Choosing a Home Construction
The construction process is often complicated and takes time, so it's important to communicate frequently with your builder to ensure everything is moving along smoothly. This is especially true if your home is still in the design phase.
Your builder should have a plan for what needs to be done and how much progress will occur at each stage of the construction process. This is called a construction schedule, and it usually includes an estimate of when the building will be complete.
Depending on the complexity of your home, it can take up to seven months to build from start to finish. If your plans include custom features, it can take even longer.
A builder's schedule is a key factor in making sure that the project will be completed within your timeline and within your budget. Your builder should provide you with a detailed construction schedule that lists the dates that each phase of construction will occur and the associated costs.
Inspections are an important part of the home-building process. They allow your lender to assess the work being done and ensure that the builder has a good grasp of how the project is coming along. If an inspector finds any problems, the builder can make adjustments and fix them before they become an issue for you.
Permits are also an important consideration in the home-building process. Your builder should know the rules of your local area and how to obtain all of the necessary permits.
Another factor is if there are any covenants in your neighborhood that regulate your building plans. These will vary from town to town and can be obtained from the local government office or homeowner's association.
Escalation clauses: Nearly half of builders are adding escalation clauses to the sales prices of their new homes, which state that they can increase the price by a certain percentage if building material costs go up. They help protect buyers from unexpected costs if the price of materials changes, according to a recent survey by the National Association of Home Builders.
Choosing the right construction lender is also important. Some lenders offer construction loans that will convert to a traditional mortgage after your home is finished, while others may not.
If you decide to use a construction lender, be sure to compare their fees and terms before signing on the dotted line. Some construction lenders charge higher fees than traditional lenders, and you may not qualify for a loan with them if your financial circumstances change during the construction process.
Member Spotlight
Bonsai Builders
12 Bond St
Spencer, Massachusetts 01562
(774) 764-8885
Home construction Spencer MA prides itself on timely project completion. They understand the importance of adhering to strict deadlines without compromising on quality or attention to detail. With their efficient project management system in place, they ensure that all phases of construction are executed seamlessly - from obtaining necessary permits and coordinating subcontractors to managing budgetary considerations - allowing you to move into your dream home as soon as possible.