THE ESSENTIALS OF HOME CONSTRUCTION LOANS

Having your dream home built is an exciting experience but your enthusiasm can be tempered easily by the unfamiliarity and intricacy of mortgage loans for 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 Custom 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, and 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 for 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 expect 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 in a maximum mortgage rate. In case of 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 changes for the worse while your house is being constructed, 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 custom home as 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 thinks 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 borrower changes his mind about what they want to have during the construction process.

Choosing A Custom Home 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 the 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 for the construction of your dream home. 

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Dawol Homes
9404 Hwy 17 Bypass,
Murrells Inlet, SC 29576
(843) 294-2859
http://www.dawolhomes.com/
info@dawolhomes.com

LATEST CUSTOM HOME BUILDING TRENDS

The whole point of having a custom home builder construct your home or do a major home renovation is to come up with a place that is personal, which means you should not be affected by trends. However, in the interest of education, check out some of the trends today.

Natural Selections                                                                                                                                                                          

Engineered woods feature a gray, white, and washed-wood finish. Professional home builders say that these kinds of finishes are becoming a trend once again. Consider having fumed, limed, and bleached woods with matte finishes as well as sealed-only floors. Do not ignore engineered products. They may not be cheap but they can provide your home with the exotic look that you want to have.

More Open Spaces and Clean Lines

Several Myrtle Beach custom home builders say that new home construction is becoming increasingly contemporary. However, this does not mean that everybody is moving in this direction. However, in general, homes with cleaner lines with more focus on standing seam roofs as well as Austin stone and less concentration on the turrets. Open spaces inside the house are also on trend. This implies there are fewer small, wasted rooms and hallways inside the house. With open floor plans, homeowners have more usable space.

Take Risks

When it comes to constructing a home, even skeptics should have some sort of fun. Perhaps you are not yet prepared to wallpaper the ceilings. That’s fine. But do consider the metal and glass trends and use both options on your staircase. Think about having a floating staircase, too. Do you think it is too modern? Think about intricate wood designs, patterned woods, or maybe a steel and iron combination.

The Kitchen

You may have heard this a lot of times – kitchens and bathrooms sell custom homes in Myrtle Beach. Kitchens are considered the heart of a home. Of course, the kitchen is important. However, it is also a fact that it is costly. When designing your kitchen, you need to remember that you don’t have to put drawers wherever you can in your kitchen. You also need to consider the odd-shaped items that will not fit in your drawers. Another important factor is ventilation.

Don’t Forget The Outdoors, Consult With Custom Home Builders

A lot of homeowners are recognizing the fact that the backyard should be utilized. In your search to make every inch of your property livable and useful, you need to make the most out of your backyard. But there’s one thing you need to know. Backyards are costly. The outdoor kitchen you would like to have may cost you more than the kitchen that you plan to have inside your house. So be sure to budget accordingly and always consult with your custom home builder.

Go Green

You do not become an environmentalist just by having Energy Star appliances. You need to do more if you want to go green. And when you do, you should be smart about it. Opt for geothermal pumps and you will get a tax credit. If you know you have the cash to burn then that is a smart move.

Call Dawol Homes if you want to get your dream home constructed and make sure that you get exactly what you want and what you’ve paid for.

Like our Facebook page for more great info about custom homes. 

Dawol Homes
9404 Hwy 17 Bypass,
Murrells Inlet, SC 29576
(843) 294-2859
http://www.dawolhomes.com/
info@dawolhomes.com

CUSTOM HOME: BUILDING A RETIREMENT HOME FOR AGING IN PLACE

Thousands of baby boomers are reaching their retirement age every day and it is pushing the demand for design features accommodating aging in place in an upward trend. In case you are thinking of building a custom home for retirement, you need to have a house plan that includes essential age-in-place features, which will allow you to live in the house throughout your golden years without having to worry about remodeling.

In case of building a custom home for aging in place doesn’t seem like a very exciting task, then you will be pleased to know that adding in some age-in-place features won’t prevent you from constructing a luxurious and modern house that you will love to live in the years to come. With the correct build, these features won’t even be that noticeable.

What is aging in place?

Aging in place means you will be staying in your own house independently and safely as you grow older. The National Aging in Place Council said that over 90% of older adults would like to age in place in their very own homes instead of moving to senior housing. But, a lot of their houses would need expensive adjustments.

 

A custom home that’s built with universal design features for aging in place won’t need any of those alterations.

What is universal design?

Universal design, as defined by the National Association of Home Builders, is the design of environments and products that can be used by all people, as much as they can, without having to alter the existing design. A custom home with a universal design will meet the needs of anybody even if their abilities and needs change.

