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Home Buying Tips -
The Building Process -
Terms To Know
Home Buying Tips
Building your family's dream home can be a very rewarding experience - especially when you select the right builder! Here are a few tips that will help you navigate the home building process smoothly.
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Financing
Contact a lender and find out what kind of purchase price you pre-qualify for. Then, put together a budget to determine what monthly mortgage payment is the best fit for your family.
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Research The Area
Do some looking into the different new home communities and places to build. Consider schools, proximity to shopping and your work, and other important factors.
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Make A Wish List
Make a list of all of the features your family would love to have in a new home - seperate the must-haves from the things you can compromise on.
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Choose Your Style
Select the style of home you want built - traditional brick, mediterranean, contemporary. The various styles will affect construction costs and affect your budget.
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Finalize Construction Costs
Meet with your builder and finalize construction costs to make sure your selections have all stayed within your budget.
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Watch Your Spending
Don't make any large purchases, take out any new loans, or miss any existing payments. Doing so could negativly affect the amount you were pre-qualified for.
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Plan Your Move
Moving day can be stressful and more work that it needs to be if you fail to properly plan. Make sure you book a moving truck, and have people to help!
The Building Process
Find the Right Location
Work with a Dynasty Custom Homes building specialist to find the right neighborhood or lot to build your family's dream home in.
Submit a Loan Application
Our preferred lender will be able to get your family quickly pre-qualified so you know exactly what your construction budget is.
Begin Designing
You'll work closely with our architect and construction manager to pick out all of the elements of your new home.
Construction Starts
Once your budget and plans have been finalized, we'll start construction on your new home! The job-site manager will be in constant contact with you keeping you in the loop with each phase of the home building process.
Close on Your New Home
A representative from the title company will meet with your family, and the builder, to transfer the title over to your family making you the proud new owners of a Dynasty Custom Home!
TERMS TO KNOW
Closing Costs
The term "closing costs" includes a variety of expenses not included in the purchase price of your property. Items like such as fees for an attorney, a title search, title insurance, taxes, lender costs and some upfront housing expenses such as homeowners insurance are all included in these.
Down Payment
The amount of cash you can put down towards the purchase/building price of a home. Some loan programs require a down payment, and others do not.
Pre-Approval
A lender’s conditional agreement to lend you a specific amount of money, made after confirming your financial information such as income and assets. Conditions may include a home appraisal and no significant changes to your finances (like new loans, new debt, or failure to make current payments).
Comps / Comparables
These are recently sold properties similar to the home you want to build/buy, with approximately the same size, location and amenities. They help an appraiser determine a property’s fair market value.
Appraisal
An estimate of a home’s value - generally done by an independent, professional licensed appraiser and typically required and ordered by the lender in conjunction with the mortgage application.
Title Insurance
Insurance that protects against issues, such as a tax lien or other legal claim, that would affect ownership of the property.
Send the Builder a Text!