Are You Ready for a New Construction Home?
Have you finally decided to have a new home or improve your present home? If you are one of the many homeowners who want one of the homes for sale in College Station, make sure that you have everything you need to make your goal possible. Take note that a new home or a renovation is not something that you would want to undergo every year. It is tedious and it needs the right kind of planning.
What to Consider in Undergoing a New Construction
One of the vital things that you have to do is to figure or your finances. If you are considering a newly built home, expect to spend about 120 to 150 USD per square foot. Your budget depends on the quality of the materials that you want for your home. Contractors usually include the price of the lot in their overall costs. Make everything clear with your contractor before you start anything.
Have a talk with your mortgage advisor if you want to apply for a construction loan. The amount you borrow is significant in the discussion you will have with your contractor. The structure of the construction loan can be explained clearly by the advisor. Qualification for the loan needs you to be ready with information about your assets, debt, and income. Application for the loan needs you to have a purchase or construction contract, signed with your contractor.
See that your plans are reviewed by a licensed real estate appraiser. The appraiser will search for updated sales of similar homes in the market. This will determine the overall value of your home when it is completed.
You must be ready to pay cost increases when you decide to improve or modify your original construction plans. When this happens, take note that the loan you applied for can only be reduced and not increased any more.
Be aware of how much the materials cost. You can do your own research by visiting local construction material stores. This allows you to communicate better with your contractor when it comes to the budget.
Unexpected Costs of a New Construction in College Station
Just like a used home, a newly constructed home can also have unexpected costs such as the following:
- Latent defects. These are the hidden defects that any brand new home can have. The defects usually need expensive repairs. Natural events such as heavy rains can present the inadequate waterproofing methods. This results in flooding or leaking in your new house. Weak slabs can crack. Poor sliding can just fall off. You can protect yourself from this aggravation, see to it that the contractor is reputable.
- Missing elements. Many newly constructed homes can lack window coverings, fences, landscaping, decks, and appliances. Any missing element is an added expense on your part. Research how much these elements cost, so that you can get an idea of how much you have to shell out.
- Expensive upgrades. Home models usually give you all the upgrades that the contractor offers, such as granite counters, hardwood floors, and flashy bathroom fixtures. These can make you go beyond your budget or base price. Focus on the basics of the home that you want and don’t be easily attracted by the over-priced home elements.
If you are ready to face all the challenges of a new construction, then it is time for you to get it started. Just make sure you get a reputable contractor or appraiser of homes for sale in College Station TX. They can help you with your wants and needs as a homeowner. Our Traditions Real Estate Team has great relationships with homebuilders in the College Station area. We can help guide you through the homebuilding or home search process.