DH and I are in the early stages of deciding whether we should build a home. We live in a hot market and our house has increased in value 20% in the two years we've owned. Our plan is to sell, put all profit toward a new home, and (hopefully) not have PMI anymore.
Any tips for going through the home building process? Anyone do this and have major regrets?
nectarine / 2400 posts
We are nearly done building and I would say get the contract exactly how you want before signing and financing. Set aside money for extras/upgrades/unexpected things. Include landscaping in your budget. And plan for it to be SLOW. People say double your budget, double your timeline. I wouldn't say it's quite that bad but you get the idea. We're staying with my parents while we build so an exact date isn't necessary for us, but if we had a lease and had to be out on a certain date this would be a nightmare. The appointments to make selections are numerous and lengthy, our selections coordinator said lots of people have to take time off work to do this. We made it work since I'm off 2 weekdays, but I went to many appointments alone
pear / 1728 posts
@gotkimchi: Thanks! I'm trying to figure out a range for what to expect as far as upgrades go - I think I read 12% is normal?
nectarine / 2400 posts
I've never looked at ours percentage wise! If you go through our builder there's a 10% markup v if you pay the supplier directly so a lot of things we upgraded at the selection meeting and paid them directly - countertops, tile, floors, plumbing
pear / 1788 posts
We are still 7 months from move in on our new build, and it is great, but frustrating! We did a true custom build, we give an independent architect, and builder, as opposed to going through a package deal company. From lot purchase to move in it will have been 2 full years! But we hit issues with permitting and our city, as well as trespassing from the gas company, etc. That has eaten up about 7 months! So be prepared for set backs, have at least 50% more money than you think you need, be flexible. It's been a wild ride, but we are so excited to have exactly what we want.
Review all contracts CLOSELY before signing and be prepared to have some arguments with your SO over stupid things (which way a door opens, etc) so make sure your relationship is good.
Have fun, good luck! Let me know if you have specific questions!
blogger / grapefruit / 4836 posts
I just did a blog post about this a few days ago! Ours went really well. No regrets! Let me kniw if I can answer any questions. We just moved in 3 weeks ago.
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