Ann Arbor, MI 48103
By the time you've signed your building agreement, you undoubtedly know some of the features and finishes that your new home will include, but you'll still have choices to make. For example, your building agreement will specify the type of roofing and siding materials, but what color do you prefer?
Choosing all the finishes that reflect your own personal style - that's the fun part about building a new home! Or at least it should be. And it can be with teamwork between you and your builder. That means making your choices on time and in the order that your builder needs them.
Just like purchasing an existing home, the first step in building a new home is consulting a lender who can help you determine a realistic budget. Even if you’re paying cash and know how much you have to spend, there are factors that impact the overall budget of your new home, such as site preparation and the finishes you choose, that must be taken into consideration.
It’s also important to choose the right lender, one with construction lending experience – and better yet, with local construction lending experience.
There are several scenarios in which you may purchase a new home, from purchasing a “package” of land and home from a building company which owns the land to hiring a builder to construct your home on land you own or will buy. Every scenario must be reflected in the building agreement, but beyond the legal requirements that all builders must follow, each has his or her own practices.
When you're considering building a home, you undoubtedly have an idea of the size and style of the home you want, but many factors influence what can and can’t be built on any given site. Most often, sites have features which dictate the home’s size, its location on the site, and in some cases, the materials that can be used. These factors can not only influence your budget but also what you can or cannot build. That’s why it’s best to secure a site before finalizing plans.
Some common questions that should be asked and answered before purchasing any site are: