Building a Custom Home
What things should I ask myself when I decide to build a new home?
What should I look for in a builder?
What do I need to know about choosing a lot?
How do I start planning for the design of my home?
Buying an Already-Built New Home
What things should I ask myself when buying an already-built new home?
Buying a Condo
What do I need to know about living in a condo?
What maintenance am I responsible for in a condo?
Building a custom home
Q. What things should I ask myself when I decide to build a new home?
A. There are 2 main questions you need to ask yourself when you decide to buy a new home. First, "what is my lifestyle?" Your lifestyle will dictate nearly everything about your new home: the size, style, price range, layout and more. Having a good understanding of your own wants and needs will help maximize your enjoyment of the home construction process. Second, "what is my budget?" Review your monthly expenses to determine how much you can afford to spend per month on your mortgage, taxes, insurance and maintenance. Don't forget to include the costs of your commute to work, if any.
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Q. What should I look for in a builder?
A. When evaluating a new home builder, the two most helpful things you can do is visit homes the builder has built and talk to people who have used the builder before. Any reputable home builder should be able to provide you with references and testimonials. Also, look at the details in the builder's finished homes. Do they fit with your expectations for your new home?
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Q. What do I need to know about choosing a lot?
A. Choosing the right lot for your new home is an important step in the home building process. Ask yourself what type of environment you want to live in: new suburban subdivision, secluded country lot, city, waterfront? Make sure you have all the facts about the property: exact dimensions, zoning (including any recent changes that might not be obvious based on neighboring houses), size restrictions, options for building sites, rules covering home additions or outbuildings, soil quality (especially for country lots), drainage patterns for the neighborhood and future development plans that could affect traffic, views or neighboring land.
Once you determine the general setting you'd like to live in, it's time to start looking at neighborhoods. If you're already found a neighborhood you might like, remember to look at similar neighborhoods to give yourself as many options as possible. When you find a neighborhood you like, ask the people there (i.e., your possible future neighbors) what they like and dislike about it. Some other neighborhood questions to think about:
• How far is it from my workplace?
• What are the taxes?
• What is the school district like?
• How close are hospitals, police and fire departments?
• How noisy is the neighborhood?
• What are the traffic patterns?
• Are other homes in the neighborhood of a similar value?
Don't feel pressured to sign a contract, even if you feel you've found the "right" property. Ask if you can put down a refundable deposit for seven-day hold, to give you a chance to do your homework. If the seller won't allow it, ask yourself if this is really something you want to rush into.
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Q. How do I start planning for the design of my home?
A. Ask yourself what style of home fits your lifestyle best.
• One-story or multi-level? Are stairs a problem for your household members or visitors?
• Open concept or traditional rooms? Do you have small children who need to be close to you, or adult parents who need privacy?
• Do you need to plan for possible future additions to your home?
A great way to help you determine your design tastes and preferences is to look through home and design magazines such as House Beautiful, Architectural Digest and others. Clip out any pictures that attract you, whether pictures of entire homes, rooms or just a swatch of color or piece of furniture. Collect fabric samples, paint chips and other materials whose design, texture or color you like.
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Buying an existing new home (Express Home)
Q. What things should I ask myself when buying an already-built new home?
A. What is my lifestyle? Your lifestyle will dictate nearly everything about your new home: the size, style, price range and more. Having a good understanding of your own wants and needs will help maximize your enjoyment of your new home.
• Does the layout of the house fit your family's style of living?
• Does this house look and feel something you'll like for as long as you live there?
• Are stairs or other architectural features a problem for anyone in your household?
• If you need to expand or remodel in the future, will it be possible?
• Take pictures inside and outside the home.
What is my budget? Review your monthly expenses to determine how much you can afford to spend per month on your mortgage, taxes, insurance and maintenance. Don't forget to include the costs of your commute to work, if any.
Neighborhood? Once you determine the general setting you'd like to live in (rural, urban, etc.), it's time to start looking at neighborhoods. If you're already found a neighborhood you like, don't forget to look at similar neighborhoods to give yourself as many options as possible. When you find a neighborhood you like, ask the people who live there (i.e., your possible future neighbors) what they like and dislike about it. Some other neighborhood questions to think about:
• How far is it from my workplace?
• What are the taxes?
• What is the school district like?
• How close are hospitals, police and fire departments?
• How noisy is the neighborhood?
• What are the traffic patterns?
• Are other homes in the neighborhood of a similar value?
Timeline?
Don't feel pressured to sign a contract, even if you feel you've found the "right" new house. Ask if you can put down a refundable deposit to hold the house, to give you a chance to do your homework. If the seller won't allow it, ask yourself if this is really something you want to rush into.
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Building or Buying a Condominium
Q. What do I need to know about living in a condo?
A. Some people think of condos only as apartment-style living, but today's condos are often duplexes or even single-unit detached dwellings. The main difference between owning a condo versus a traditional single-family home is that with a condo, you usually only own the walls inside the dwelling. Outside areas are owned and kept up by the condo association. Usually, you'll pay a homeowner's association fee to cover such costs. Ask about condo association rules and conditions that could limit your flexibility to decorate, landscape or use your property in other ways.
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Q. What maintenance am I responsible for in a condo?
A. Each condo association is different, but most don't require you to do any exterior maintenance, including snow removal, lawn care and other yard work. To be sure, check with the particular condo association you're looking at.
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