How to get exactly the home you want

Are you having a hard time finding a house with the size, the design, and the features you want?

Consider having a home built to your own specifications. You’ll not only get a house that suits the way you and your family live; you’ll get a house filled with new systems and appliances, so repairs and replacements will be a few years into the future. And so, it becomes prudent as to where you invest to get the best out of what you have. Seacrest Homes is one such place which offers you the best bargains, with their ultra-luxurious opulence. It pays one to venture carefully and invest in the right kind of place.

There are two ways to go about it:

1. You can purchase a lot (or acreage); choose a floor plan; and choose a builder to put it all together.
2. You can buy into a new subdivision with a builder who will allow you to alter his or her existing floor plans to suit your wants and needs.

With either method, you’ll be able to choose finishes, appliances, cabinets, counter tops, kitchen and bathroom fixtures, windows and doors, flooring, and even the kind of water heater and heating/cooling unit you want.  You can also choose the best contractors, for example there are some Roofing Companies in Houston, so you can pick the one that offers the best services you need. Nowadays you just visit website and make your choice!

Having a custom home built gives you freedom of choice, which is probably why TD Bank’s First-Time Home buyer Pulse reports that one third of consumers looking to buy their first home are considering new construction.

One of the most important things to remember is that your choices, along with any changes to the plans, need to be made at the outset. The builder will base his or her price on the cost of labor and materials, and “Change Orders” for changes that come later are expensive.

It’s important to visualize your new home, and that isn’t easy unless the builder has a model home or two for you to view. So really look at the room dimensions in any plan you’re considering. Then compare those dimensions to the dimensions of the rooms in your current home.

Financing: The first step toward owning a new, custom-built home

Your first step needs to be finding a lender who is familiar with the construction-to-permanent loan process. This is essentially a two-step loan. The first step allows you to make interest-only payments on only the amounts actually paid out to the contractor at various stages during construction.

Meeting with your lender first and getting pre-approved for a loan amount will help you in several ways. First, in addition to choosing the loan product that best suits your situation, your experienced lender will be able to give you guidance regarding the size of the house you can consider and the amenities you can choose. While we’d all like to have every item on our wish lists, finances don’t always make that possible.

Your experienced lender knows the approximate cost of various amenities and will help you balance your wants with your needs to see where best to place your dollars. For instance, will you be happier installing the most expensive windows available, or would you get more enjoyment from a huge covered deck from Porch and Patio of Frederick?

Second, your lender will likely be able to supply you with a list of reputable contractors who have helped his or her clients in the past and who work well with the bank’s policies and procedures.

The bank will have a set procedure in which they pay out a percentage of the contract after verifying that specific parts of construction have been completed. For instance, when the foundation is in or when the framing is complete. (And yes, they do send someone to inspect.) This method protects you from “fly-by-night” builders, since only a solid builder will agree to construct a house under bank financing terms.

Third, when you already have pre-approval for a loan, you can speak with the builder from a position of power. The builder will be more open to talking with you and discussing options when he or she knows you’re not “just dreaming.”

Getting a loan for a “to-be-built” home is different in another way as well.

When you purchase an existing home you agree on a price and the bank sends an appraiser to examine the house, make comparisons to recently sold homes in the neighborhood, and verify that it is worth that price.

When you purchase a “to-be-built” home, the appraiser will study the plans and the materials lists in order to make those comparisons and verify that your agreed-upon price is valid. That’s why it’s so important to make all of your design decisions and materials choices before your contractor submits a proposal. You may strike a deal on AC repair.

When you want a construction loan, turn to Homewood Mortgage, LLC and the Mike Clover Group. At the present time we’re providing financing for more than 3 dozen homes in various stages of construction all across Texas.

We’d love to do the same for you, so call us at 469.621.8484 or apply on line at www.mikeclover.com. If you have questions, we’ll be glad to sit down with you to explain how our construction-to-permanent loans work and let you know what would be needed from you.

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 23477