Be in the Know When Building a Custom Home

 What are some things you should know about when building a custom home?

How to Pay for a Custom Home
What You’re Paying For
Finding the Right Contractor for Your Custom Home
Designing and Building the House

There are many in the housing market that would rather build a home than purchase a new construction home that has already been built. When you build a home you have all the say from start to finish. There are some things you need to know when building a home. Here are some of them that professionals say are important to know.

How to Pay for a Custom Home

If you are in the market to build a custom home, then you will probably be using a construction loan. This type of loan is a short-term loan that will cover all of your expenses while you are building your home. It is a bit lengthier and stricter than a regular mortgage but is perfect for a custom home build. Many people choose to do a construction to permanent loan. Once your home is built and ready to occupy, your loan turns into a standard mortgage loan. Remember that a construction loan is typically only for 12 - 18 months and the payment process is different from a standard mortgage loan.

What You’re Paying For

Remember there will always be extra expenses when building a custom home. These include plumbing, electrical wiring, lighting, internet configuration, and media hookups. There will also be many different industry professionals who you will also need to pay including plumbers, electricians, city inspectors, land surveyors and structural engineers. All this aside, your builder or contractor will reach out and coordinate with all of the suppliers and laborers.

Another cost that you might incur is by using an architect. If you need to have help with the design of your home, then you will need to hire one. If you do not want to choose a stock plan, then this will be the route you need to go.

Finding the Right Contractor for Your Custom Home

This is very important because they not only need to be a professional in the industry but also need to work with your personality. Choosing the right contractor or builder will make all the difference. To go about choosing one, first, start with word of mouth. A first-hand account is always the best. Before making your decision, interview several different contractors. Keep in mind that you will want them to be able to meet your timeline, agree with your vision and have a positive attitude about your design. As with any other interview, check references, read business reviews and google their name to see what comes up.

Designing and Building the House

This will take a good bit of time because your contractor will want to meet with you for several preconstruction meetings. Remember during these meetings to take notes, keep records and pay attention. This way you will be able to reference the plans that were agreed upon. Put the budget in your forethought as you go through your planning stages. It is very easy to get carried away and spend much more if you do not keep track. Always keep in mind if what you plan is good for resale. This can also affect your decisions. Even though it is a long and tedious process, at the end you will have your dream home.

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Questions a First-Time Home Buyer Should Ask Their Lender

 The current market is definitely a hard one to navigate especially for first-time homebuyers. When purchasing a home for the first time there are so many overwhelming important decisions to make. Here are ten questions to ask your mortgage lender when purchasing a new home.

1. How do I know what type of mortgage is best for me?

There are many options available and finding the right one for you is very important. Your mortgage lender can help you with the process of choosing which mortgage will be best for you. A mortgage lender can help you list the pros and cons of each loan option.

2. What kinds of mortgages do you offer?

There are two major types of mortgages which are conventional loans and government-backed loans. A mortgage lender can help you with choosing the best loan for certain circumstances. They can determine what type of loan you are qualified for.

3. How much should my down payment be?

Usually, a 20% down payment is preferred, especially if you want to avoid PMI (private mortgage insurance). If this is not a figure you can afford, a lender can work with you on the amount you can put down. Depending on what you are approved for, it can be as small as a 3% down payment.

4. What will my interest rate be?

This is usually the first question most people ask a lender. Your interest rate will determine how much you can borrow. There are fixed-rate loans and adjusted rate loans. A 1% difference does not sound like a big difference but it can save you a lot over the lifespan of your loan.

5. Do you offer a mortgage rate lock?

This is important because a rate lock can keep you at a predictable loan cost. This is basically an agreement between you and your lender that the interest rate will not change until closing. If the rates start to rise, this does not matter, you will still get the lower rate.

6. Are there income requirements for buying a home?

There are lending requirements. A lender can help you and they do this case by case with what you will need. It can depend on your credit score and your source of income.

7. Do you offer pre-approval or prequalification?

First, you need to know the differences. Pre-approval means that a lender has verified your income, credit score and assets through documents such as your W-2s, tax returns and bank statements. Prequalification is based on what you tell your lender about your income, assets and credit. Then your loan amount is based on an estimate.

8. What will the costs of closing be?

Closing costs are the fees for processing your loan. These will be paid to the lender. The appraisal fees, origination fees, attorney fees, and title insurance are included in the closing cost. Your lender will provide you with an estimate of closing costs based on the type of loan you go with.

