What Does It Take To Build Your Own Home

August 15, 2019 Leave a Comment

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Many people dream of building their own home, but what does it take to make this a reality? Here are some of the big things to consider when planning to build your own home.

Buying land

Before you can build your home, you’ll need to acquire land to build it upon. Buying land can often be one of the biggest costs of building a home and many people have to take out a land loan to pay for it (which is like a mortgage for land). You can find land for sale at sites like Wyndham Ridge Estate. You must make sure that the land is build-able and that there are permitted planning to right to add all the dream features that you want.

Designing your home

The design stage can be one of the most fun stages of a self-build. You should hire a professional architect of whom you can work closely with to try and include your dream features. A good architect will be able to advise you on ways of keeping within your budget as well as meeting building regulations and permitted planning rights. They may even be able to suggest features you hadn’t even thought of. Make sure to do your research in order to find the best architect possible for the job.

Hiring contractors

 Once you’ve designed your home, you’ll need to hire contractors to build it. Some people take on this building task themselves, but even so aspects such as electrics and plumbing may still require hiring professionals. Make sure to do your research in order to find a good team of contractors.

Sourcing materials

Some contractors may be able to source materials for you, however sourcing your own materials could help you to save costs. You’ll need to follow the advice of your architect in order to shop for the right materials and the right measurements. The likes of reclaimed materials could save you costs.

Funding your self-build

A self-build can be expensive and you will need to have a clear strategy for funding yourself. A self-build mortgage will likely be required – you can find these at specialist lenders, which you can compare at The Self Build Mortgage Shop. Self build mortgages are offered in stages throughout the build and may help to cover temporary residence whilst you wait for your home to be built.

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Planning On Moving Home? Take Care of These Issues First

February 28, 2019 Leave a Comment

If you have been thinking about making a move and relocating with a family, you will have a lot of things to consider before you can settle down and enjoy your new home. While most people spend months to find the right property and location, they often forget about the important steps they have to take to make the change as smooth as possible. Read about them more below.

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Your Finances

Before you apply for a mortgage or explore the opportunity of getting a new deal on the home, it is important that you have your finances in order. If you have credit cards and loans all over the place, you are not likely to get the deal you want. You might want to consolidate your finances well before you apply for a mortgage. You can learn more about the different options that are designed to help you improve your credit rating.

School and Work Commute

In case you have kids, you will need to make sure that they are on board with the move, or you will have to face daily tantrums. Check how long it will take you to get to work and give the kids a ride. If you happen to move them to a new school, ensure that you have a meeting set up with the principal, so they are less anxious about a new start.

Your Decoration and Moving Budget

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No matter how much you fell in love with the property, there will be things to do. You will either need to improve the comfort of the house or decorate it to your taste. If you don’t create a budget for moving and refurbishment, you are likely to end up with a home that is less than perfect until you can save up enough to tackle the issues.

Internet and Utilities

Once you have your mortgage deal approved and are planning on getting a moving date, you will have to get ready for the big move. You have to ensure that the previous owners have paid all the bills, and their name is off the bills. Next, you can start comparing different electricity, gas, and internet, cable TV deals, so by the time you are moving in, everything is in place. There are some companies that will help you with this transition and make your relocation smoother.

Your Will and Legal Matters

Moving house can trigger a legal review, too. If you have a will, you will need to get it changed, as well as your mortgage protection and life insurance. You don’t want your loved ones to end up in a legal battle should anything happen to you. Ensure that the mortgage gets paid off and they are left with a comfortable income. You will also have to change the address on all your financial accounts to avoid fraud.

 

Moving house takes more than packing boxes and taking all your things to a new home. There are several things you can do to make your new life easier.

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10 Steps to go from a Renter to a Buyer

April 16, 2018 2 Comments

Home buying can be scary! Especially if you are living paycheck to paycheck and see no way out of it. I want to share some quick tips on how to go from paying way too much on rent to actually owning your own home.

  1. Apply at a mortgage company, this will tell you what you can afford and how much your payments will be. I love using local agents and highly recommend Guild Mortgage. Not only can they help you understand the process but they will give you suggestions on how to bring your score up and what the benefits are.
  2. Find an amazing agent. This is the important part. Your agent needs to understand and know the market, represent the buyer and make sure the worth of the home is in line with the asking price. Your agent will negotiate a better deal for you and hopefully help you with paying little to no closing cost! This is my specialty!
  3. Decide what criteria is most important, unless you are going to build a home, none will have everything you will want so you make a list of the must-haves and go from there.
  4. Start the search, your agent will want to set up several homes for you to view, sometimes it only takes one home but most of the time it takes more. Do not feel bad if you don’t find one you like the first time around. Usually, you are excited and nervous and need to see several before making such a big decision.
  5. Pick your home. After finding your perfect home, the negotiating begins! This is where it is extremely important to have a good agent! They will handle all of the legal requirements and paperwork and make sure you are being represented for the best deal possible.
  6. Once an offer is accepted and under contract you will give an escrow check. Usually, it is 1% of the sales price so on a $100,000.00 home you are looking at a $1000.00 check.  This will get deposited by the title company and kept until closing at which time it will be deducted from your amount owed. It is like an insurance payment.
  7. Then you will have the option to have an inspection and termite inspection done. This will be paid up front by you the buyer. Depending on the market the average is around $350.00 for inspection and $100.00 for termite inspection.
  8. The survey and other fees can and should be negotiated by your agent. I usually ask the seller to cover these. To lessen the amount of cash my buyer needs to have on hand.
  9. Closing, at this point you are out $1000.00 plus or minus for escrow, inspections $500.00 plus or minus and now the closing which is usually 30 days after you have signed the contract. Here you are required to pay whatever percentage the mortgage company decides. Some can pay as little as 1%, all the way up to 20%. You can ask for the best deals but by knowing this ahead of time you can start saving!! If it is only 1% you can purchase a $100,000.00 home for $1,000.00 down. Total cost would be around $2500.00.
  10. Welcome home, a lot of times people don’t realize their house payment is less than what they rented for!

Owning a home is the American dream. I would love to hear if you are a homeowner and how you saved money in the process!

 

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