From hiring a project manager to seeking out available grants, there are a range of things you can do to get the most out of new home construction in Fort Lauderdale.
So, you’ve decided to build a custom home from the ground up. The benefits of taking on a project like this are widespread. For one, you can get the home of your dreams instead of settling for someone else’s vision of the perfect home. It’ll take some time and patience before the job is through, but with the following tips you can ensure your Fort Lauderdale home turns out exactly as you’re imagining it.
5 Tips for Successful New Home Construction
#1. Hire a Project Manager
There are so many different elements that go into new home construction – from pouring the foundation to painting the walls and installing plumbing. Hiring the right contractor for each and every job is stressful, time consuming, and quite frankly, a bit of a gamble. Working with an experienced project management company makes the process so much easier, and it can help things move along at a faster clip.
You can rely on the industry connections we’ve made over the years to get the highest quality work at the best prices. Skip the interviews, portfolio checks, and review hunts – we’ve already done all the research for you. You tell us your vision and we make sure that every person on the job is on the same page. Plus, you don’t have to worry about complicated details like permitting and local regulations.
#2. Plan Every Last Detail
From how many rooms you need to the way the home will face on the lot, it’s important to have every detail planned out before construction ever begins. A solid plan will turn into a solid home.
Start collecting pictures of home designs that you like, consider downloading apps like RoomSketcher that’ll let you create a home on your smartphone. Thinking through the details early on will help you achieve end results you are proud of.
#3. Budget for More Than You Expect
Always plan to spend a little more than expected. By adding some wiggle room into your budget, you can prevent overspending on something like high end marble countertops for every bathroom before realizing you don’t have the funds to finish the more-important kitchen.
There are many expenses people forget to account for, such as electrical and gas meters, internet and cable hookups, or window coverings. Then there’s decking, fencing, concrete for the yard, and all the other finishing costs associated with building a new home. On average, finishing costs total 14-25% of the total budget.
We recommend making a list of luxury add-ons that you’d like to include. Then, if the project doesn’t go over budget, you can use your overflow funds to fund these add-ons.
Working with a project manager will help you create a more accurate budget since they know what to expect from start to finish.
#4. Seek Out Grants
Planning to build an eco-friendly home? Adding solar panels or energy efficient windows? There are a variety of things such as this that may qualify you for certain grants. These grants can help offset some of the costs associated with upgrading finishes and using eco-friendly materials. Talk to your project manager, local council or mortgage lender to see if you qualify for any grants in your area.
#5. Know How Your Financing Works
A construction home loan is unique to a regular home loan. In most cases, the lender will not release all funds at once. Instead, the lender decides what you need for the project and then releases the funds in scheduled payments, known as ‘draws,’ to the builder. That way, the builder is paid out in stages as each portion of construction is completed.
Knowing exactly how your financing will work and when each set of funds will be released is crucial to preventing a lot of headaches and holdups in the future.