10 Tips for Constructing
a New Home in Chicagoland
a New Home in Chicagoland
No doubt about it. The Chicagoland area is seeing a re-emergence of new home construction. We're seeing new homes popping up everywhere in the Chicagoland area ...
If you're hoping to be a new construction Buyer ... or dreaming of building your own custom home somewhere in the Chicagoland area ... what are the first steps to take to make your dream a reality?
As with any Chicagoland home buying experience, the first thing you should do is talk to me, your Mortgage Originator. Get Pre-Approved for Mortgage financing. This very important first step helps you discover exactly how much home you can afford to buy or build.
After your Mortgage financing is in place, you should follow these 10 new construction tips below:
1. Contact and work with an Agent from the area in which you hope to build and live.
Yes, you read that right ...
An experienced local agent will provide you a myriad of important info ranging from school systems, to a list of area builders. They'll help you compare Builders' completion statistics and reputation. They'll also have info for you on differing area subdivisions, price, taxes, and much more.
2. Thoroughly research the reputation of the Builders provided by your Agent. Get references and testimonies from previous customers. Check with the municipalities in which the Builders have previously built for any financial or construction issues that might have occurred.
3. Consider the potential Re-Sale value of the home you are building. You never know what the future holds in store. Plan ahead for possible life changes.
4. Once you've narrowed your choice of location to a neighborhood/subdivision, talk to the governing municipalities in which it is located. See what those municipalities have planned for that area in the future.
Zoning, parks, schools, taxes, roads, additional future construction in the area, and much more can play a distinct part in the future resale of your home/property. Educate yourself about the building process. Do your homework.
5. Keep a timeline for construction in mind. Expect and plan for some delays. Weather and a host of other issues can cause construction to fall behind. Allowing for delays will lower your overall new construction costs and stress level.
6. Prior to signing a Contract to construct: Work out ALL details. Making changes or additions to work after a contract is signed can be extremely costly. It also slows down construction and can push your completion date back.
7. Be consistently involved in the progress of your new construction. Talk to your Builder. Ask questions. Do "drive-bys" to see how things are moving along.
8. Include a Home Inspection in your Contract. New construction does not ensure perfection. Have an independent inspection performed by a licensed Home Inspector.
9. Scrutinize and keep to your construction budget. Remember you've been approved for your financing (and a monthly payment). Don't get emotionally carried away and overspend on extras.
10. Consider options for temporary housing, should it be needed.
The Chicagoland area offers many great opportunities to buy or build new construction. A menu of financing opportunities is available to those considering buying or constructing a new home today.
10 Tips for Constructing a New Home in Chicagoland. Contact Me. I'll get to work immediately and help you discover what financing options exist for you.
Mortgage Originator - NMLS #216987 - IL Lic. #031.0006220 - WI License #217987
American Portfolio Mortgage Corp.
Gene Mundt, Mortgage Originator, an Originator with 40+ years of mortgage experience, will offer you exemplary mortgage service and advice when seeking: Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including: The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI.
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