What You Need To Know Before Having A Custom Home Built

Having a custom home built is a dream come true for many. However, if it lacks proper planning and research, it can easily become any homeowner’s worst nightmare. With nearly limitless options to choose from, it is very easy to see your budget get out of hand. Dawol Homes have helped several clients in building their dream custom home and in creating a strategic budgeting plan to make sure they are prepared throughout the construction process. Provided below are a few key guidelines that can help make sure that you do not wind up in over your head. Who Builds Your Home Matters Having a custom home constructed is a significant financial and emotional investment. Therefore, it is important to choose a custom home builder that you can trust. Do not just agree to work with the first charming person that you come across with. Choose an honest and transparent builder because he can help you save money. In case you cannot start candid conversations from the beginning about the markups, budget, or subcontractors then you may just have to continue looking for a better fit. Set A Budget, Know The Scope Of The Work The more detailed the budget and the plan, the easier it will be for you and your custom home builder to prevent any unexpected expenses. Set an allowance for fixtures. Choose where to purchase the materials and determine the expenses that are not included in the scope of the contract. These are crucial points to talk about because they can significantly change the bottom line for the construction of your home. When you are constructing a house from the ground up, there are going to be countless decisions that you had no clue were coming. What kind of wood do you want to use for your floors? Do you prefer standard or planks? What finish? Stain? Check out interior design websites so you can prepare yourself in making an informed decision once the time comes. Keep in mind that deciding on the fly can cost you. You Will Always Encounter Something Unexpected Since construction projects could easily go over budget, it is important for you to build your custom home in a contingency cushion. It is recommended that you have between 10 and 15% contingency for the budget and expected completion date. Given that, do not hesitate to be assertive. You should push back when needed. There might be real issues that come up during the construction process that will slow things down. However, if those issues are costing you too much money, you do not need to just listen politely and take it as it is. You should advocate for your stake in the process. Research is Key Find friends who have gone through a similar process or ask your builder for some referrals. Ask them about their experience. What do they regret not including in their budget? What caused them to go over budget? Learn from their mistakes so you can save time and money. Compare Prices Compare prices from one shop to another to make sure that you are getting the best deal. You should also take full advantage of the builder’s discount. Always remember that your builder will get better rates with suppliers. Be On The Job Site If your Myrtle Beach custom home is being built, have someone visit the site every single day. You need to know the number of people working on your home and what they are doing at any given time. In case you notice a subcontractor who you are not familiar with, find what his job is.

Call Dawol Homes if you have finally decided that you want your dream home built by a professional and reliable team of custom home builders.

Dawol Homes 3100 Dick Pond Rd # E Myrtle Beach, SC 29588 (843) 294-2859 http://www.dawolhomes.com/ info@dawolhomes.com

