Building a house is something many people dream of, but it can also be overwhelming if you don’t know what to expect. However, if you’ve done your homework, you'll find you experience much less stress, in addition to feeling like you have more control over the result of your build.
Here are five essential things to know before you build a home that will help you navigate the process and end up with the home you’ve always dreamed of building.
1. Know your budget
One of the most common mistakes with new homebuyers and builders happens when they overextend their budgets. If you want to have a great home but also have money to pay all your bills, it’s a good idea to create a budget for the build beforehand. The best way to do this is through talking with an experienced mortgage lender whom you trust. As you go through the process of pre-qualification and build planning, you’ll be able to get a handle on your finances.
Along with being aware of the costs involved, it’s important to know what assets you have and what debts you owe. With this knowledge, you’ll be able to solidify your financial knowledge to make the best choices going forward. After getting pre-approved for a loan, you’ll have what you need to build your dream home. Working with a reputable bank is the best way to get what you need — both information and financial backing.
2. Get to know the builder
If you’re starting from square one, it’s always a good idea to check the basic online sources, such as customer reviews, the Better Business Bureau, the Metropolitan Builders Association, etc. Of course, if you have a reputable lender helping you, the bank should have an established relationship the local builders you’re considering. If you’re fortunate, you should be able to take a tour of some of the homes that have already been built by builders you’re considering. Luckily, using a lender you trust will make this whole process much easier.
If you're thinking of starting a project this summer, you'll have a good chance to get to know builders by attending the Southeastern Wisconsin Parade of Homes going on August 11 through Sept. 3, 2018. You can visit The Equitable Bank’s booth at the Delafield location to receive a gift.