What are the common universal design features crucial for aging in place?

Listed below are a few features in a universal design of a custom home in Myrtle Beach that is crucial to aging in place.

Single Story Living

Either a multi-story or one-story custom home with single-story living, which is comprised of a full bath, a kitchen, and a bedroom on the first floor, as well as an elevator.

No Step Entrance

There should be at least one entrance to the house that is level or has no steps to accommodate anybody who is using a wheelchair or walker. No steps should also be required to enter the home’s main rooms.

Open Floor Plans

The house must include open spaces that are spacious for good visibility and easy maneuvering. Spaces in the bathroom, bedroom, and living room must be 5 feet by five feet in clear space.

Wide Doorways and Hallways

Doorways and halls must be wide enough so that a wheelchair can fit. Doorways must have at least a clear width of 32 inches while hallways must be at least 36 inches wide.

If you build a custom home for retirement, it will most likely be the last house you will ever buy. Although adding features for aging in place is crucial, you could still build a house that is stylish and comfortable to live in. Your retirement custom home could be aesthetically pleasing, luxurious, and comfortable while accommodating your changing needs in the coming years. Just make sure that you let your custom home builder know what you want.

Call Dawol Homes if you are interested in building a retirement home. 

Like our Facebook page for more great info about new home construction. 

Dawol Homes
9404 Hwy 17 Bypass,
Murrells Inlet, SC 29576
(843) 294-2859
http://www.dawolhomes.com/
info@dawolhomes.com

BENEFITS OF A CUSTOM HOME BUILDER

A custom home builder can help you realize your dreams and turn them into reality. A custom home builder makes your building experience easy and memorable, even though it can be difficult with large-scale projects.

Dawol Homes is committed to their clients and that is what makes them stand out from other Myrtle Beach home builders. We will partner with you to build your beach home, and we will guide you through every step.

Trust our Collaborative Team Approach

Every project is managed by the entire Dawol Homes team. Our work starts with planning, checking, and rechecking. These checks and balances ensure that our projects maintain the highest quality standards, ensuring that you get a product that will make your home dreams come to life.

Our passionate team of home builders and designers is connected to the best contractors and experts in the region. Expect to work with the best home builders in Myrtle Beach.

Plan Your Dream Home

Working with a custom builder allows you to be involved in every step of building your dream house. You can be sure that your final project will look exactly as you had envisioned it. By planning every detail, our architects can help you create your mountain home. You will fall in love with each detail and not settle for less.

Enjoy the Life You Love

A solid foundation is the cornerstone of any custom home. Sometimes, despite the “quality” or price of the lot, there are unexpected complications. Site evaluations can save you both time and money over the long term.

Dawol Homes offers site inspections to ensure you’re building on solid ground. A skilled team will assess your site for important factors such as access, drainage, erosion, draining, and soil condition at no additional cost.

A spectacular site is essential for building a stunning home. A trusted custom home builder will give you the best resources and options for building your home.

You can save money over the long-term

You can create the home you dream of by paying attention to every detail. To avoid future renovations, you should address your needs when designing your home. You can build everything you want the first time.

Every client is important to us. Dawol Homes is available to fix any problems with your new home construction.

Make your home unique

There is no one-size-fits-all home. A custom home builder can help you identify your needs and integrate them into your home. Dawol Homes is a team that cares about you and will give you the best possible experience.

Your custom-built home will hold a special place inside your heart. Dawol Homes understands that not everyone can afford to build their dream home twice in their lifetime. Your beach home will be irreplaceable, and it will last generations.

Call Dawol Homes now if you need help in building your dream home.

Like our Facebook page for more great info about custom homes.

Dawol Homes
9404 Hwy 17 Bypass,
Murrells Inlet, SC 29576
(843) 294-2859
http://www.dawolhomes.com/
info@dawolhomes.com

CUSTOM HOME – GUIDE TO BUILDING A DREAM HOME

Imagine your dream home for a moment. What are its features? How does it look? What are the unique details you would like to include in your design? Your vision is unique and not likely to be found on the market. Nothing can compare to the experience of building your dream custom home.

Building a home from scratch is rewarding, even though it may seem like a difficult task. It’s crucial to understand what you can expect so that things go as smoothly as possible. These are some things you should consider when embarking on a home-building adventure:

Find out how much you can spend on building a custom home

Unless money is not an issue, you will need to decide how much you are willing to spend on your new home. The cost of building your home will vary depending on what you choose, how much labor you pay, where you live, and the region you are in. You will be surprised at the cost of everything, from cabinets to contractors, so it is worth consulting professionals like an architect, custom home builder in Myrtle Beach, realtor, civil engineer, and civil engineer to get a better understanding of what to expect.

