Should I build or should I buy? In order to understand more, ask yourself these questions.
Do I have a hard time making decisions?
Once I make decisions, do I struggle with wanting to change them?
Am I a perfectionist?
Is my schedule so busy it’s difficult to find time to do the things I enjoy?
Does uncertainty and lack of control add stress to my life?
Am I regularly disappointed by interactions with other people?
Do I have some available time in my life for the next one to three years?
Am I realistic enough to recognize that things aren’t always perfect?
Is our family life stable enough to handle the additional activity?
If you answered “no” to the first six questions and “yes” to the last four, you are ready to build. If not, we suggest you wait. If your answers were different from your significant other on more than three or four questions, we suggest you buy a house that is already built.
Where do I start? Do you know how you will be paying for a new build or purchase? Do you need a mortgage lender or a mortgage broker? The difference is that a lender is providing services in house and provides the loan directly to you. A broker will find a lender and acts as an intermediary. As a custom home buyer, you will want a Loan Officer that understands construction loans. We suggest working with a bank that you already have a good relationship with or discuss this with your builder, who may have suggestions for lenders in their area.
What loan is right for me? As a custom home buyer, you’ll want to look at “Construction-Permanent” loans also called a “One Time Close” loan. If you are purchasing a home there are many types like a conventional, FHA, VA or many other unique loans that a Lender will be able to help you understand what is best.
How do I know what my closing costs are? After determining your loan officer and lender, they will draw up a Good Faith Estimate. This will help understand many of the costs that you will see when you “close” on the home. They will include fees like title insurance, surveys and record charge fees to name a few.
BOA Builders offers a 1 year warranty on all of our home builds. Our team will reach out several times in that first year to make sure everything is going well, but there are many maintenance items. Here’s a list:
Appliances – these items are covered under the manufacturers warranty, Do not forget to register your appliances.
Hairline cracks – We will repair cracks once in the warranty period so we like to do that towards the end of the warranty to capture them all. Hairline cracks are a result of your house settling in, it is not a structural issue.
Cosmetic damage – items similar to caulking around windows and cabinets. We consider these items maintenance items.