Building A Home In Lafayette
Building a custom home has become a more popular option for people seeking a home for many reasons. Some build to be in a specific location or neighborhood. Some build to have a new home without major repairs needed. Some just want a specific floor plan to meet their individual needs. Many decisions need to be made throughout the process of building a house, which typically stir up quite a few questions. Here we can guide you on the process of building a home, from finding a lot to moving in!
What Is The Process To Build A House?
First find a Real Estate Agent, such as myself to help guide you along the way. I can help you meet with builders in the area, and keep your best interests a priority.
Then find the location in which you would want to purchase a lot to build upon. If the lot you desire is owned by a builder you may have to contract them to build your home.
Meet with a builder and choose a floor plan and sign documents. Contracts with the builder will need to be signed. After the builder documents are signed you can move forward and choose a floor plan for your home.
Choose appliances. Choosing the appliances in the beginning of the process is helpful because the builder can design around them regarding cabinets and countertops and such.
Make selections for all other features. Most features of the house need to be picked out early on. These include flooring options, lighting and fixtures.
Start home build. After everything has been planned and choosen the builder will break ground on the home build.
Inspection after home is built, look for imperfections and agreed upon selections have been installed. Builder to make changes if necessary
Close on the home with a local title company and move into your new custom home!
How Much Does It Cost To Build A House?
I’d love to say there is a clear cut answer to this. However, the cost to build a home can vary so much based on square footage, location, materials used, etc. There are items that may be added or subtracted as each building scenario may be different based on location, production, customization etc. Here are some items to consider when thinking about the cost of building a house:
- lot/land purchase
- building permits
- site plans & assorted surveys
- building plans/designs/architecture drawings
- well/septic/city plumbing connections/hookups
- building materials from vendors
- lighting/ appliances/ fixtures
- subcontractors/labor costs
- city/county inspection approval
- builder/agent commissions
- closing/title fees
5 Unexpected Costs To Build A Home In Lafayette
When we think of the costs to build a house we think of lumber costs, pipes, wire and drywall. But what costs are involved that may be unexpected to a buyer.
Upgrades. Initially the quote for a build will be a ballpark number based on the baseline choices of details, appliances, fixtures and such. However if you prefer an “upgraded” version of an item the cost of the build could increase. Speak to your builder of the costs of different upgrade selections from carpets to trayed ceilings.
Closing Costs. Typically a builder does not pay closing costs and sometimes the seller of an existing house may. Closing costs should be discussed with the builder to be clear on what to expect at the closing table.
Landscaping. Most of the time the builders will put sod in the front yard and seed in the backyard. You may also get a couple small bushes and a small tree. I can double check what is included with the builder you are considering. If you want something beyond what the builder is including that will be at your cost.
Missing necessities. You may tour a spec home to get a feel for what a builder can do for you. Be sure to ask the builder everything that comes with the price tag and exactly what is excluded. Sometimes the price of the build does not include things like towel racks, mirrors, or window coverings. Keep these types of items in mind when purchasing your home as an extra expense.
Another cost you may not think of are the utility setup and transfer fees. Sometimes there is an initial deposit for setting up new utilities or a transfer fee. Here is a list of local utility companies you can contact to determine any fees.
How do I Finance A Build – When Do I Start Paying The Mortgage?
Mortgage on a new construction can be financed by the builder multiple ways. Production builders usually own the lot to be built on and will carry the costs until closing with a specific earnest money being held from the buyer under contract by the builder/listing company. Custom builders will do similarly, yet some will finance the build in portions with installment payments from the buyer. This scenario is dependent entirely on the buyer’s financial situation. There are times that the buyer can build without having to sell first. Sometimes the buyer has a house to sell prior to purchase of the new build. I work with buyers to sell their homes to sync up with the timeline/timeframe for build completion. Thus being stated, the seller’s sale is subject to the timeline of the seller’s suitable housing completion.
Depending on the type of loan you acquire for your home build will determine when you will start paying on the mortgage. Speaking to a lender is the best way to get the most accurate information about loan repayments.
How Long Does It Take To Build A House?
The time it takes to build a house depends on MANY things. These include finding a lot you love, setting up utilities, does a well need to be drilled, will a basement need to be dug out, how large the home is, what type of materials well be used, weather, how much customization will be happening, and also the builders schedule. After meeting with a builder, they can typically give you a more accurate estimate of how long it will take to build your home.
How Do I Find A Lot To Build On?
Cruising around online you see many land lots available for purchase. But, which is the right one? Well that may depend on what you want to build on that particular lot. Perhaps start with a location or area you like. Then sepak with a builder to see if it is feasible to build what you are dreaming of on the size lot you have seen for sale.
How Do I Find A Builder Near Me?
If you are thinking about building, a local real estate agent can help set up meetings with local builders. I can help facilitate the meetings, scheduling and represent you with with builder.
Can I Choose The Contractors For Painting or Other Projects?
This can vary from builder to builder. Production builders have their own crews/subcontractors that they have negotiated rates with due to business relationships etc. Nine times out of ten the quality and workmanship will surpass others you may find on your own, as those the builder is working with are held accountable to the builder. Some builders, especially custom builders, will let you choose contractors as well as do some things on your own.
How Can A Real Estate Agent Help With A Custom Build?
A Real Estate Agent can be an impartial 3rd party to represent you and keep your best interests a priority. I can accompany you on builder appointments and help with any questions along the way. I will be with you from the initial meeting until closing. During the process I will be sure to help keep the transaction on track and help to ensure nothing falls through the cracks.
Lots For Sale In Our Area – Here is an up to date list of land lots for sale in our area.
Tippecanoe County Building Commission – located at 20 N 3rd St. Lafayette
For current market information for your Lafayette and West Lafayette communities or a free consultation, contact The Aimee Ness Realty Group Lafayette Indiana. Our team with over 10 years of local experience, has your back to find your dream home, or sell your current home.