http://www.dawolhomes.com/what-to-know-custom-home/

The Essentials Of Home Construction Loans

Having your dream home built is an exciting experience but your enthusiasm can be tempered easily with the unfamiliarity and intricacy of mortgage loans for a new home construction. Understand the fundamentals of home construction loans and be prepared when the time comes that you have to decide if you want to build your custom home. 2 Types Of Home Construction Loans Home construction loans are available in two types: Construction-To-Permanent – You borrow cash to cover the construction costs. Once you move in, the lender will change the loan balance into a permanent mortgage, making it two loans in one. Stand-Alone-Construction – the first loan you will get is going to be for the construction costs. Once you move in, you will obtain a mortgage to pay for your construction debt. Unlike the first type, this is two different loans. Construction-To-Permanent Loans You will have lesser fees to pay because you just have a single closing with a construction-to-permanent loan. In the construction period, you will only focus on the outstanding balance. The interest rate is changing during the construction phase, which means it could move up or down based on the prime rate. In case the Federal Reserve decreases or increases short term interest rates while your house is being constructed, you can expect your interest rate to change. The construction loan will be changed into a permanent mortgage by your lender once the construction of your custom home is completed. The permanent mortgage is just like any other mortgage. You can specify the term of the loan, usually 15 or 30 years, choose between an adjustable rate loan and a fixed rate loan. If you think you are ready, you need to shop as well as compare mortgage rates. Several lenders will let you set a maximum mortgage rate once the home construction starts. Most of them will ask a downpayment of at least 20% of the anticipated amount of the permanent mortgage. Stand-Alone-Construction If you can make a smaller down payment then a stand alone construction loan can be a good option. This can be beneficial if you already own a house and do not have the budget for a down payment but expecting to have more cash once you sell your house. You can still reside in your existing home while your next Myrtle Beach custom home is being built. However, this type of loan also has some drawbacks. These include paying two sets of fees and closings (construction loan and permanent mortgage) and not being able to lock a maximum mortgage rate. In case rates increase while your custom home is being built, you might have to pay for higher interest rates than you expect from your permanent loan. And in case your financial situation change for the worse while your house is being construction, you might find this hard or impossible to qualify for a mortgage loan. Qualifying For A Construction Loan Once you apply for a loan to build your house, the lender will not have a complete home as the collateral. It means qualifying for a loan can be hard. The lender will also ask for details regarding the size of the home, the materials used, and the people who will do the work. The general contractor can get all of these details for you. Apart from that, the lender will find out if you can pay your monthly dues while your house is being built. In case the lender things that you cannot make your current mortgage payment during construction, you will not be able to qualify. Use Bankrate’s mortgage-comparison tool if you think you can qualify. Sufficient Savings For Unforeseen Costs Is A Must The lender needs to make sure that you have enough savings to pay for unforeseen costs. Cost overruns happen when a borrow changes his mind about what they want to have during the construction process. Choosing A Builder An essential part of building a home is selecting the right custom home builder. Find one that is experienced at building the type of house you wish to have including the style, price, and size. Check the credentials of the builder with your local homebuilders association. You should also ask for references from the builder’s former clients. You should also check the Better Business Bureau and determine if there are any complaints against the potential builder. The lender will check into the credit standing, licenses, financial situation, and track record of the potential builder. Expect Ongoing Inspections During Construction Lenders will perform routine inspections while your home is being built. During this time, the lender will pay the builder in “draws” or stages, and sends out an inspector or appraiser to ensure that construction continues as planned.

Call Dawol Homes if you want to work only with the best builder to construct your dream home. 

Dawol Homes 3100 Dick Pond Rd # E Myrtle Beach, SC 29588 (843) 294-2859 http://www.dawolhomes.com/ info@dawolhomes.com

http://www.dawolhomes.com/essentials-home-construction-loans/

The Pros and Cons of Buying A Spec Home

While several people prefer buying a house that someone else has lived in, there are others who do not favor the idea and would like to buy something new. There are several advantages to purchasing a newly built home after all. It needs to be efficient, in good condition, clean, although this does not always happen. Whenever we talk about new build homes, you have two options. The first one is the custom home that has been specifically designed for you, with all the details you want. The second option is referred to as the spec home, which has advantages and disadvantages. What is a spec home? Knowing what a Myrtle Beach spec home is important. It comes by different names depending on where you are located. Sometimes it is called a move in ready home, featured home, immediate delivery home, and inventory home. A spec home is a house that was designed and constructed by a builder without any buyer in mind. The builder took the chance that he will manage to sell the house once it is near completion or it is completed. It would seem that the builder is taking a chance here, hoping that a homebuyer will pick the house he has built. Therefore, the architecture is going to be based on a standard plan, perhaps using a design that is well known in the neighborhood that he is building it in. Generally, the fittings will be referred to as contractor or builder grade, although some builders can offer to have them upgraded for an extra price. Advantages Of Buying A Spec Home There are three primary advantages to buying a spec home – you can move in right away, the house is completely new, and you can see what you are purchasing. Move In Ready – a spec home is commonly put up for sale when it is almost completed or already finished. And since the builder wants to sell the home quickly, the homebuyer can also move in right away. There is one thing that can delay the process and that is your lawyer, who will make sure that all things are in order, but once they get through the legal process swiftly, you can move to your new home in just a few weeks. Because of this, a spec home is an excellent choice for home buyers who want to move into their new home right away; may it be your first home, or you want to leave your rental home before the month ends. It’s Brand New – If you are paying for a custom home, it will take a while before you start to see it take shape and as you wait, you tend to worry about the quality of the craftsmanship. If you go for a spec home, you will get to see what you will get before you buy it and you will have the chance to check every corner of the house to make sure that you are happy with everything. Disadvantages of Buying A Spec Home Your lack of choice is the biggest advantage linked to buying a spec home. Since the house is built based on another person’s decision, buying it means you have to live with it. These include accepting its current architectural style, the internal layout, as well as room configuration. A spec home is not a good choice if you are someone who likes to be unique and wants to have a home that is different from the others in a neighborhood. This is also applicable to the finishes including the paint colors, lighting, appliances, as well as kitchen and bathroom fittings. In most cases, the builder selected the items he can get at a special rate for contractors, and even though they might be of good enough quality, they are most likely not high end, which means you need to live with these things or choose to change them but you have to shoulder the expenses. As mentioned earlier, you might have some say on the finishes but that will depend on how close to completion the spec home is. Although you can be offered to choose from a list of options, so even then the decision is not completely your own. Important Things To Remember When Buying A Spec Home If you are still thinking of buying a spec home, you need to remember some important points. Although the home is completely brand new, that does not necessarily mean that everything is in good condition and working order. You should get a home inspection so that the electrical, plumbing, HVAC and more can all be properly checked by an unbiased and independent home inspector. You should select the inspector yourself and avoid going with the one recommended by the builder. You should also hire a real estate agent to assist you through the buying process. You don’t have to pay for this since the builder will take on the cost, however, their experience will be invaluable and help you save a lot of time and headaches. Lastly, do not forget to ask if you are allowed to change some aspects of your home even if it is already finished since some builders will permit this. A few good examples are flooring and paint colors. Some builders also provide an upgraded appliances package to homeowners who are interested.