Set a realistic budget

After you have received qualified advice, be specific about your budget. Make sure to include everything that you can think of for your new home. Materials and labor should account for approximately 75% of the total cost, but there are also fees and taxes, furniture and decor, as well as the cost of landscaping and other costs.

Choose the right lender to finance the custom home of your dreams

You will most likely need to borrow money to pay for the land or home construction. You should look for banks that offer real estates lending options such as construction loans and land loans.

Manage expectations when planning the construction of your custom home in Myrtle beach

While it’s great fun to write down every characteristic you would like in a home, reality hits when you actually see the list. There may be some concessions. Granite countertops, hardwood floors, and smart home technology. You have to be willing to sacrifice some things for others. If it can be upgraded later, you should consider other options.

List your preferred custom home builders

The right people are the key to building the perfect house. Some people may advise you to build your house later and find the land first, but there are others who believe you need to have experts before you make any decisions about where you want to live.

Find the best lot for your new home

Once your team is in place, it’s now time to search for land. It can feel overwhelming. To narrow down your choices, consider where you would like to live. Then, start looking into options within that area. Make sure you check the property history. This includes the sale price, development history, and similar lots. This will help you to formulate your offer.

Choose an architectural design

You have the option to design and choose the style of architecture that appeals to you, whether you work directly with an architect or through a builder. Although not all aspects of building a custom-built home are exciting and fun, this is the part that is truly enjoyable as it allows you to see your plans come to life.

Set a timeline

According to the U.S. Census Bureau, building new homes takes an average of eight months. It includes permits, construction, inspections, and any unexpected delays such as bad weather or supply shortages. You can see that the more complex the home is, the longer it takes to build. If time is an issue, you might consider a simpler floor plan.

Call Dawol Homes if you need the help of a custom home builder in constructing your dream home.

Like our Facebook page for more great info about custom built homes.

Dawol Homes
9404 Hwy 17 Bypass,
Murrells Inlet, SC 29576
(843) 294-2859
http://www.dawolhomes.com/
info@dawolhomes.com

WHY WINTER IS THE PERFECT TIME TO BUILD YOUR CUSTOM HOME?

Winter is the best time to start building your custom home. Listed below are a few reasons why you should think about starting your project now.

You can make sure that the design process is just right without needing to rush through it.

Nice weather isn’t essential to designing your dream custom home in Myrtle Beach. However, you can expect that it will take time. If the duration of the nice weather is coming to a close in the summer or spring, you may be tempted to hastily decide about the design, to make sure things move along. But during winter, you can take your time and be sure that you make the right choices.

Choose a lot that looks great in summer and winter.

Custom home builders in many cases, see situations wherein the homeowners select a lot that is based on summer conditions. Then, the homeowners feel disappointed come winter. During the season, you will get a chance to evaluate possible lots in their worst conditions. How does water run through or is it pooling? Are you going to get some sunlight with the low winter sun?

Custom home builders are more readily available

Spring is considered the time of the year when custom home builders in Myrtle Beach are extremely busy. It is the time of the year when they dust off their calendars and begin layering the groundwork for the upcoming months. In case you are lucky enough, you could get early on their calendars. If not, then you will be at their mercy to schedule your project with just a little time here and there, paying a hefty premium for every hour they spend working on your project. But during winter, contractors are slower. They need to spend time on the right job. During winter, they will have more than enough time to plan and then turn their focus on the job at hand.

Your permits will be approved faster

Custom home builders are not the only people who are operating a bit slower in the cold winter season. You will find people at the local government offices a bit less busy. And that means it might take you less time to obtain all of the permits you have to finish the job from start to end. And for your bigger projects, looking for an inspector could be a bit easier and that means you could move from one phase to another in much shorter periods of time.

Setting up financing needs more time

To be more realistic, you need between 30 to 60 days to set up the financing for your new home construction. This timeline is a stage that several new home construction clients tend to forget. It is crucial to think about it and once you start the process during winter, it will most likely end up in excellent timing for breaking ground.

You can finish several preliminary tasks during the winter season

There are many things you need to do before you start digging. Clearing the property, excavating, making preparations for the ground, and setting up utilities are activities that could be done during the cold weather.

Call Dawol Homes if you need the help of a custom home builder in constructing your home during the cold winter season.

Like our Facebook page for more great info about custom built homes.

Dawol Homes
9404 Hwy 17 Bypass,
Murrells Inlet, SC 29576
(843) 294-2859
http://www.dawolhomes.com/
info@dawolhomes.com