Deciding to build your own home is a huge decision, so of course you’ll want to work with professionals who know what they’re doing, are in your budget and who you get along with. Do you know where to start?
The construction process can be overwhelming, but the right builder can help you get through it as efficiently and successfully as possible. Here’s how to choose one.
Things to Ask Yourself
Before diving into the builder search, you should understand what you want out of your project. Beginning the process with a solid idea of your future home can not only help narrow down your builder options but could help you start construction faster.
Where Do I Want My Home to Be?
As with any future home, location is likely one of the biggest factors you will consider. Depending on where you decide to put down your roots, the cost of land, materials and labor can vary. In addition, you may want to consider the location’s distance from schools, work, hospitals recreational areas, shopping and more.
During a construction project, homebuyers usually also consider the specific soil on a plot. Can it support a house? Are you at an appropriate elevation? These are questions that your builder can help answer or can find out the answer for you.
What are My “Must-Haves”?
You may have an idea of what you want in a home but writing down your necessities and really picturing what your future home should look like can give your builder a better idea of what you’re expecting from them. This can include the type or style of home you want, different finishes or materials, the size of each room, what kind of systems you want in place and more.
What is My Budget?
You’ll need to account for all the upfront construction and mortgage costs as well as the monthly costs after your home is built and ready to move into. A lender can usually help you figure out how much you can realistically and comfortably afford during this process.
Am I Aware of the Risks Involved in the Process?
Building your own home may come with some snags. It can take longer and be more expensive than expected or there could be issues with the availability of building supplies. It’s important to keep this in mind throughout your journey and to stay flexible and patient.
What to Look For
If you’re ready to start searching for a builder that fits your needs, here are some of the aspects you should consider.
Builder Type
Depending on the type of home you want, you’ll likely want to find a specialized builder. If you’ve found an existing home that needs remodeling and renovations, you’ll likely want to find a renovation expert. If you want to build a home from the ground up, a custom or semi-custom home builder would probably suit your needs more. If you haven’t found a plot to build on yet, you may want to look into land development specialists first.
In addition, you may want to find a general contractor to help manage your project from beginning to end.
Project Portfolio
Find out if you can look at past projects a builder has completed. In some cases, you may even be able to request a walkthrough of a home or neighborhood to see their work in person. This can help you get a better idea of how your home will look when it’s completed and help reassure you about their quality of work. It also doesn’t hurt to do your own research and read some testimonials and reviews online.
Ability to Customize
You’ll likely have some unique wants and needs when it comes to your home. Figure out how much you want to be involved in the process and ask the builder how much control you may have throughout construction. Even if you prefer to be more hands-off and let the professionals handle it, it can be reassuring for you if they ask about your opinion and preferences occasionally.
Pricing, Payment and Contracts
A good builder can help you establish a budget based on your needs, manage the funds throughout the construction process and provide you with detailed costs to show you exactly where your money is going. They’ll be able to put together a detailed contract that outlines pricing and payment, timelines and any other specifics related to your project. Transparency is key when it comes to a smooth, successful construction process.
Communication Style
Ask the builder the type of communication they prefer and what is the fastest or most efficient way to get in touch with them. If you have questions, need clarification or if there’s an emergency at any time during the construction process, you’ll want your builder to keep you in the know. Understanding their communication style will help keep you both updated as quickly as possible.
Know Your Needs
Whether you’re remodeling a fixer-upper or building a home from the ground up, finding the right builder for you is likely one of the first steps you should take. Make sure you know what you want and what your budget is and stay flexible and open-minded. This will help you find the builder that works for your needs and ensure you’re prepared for any roadblocks or challenges throughout your journey.
This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.
