Buying a home is always an exciting time, and whether you’re building a custom home or searching for an already existing home, there are some things that you should know when you start the buying process. Spring is a very popular time to buy a home, and the team at Cobblestone Homes is here to help you with your dream home from start to finish.
Using these five practical tips as a checklist for your home buying journey, you’ll be ready to turn your dream home into a reality.
1. Don’t rush the process
When you start the home buying process, it can be tempting to rush the process so you can get into your new home as soon as possible. If you’re rushing through the process, you may get yourself into something you’re not prepared for. It’s always better to take your time to fully understand each step in the purchasing process rather than rushing through it to simply get through it.
Partnering with Cobblestone Homes to custom-build your dream home allows you to take your time throughout the process. Rather than making snap decisions in order to secure a house that may or may not have everything you’re looking for, a custom build means you set your own timeline on the process.
2. Consider the benefits of a custom home
A custom build not only allows you to set your own timeline for the project, but you’ll also be able to completely customize your home, reduce costs that you’d typically have when buying an existing home such as repairs and updates, and achieve a higher resale value in the future.
Instead of searching for an existing home, hoping that it has what you want and need, and making an offer before it’s sold to a competing buyer, a custom home creates a stress-free buying experience.
3. Understand how much you can afford
Understanding how much you can afford is a crucial step that should be done before you even start searching for or designing your home. Your credit score, income, and recurring debts play a direct role in how much you can afford – if you have a high balance of outstanding debts, you may want to consider paying down your debt before attempting to secure a home loan.
Many home buyers don’t budget for closing costs, which can be as much as 5% of the total cost of the home. On a $200,000 home, that can be as much as $10,000 in closing costs on top of your down payment.
4. Mortgage loan options for custom builds
A traditional mortgage typically won’t be the right option for a custom build. You’ll need some form of a construction loan, this will depend on where you build. If you build on one of our lots, we will handle the construction financing. You will secure a mortgage.
However, if we are building offsite (your own land) you will need to handle the construction loan. These are the two most common types of construction loans – the team at Cobblestone Homes can work with you to help you decide which is right for your project.
5. Partner with Cobblestone Homes
With over 30 years of combined experience designing and building beautiful, energy-efficient homes in the Northwest Arkansas area, Cobblestone Homes is the ideal choice for all of your custom home construction needs. We’ll work with you every step of the way to ensure that you’re getting exactly what you envisioned your dream home to be.
For more information on the custom-building process or to set up a consultation with our design team, contact Cobblestone Homes today.