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Wednesday, September 20, 2017

Does Your Dream Home Exist? Consider Creating It

Discerning buyers in search of their dream home are oftentimes frustrated with the homes offered for resale since it is practically impossible to find an existing home with all of the features they desire. The only way to live in the home of your dreams may be to build it yourself. Building a home is a remarkable project and most likely the most expensive endeavor in which you will ever invest. Extensive research and diligent homework done before undertaking a project of this magnitude will save time, frustration and money.

 

To begin this process, a lot must be located that will fit your needs. Look for one that will accommodate the size home you desire and have your builder check out its suitability. If your dream includes having horses, an irrigated flat lot may be the best choice. If views are important, a mountainside desert lot would fit. Lots in the South Mountain and Laveen Villages vary tremendously – a one-acre lot ranges in price from $200,000 to $500,000 and up. Factors affecting the value are location, views and improvements or the lack of improvements on the property. If the lot is adjacent to the South Mountain preserve or has fantastic views, it will be more expensive. A lot that is improved, for example, with water, sewer and electricity will cost more than one that doesn’t. Required improvements must be added to the lot price to compare lot prices justly.

 

Many buyers have a dream home design in mind before they find a lot. The lot should be the largest consideration when designing the home and how it will be situated on the property. Is the home designed to capitalize on the good views or downplay unattractive views?  Is it situated to best avoid the summer sun beating in on rooms frequently used in the heat of the day?  Is the design in keeping with the natural surroundings of the area or will it look out of place?  The lot should determine the design and style of the house and time should be spent discovering the lot at different times of the day to realize its full potential. If a buyer has their heart set on a particular home style and floor plan, they can make adjustments to the home to take advantage of all that the lot has to offer.

 

The design phase is the most important in determining the scope of the project along with all of the details necessary to make it happen successfully. Take the time not to rush through this process. The cost of the home is approximately 70 percent of your budget. Permitting cost and impact fees can run 5 to 10 percent and professionals including architects, surveyors and engineers can account for from 15 to 20 percent of the budget. Take the time to investigate government building regulations and any homeowners association restrictions that could limit your possibilities. Your home will also have an impact on your neighbors; it is a good idea to talk with them and keep the impact on their home as little as possible. Having great neighbors is a big part of living in your dream home.

 

Recommendations are key in choosing a good builder. Many horrible building experiences could have been avoided by getting the name of a good builder from trusted friends and professionals. Interview builders by phone and once you have narrowed it down to two or three, look at homes they have built that are similar to what you are building. Talk to the homeowners about their experience working with the builder.

 

Get a fixed written bid and don’t choose based on price alone. Use the builder you feel you can trust and communicate with honestly. This is a long-term project and you want to have a good relationship with your builder.

 

Although most families building their dream home think they will live there forever, statistics will prove them wrong. It is a good idea to consult a Realtor to find out what buyers are looking for in a home in the area and keep these things in mind while designing your home. Things change and it is always good to have a home that will appeal to buyers.

 

The cost to build in our area ranges from approximately $175 to $250 and up per square foot. Experts advise to set aside 20 percent in addition to your budget for unexpected issues that may arise. The time involved in building a home can be up to a year for design and another year for construction; keep in mind your family’s schedules and discuss realistic timelines with your architect and builder.

 

There are many financing options available to choose from depending on your needs. Lot loans are suitable if you are buying a lot to build on in the future. They require a larger down payment than on a home loan and will amortize over 30 years with a balloon payment in 3 to 5 years. Loans are available that take you from construction to a permanent loan upon completion of the home. This type of loan has one closing, one set of closing costs, and one set of paperwork. Bridge loans can use the equity in your current home as a down payment.

 

If 2007 is the year to embark on building your dream home, take extra time and care in choosing the right lot and the best professionals to assist you in achieving your goals. Extra time that is spent planning will pay off greatly in enjoying your new lifestyle in your dream home.

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