The journey to having your new custom home is fascinating. But, you need a proper plan and well-thought strategies to actualize your idea. The pre-construction process involves critical tasks that must be put in place before the start of your project. Below are things you should expect and what you will need in the pre-construction stage.
Complete the Floor Plans
This should be the initial stage of your project. With the help of an architect, you can come up with ideas for the floor plans. At this point, you ought to ensure your architect gets a picture of what you want to avoid future changes in design. Changes during construction could cost you extra money which could alter your total budget.
Evaluate Your Financing Options
Constructing a new custom home requires much more financial planning than a ready house. With the hefty requirements of owning a home, you ought to get the right finance plan for your project. Since you will need to secure a mortgage for your home, you will need to get a suitable option that meets your needs.
Also, you will need to consider your financing partner’s requirements and availability of funds during construction. At this stage, your bank may require details of your contractor including references and licenses. You can contact Alair Homes West Vancouver for legally authorized contractors to ensure you are protected against failure to complete projects and quality work.
Another important thing to understand is your interest rates. Some loans may allow you interest payments during construction but may not give you equity after completion of your project. Also, be keen on changes in interest rates which can affect your usual payment rates.
Other factors to consider on financing are down payment requirements and authorization of payments during construction. Since construction loans can’t be paid as a full amount, your bank may need to inspect the stages of the project to approve the fees. It will ensure your contractor completes work on time to pave the way for additional funds for completion.
Site Selection
If you have land ready for construction, you ought to identify the site for building your home. You ought to determine how you will use the property after completion. This will help you locate additional facilities such as a garage, garden, pool, etc. Additionally, you should study your neighborhood to understand construction rates and variations in home value.
If you are buying land, you should understand about the zoning of the area to determine if your custom home suits the area. Additionally, you can learn the requirements for that particular project in that area. You may need to consider other factors such as accessibility of the property and availability of other utilities.
Permits
With the help of your building team, you will need to get the permits needed before construction. Depending on the state’s building laws, you may have to provide a set of building documents including the floor plans. Submit the plans early as it can take some time to approve. Also, ensure you get permits stipulating the correct construction period and can allow changes in design during construction.
The pre-construction stage will require you to have plenty of things put together. Start planning early enough to allow time for loan approvals, building permits, and site selection. Additionally, seek professional help in acquiring the designs and advice on suitability of your site.