Building A Home Near Me: Key Considerations
Selling Your Current Home
If you own a home, one of the first steps is to decide whether to sell it before building your new one. Selling your current home can free up equity, providing funds for your new construction. However, it’s essential to consider the timing and market conditions. Here are some tips:
- Market Research: Understand the real estate market in your area to determine the best time to sell.
- Home Preparation: Invest in minor repairs and staging to increase your home’s appeal and value.
- Temporary Housing: Plan for temporary housing if your current home sells before your new one is ready.
Upgrading from a Rental
- Lease Termination: Review your lease agreement for termination terms and notice periods.
- Moving Timeline: Plan your move to coincide with the completion of your new home to avoid double rent or storage fees.
Determine Your Budget
Start by determining how much you can afford to spend on your new home. Consider your savings, current income, and any expected changes in your financial situation. Here are key components to include in your budget:
- Construction Costs: Include costs for materials, labor, permits, and inspections.
- Land Purchase: If you haven’t already purchased land, include this in your budget.
- Finishing and Furnishing: Account for the cost of finishing materials like flooring and cabinetry, as well as new furniture and appliances.
Secure Financing
Explore different financing options to fund your homebuilding project. Common options include:
- Construction Loans: These loans cover the cost of building your home and are typically converted to a mortgage once construction is complete.
- Mortgage Loans: If you own land, you might qualify for a traditional mortgage.
- Home Equity Loans: If you have significant equity in your current home, consider a home equity loan or line of credit.
Contingency Fund
Choosing the Right Location
Ensure your new home is conveniently located near your workplace, schools, healthcare facilities, and other essential amenities. A short commute and easy access to daily necessities will enhance your quality of life.
Research the neighborhood and community to ensure it aligns with your lifestyle and preferences. Consider factors such as safety, community activities, and the general feeling of the area. Ideally, you’ll be able to enjoy entertainment, dining, and recreational activities very close to home.
Additionally, investigate any planned developments in the area. Future infrastructure projects, new schools, and commercial developments can impact property values and your living experience.
Custom vs. Pre-Designed Homes
Decide whether you want a custom home tailored to your exact specifications or a pre-designed home with a set floor plan. Custom homes offer more flexibility and personalization, while pre-designed homes can be more cost-effective and quicker to build.
List the essential features and layout preferences for your new home. Consider the number of bedrooms and bathrooms, the size of the kitchen, and any special rooms like a home office or gym. Think about your lifestyle and how the layout can support it.
Selecting a Reliable Builder
Research and Recommendations
Check Credentials
Review Previous Projects
Detailed Contract
Navigating Legal and Regulatory Aspects
Obtain all necessary permits and approvals before starting construction. Your builder can assist with this process, ensuring compliance with local building codes and regulations.
If your new home is in a community governed by an HOA, familiarize yourself with their rules and regulations. Ensure your home design and construction plans comply with HOA guidelines.
Insurance & The Construction Process
Arrange for construction insurance to protect against potential risks during the building process. Once your home is complete, ensure you have adequate homeowners insurance coverage.
Stay involved throughout the construction process to ensure your home is built to your specifications and standards. Schedule regular site visits to monitor progress and address any concerns. Regular visits allow you to catch and resolve issues early.
Finalizing Your New Home
Inspections
Moving In
Building A Home Near Me - Trust CDS Builders
CDS Builders is honored to be commissioned to build the Aripeka Community. Our executive team is made up of second-generation entrepreneurs and builders in Brevard County. More than continuing the Duda family vision, Aripeka serves as the ‘Crown Jewel’ to our own family history and portfolio. We invite you to experience many generations of quality, integrity, and innovation at work. It is our honor to build your legacy in Aripeka! Make sure to follow us on Facebook for updates!
