Many of you may remember the day you moved into the first home you ever purchased. It didn’t matter that it needed paint, or that the bathroom door didn’t really work quite right. What mattered was that it was yours. Yours to dream of your future in. Yours to watch your family grow up in. And yes, yours to pay for and fix every time something broke. As enjoyable as that experience was, it pales in comparison to the feeling of building your dream home.
When you build your own home, you are able to decide everything, from finding the land with exactly the right trees, and the sun setting out the right window, to designing the perfect floorplan and then choosing every piece of wood, marble and metal that makes it your own. You can add in the pool, the outdoor kitchen, the barn or the studio, and maybe even a small apartment for your mother-in-law at the very, very, far, far back corner of your property (close enough for the kids to run to, but not too close).
Building your own custom home can be incredibly rewarding and can help you make this dream a reality. It can provide for the land purchase, through the construction phase, and then a mortgage to keep the payments comfortable. Construction Lending is not held as closely to the ebbs and flows of the Federal Reserve, nor the economy. Loan amounts are usually larger for construction homes than existing homes in the same area. It can take six to twelve months of work to get through land acquisition, replats, house plan selection, design and decorator choices, choosing a builder and finalizing a price – this requires a lot of patience and planning. Then it can take six to eight more months to build the house.
A construction loan can help tear down an old home and build a new one in its place. It can build a second home by that lake you love, or maybe a duplex that the kids can use at college. It can provide the funds to realize your life-long dream. If you have looked for the perfect home, in the perfect school district with exactly the backyard you have always envisioned, and you haven’t been able to find it, consider taking a look at building your dream; don’t settle for the home someone else designed. Ask your First Centennial Mortgage professional about the right way to finance your forever home.