The old saying of hurry up and wait does not just apply to the government or military action, it actually works quite well if in the building industry as well. If you have ever been involved in building your own custom home then you know that sometimes decisions needs to be made at the drop of a hat while other times you are left waiting and have to be patient for the work to evolve. Less than 25% of all independent contractors actually build their own homes so unless this is your specialty you may want to consider hiring the job out to Rehoboth DE New Homes.
For starters, just because you own the land do not assume that this will be used as a liquid asset when you apply for a loan to build the home. Often times a misnomer in the real estate business is that you can use your land as collateral toward the building of a home. While this can mean that a Realtor gets paid a commission it does not mean that the loan officer will except tihs as a liquid asset. A lender will want to see that you have cash on hand to be able to construct a home. Sometimes an owner of piece of property gets a slow start from the beginning because they are waiting to raise capital for construction.
Another old saying that works well for companies like Rehoboth DE New Homes is to measure twice and cut once. At the very least, expect on average to spend roughly five months with an architect and $5,000 for your blueprints for a property. This is obviously the fundamental stage where the entire process comes together and you can switch ideas around in order to improve on form and function. By spending more time here you can literally save thousands of dollars on the construction stage.
Lastly, when considering the options through Business Name Rehoboth DE and how big of a property you should build, always check with the market statistics. Any investor will tell you not to be the most expensive home on the block. Don’t plan on putting up a 3,000 square foot home in the middle of a housing project that can only accommodate 1,500 square feet. Do the research to find comparable information on the typical plans for your area.