9. What should I do to prepare my financials when considering buying my first home?

There are many things you can do to get your finances in order. Make sure your credit is in good standing. If not, find ways to strengthen your credit. Always determine your budget before you start the process. Do your shopping and compare rates. Always get prequalified before you start looking for a home.

10. Are you doing a hard credit pull on me today?

This is important to ask because a hard credit pull can have an effect on your score. Do not let a lender do a hard credit check until you have agreed to work with that lender.

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Madisonville Subdivision Gets Support From St. Tammany Zoning Commission

 Will a new subdivision, proposed to be built along Interstate 12 and Jessikat Lane, be accepted by local residents?

A new subdivision of close to one hundred homes is set to be built in Madisonville and will be part of a development of 450 existing homes. Although there has been some opposition from residents in the area, the St. Tammany Parish Zoning Commission approved the groundwork with a vote 6-4 to rezone a part of the land from commercial to residential.

 

A new subdivision of close to one hundred homes is set to be built in Madisonville and will be part of a development of 450 existing homes. Although there has been some opposition from residents in the area, the St. Tammany Parish Zoning Commission approved the groundwork with a vote 6-4 to rezone a part of the land from commercial to residential.

The new homes will be built on 19 acres of undeveloped land close to Interstate 12 and Jessikat Lane that recently changed from being zone commercial to residential and 33 acres that are already zone residential. The land is owned by local home developer Paul LaGrange and is under contract to be purchased by Andrew Cahanin with DSLD Homes.

"Had the zoning not changed, the amount of traffic could have been extremely detrimental to the surrounding area. Generally, residential uses generate much less traffic than commercial in a more predictable pattern,” according to commissioner Patrick Fitzmorris.

Residents in the area are concerned because fifty of the existing homes and the new development will share a single access road to get in and out.

"When I look at this piece of property, it needs new access. It’s one way in and out. It’s completely unsatisfactory,” said commissioner Kenneth Ress.

DSDL says this will not be the case. The new home development will not be as dense as the other developments surrounding it. There will be only two homes per acre. There will be a plan to improve Jessikat Lane which is currently a gravel road that runs along the edge of what will be the new development and make it an access point to the new homes.

Residents do not agree because of the traffic backups already that are a hassle on a daily basis. The backups are caused by the narrow roads. Along with the bad traffic flow, flooding and drainage issues are also a battle. The boost in population will just add to both of these issues.

“This area is basically land-locked. Rex (Avenue) is maxxed out. I’ve been on it. And I dodged the kids and the very deep ditches on both sides. It’s a difficult decision at this point, because the access is just not appropriate for any development at this time,” replies commissioner Nelwyn McInnis.

DSLD's attorney Paul Mayronne says that the rezoning is just the first step in the process. There will be a traffic study and a hydrological analysis.

“You don't build a project until you can demonstrate the traffic and drainage will be appropriately handled," he said. "We believe we can do that, but we can’t prove it until the zoning change.

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Five Designer Tips To Do First When Buying a New Home

 What are the first five things to update when buying a home?

1. Don't Seek Instant Perfection
2. Start With The Bones
3. Practice Patience
4. Know Yourself
5. Have A Plan Before You Start

Buying a new home is an exciting time for anyone. It is a big step in life's journey and can be a very stressful one. If you are purchasing a home, professionals agree that these tips should be followed from the start.

1. Don't Seek Instant Perfection

“One of my big beefs with home improvement shows is that they set new homebuyers up for failure,” Karlie Adams, a Denver interior designer said. “People watching these shows think everything comes together so easily, then feel they need to have perfection instantly, when, in fact, they need to take their time.”

2. Start With The Bones

Instead of starting with the little design elements in a room, start with the floors, walls and windows. Once these are tackled you can slowly move inward in the space. “That may not seem so gratifying at first,” Adams said, “but it’s more prudent. People would rather buy toss pillows at Pottery Barn when they really should replace their baseboards.”

3. Practice Patience

Like with everything in life, a little patience can go a long way. Take your time and go slowly purchasing quality pieces that will be more of a design investment in your home.

4. Know Yourself

Figure out who you are as a person and build your look around your unique characteristics. The look of your home should be based on who you are. If you are a nature lover, using worn leather, weathered wood and rustic finishes are best. A perfect coffee table would be a three cross-section of tree trunks.

5. Have A Plan Before You Start

Don't go into the kitchen and add a new sink and faucet to later realize you should have updated the whole kitchen. Have a plan in each space before you add anything. This will save you time and money in the long run. Remember your home is a big investment.

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