look at two of the biggest potential challenges:
First, our world is continuing to deal with supply chain issues
, including common construction materials. This means that you may need to be open to alternative products or building methods, delays, or other adjustments in the process.
More than 90% of builders reported shortages of appliances, framing lumber, and engineered wood called OSB (oriented strand board), according to a survey conducted by the National Association of Home Builders
earlier this year. That same survey revealed that 87% also faced shortages of windows and doors.
The second big challenge is making decisions with your co-buyer.
According to the National Association of REALTORS®
(NAR), 71% of homes are purchased by married or unmarried couples, while 12% of all homes are bought for multi-generational households to live in. You’ll need to work together to discuss lifestyle, costs, where to emphasize your budget, color schemes, room sizes, floor plan, and more. Successful co-borrowers go into the process knowing that they’ll need to work together and compromise.
One married couple found that a good approach was for the husband to focus on the architecture and design elements, while his wife preferred to keep track of the budget and documentation, and was the contractor’s primary point of contact. Above all, it’s important to be honest with each other and keep the lines of communication open.
Digging into the details
Now that you’re aware of these two big issues, here are some actions that will move your process forward so that you’re ready to choose a floor plan, select a builder, get a construction loan, and break ground on your future home:
- Start with a wish list of everything you’d love to see in your new construction. While some people find great ideas online, others prefer the tangible experience of walking through open houses to see what works. Take photos of what you like and gain an understanding of what dimensions feel “right” to you.
- Think about homes you’ve previously lived in or visited and create a list of what you loved, liked, hated, or were indifferent towards.
- Ask friends or neighbors for their top tips and tricks for a successful building process. Discuss what they would change in their current home and what things they’re especially happy with.
- Prioritize what’s most important to you and your family. For some people, a well-appointed kitchen is necessary, while others are focused on the number of bathrooms or unique roof lines. This is where you create your Must-Have, Nice-to-Have, and Do-Not-Need lists so you can align your plan and budget with your priorities.
- Try to avoid asking your builder to make major modifications after construction materials have been ordered or they’ve begun building. This is likely to increase your costs and delay construction.
- Make a commitment to sticking with your budget. If you find you discover there’s an aspect of your home that you want to spend more on (light fixtures, flooring, etc.), then pull back in another area (landscaping, countertops, etc.), so you can stay within your overall budget.
Follow these tips and before long, you’ll be sitting in your brand-new house admiring all of the planning and hard work you put into creating your dream home. Every homebuyer is unique and so are their financing requirements — we’re here to help you choose the right home loan for your specific needs.
Contact us today to get started.
Dec 22, 2021