Call Dawol Homes if you are considering buying a spec home or have a custom home built. 

Dawol Homes 3100 Dick Pond Rd # E Myrtle Beach, SC 29588 (843) 294-2859 http://www.dawolhomes.com/ info@dawolhomes.com

http://www.dawolhomes.com/pros-cons-buying-a-spec-home/

The Best Time For Custom Home Building

Winter is just around the corner and once that is done, spring comes next. It is the season that brings warmer weather as well as new life. But for other people, spring is much more than that. It is also the best time to begin the construction of a new home. Basically, it is the ideal season for completing building constructions faster without having to deal with several delay so you can move in to your new home sooner. If you are planning to build a custom home, listed below are some of the reasons why spring is the best time to begin. More Daylight When the summer solstice hits in mid to the later part of June, we begin moving back to winter. What that implies for your home building project schedule is that nighttime slowly falls much sooner as the day gets much shorter. By beginning the project during spring, your team of custom home builders can make the most of their time thanks to more sunlight during the day. However, it’s not only more sunlight that can help you finish your new home on time. Not Too Hot or Too Cold If you wait too long to begin the construction of your custom home, weather conditions and temperatures may start to become extreme for builders. In case the conditions become to challenging to work in, you may have to deal with some serious delays to your schedule. The harsh summer storms and heat waves as well as the snow and ice during winter can become unwanted hindrances to finishing your building project on time. Residing in a humid place likewise needs consideration regarding how higher percentages of humidity can impact your home construction. For instance, certain materials like paint and concrete will require longer drying and curing period during the summer season because of more humidity. The increase in heat and moisture will also raise the possibility of wood warping as well as mold growth on site, which could lead to further delays. For optimal building, cool and dry spring weather is always ideal. When you begin the construction earlier in the spring, the framing, foundation, and exterior of the house must be finished before the weather becomes too hot. Then your concentration can be shifted to finishing interior aspects in the summer. Winter Planning Weeks The important thing when it comes to staying on schedule is to avoid wasting time at all costs. Starting your building project in the spring lets you make full use of the colder months leading up to the spring season for planning your custom home building project. During this period when construction is expected to be more challenging, you can finalize the floor plans with the designers and architects and choose the lot. When spring comes, your team of custom home builders can start working. Having a design build firm at your side like Dawol Homes allows you to streamline construction. Instead of spending weeks obtaining bids from different contractors, you can save a lot of time and effort by employing a single design build firm that manages and houses all the contractors and designers you require to turn your dream home into reality. Since all sectors work together, it is way easier to prevent construction problems by dealing with and fixing them during drafting. With correct planning, this team can finish a large amount of home building in the spring months. It’s Time To Change Spring lets us start anew after the cold winter months. Why don’t you start over by building the custom home Myrtle Beach that you’ve always dreamed of?

Call Dawol Homes if you want to know more about custom homes.

Dawol Homes 3100 Dick Pond Rd # E Myrtle Beach, SC 29588 (843) 294-2859 http://www.dawolhomes.com/ info@dawolhomes.com
http://www.dawolhomes.com/best-time-custom-home-building/