If you’ve been searching for a house and find yourself consistently dissatisfied with the inventory that’s out there, you may want to consider building rather than buying. The profile we look for when we make the recommendation to build is a buyer who has a very specific list of what they need in their future home. But, building a house can be as challenging a prospect as it is to buy. Here are the top 5 things you should know about building a house in Chattanooga:
1. Hitherto shalt thou come, but no further! The (positive) fear you should feel is of overrunning your budget with too many updates, last minute changes, or unforeseen issues. We like to tell people to create a budget and plan on only using 90% of it. That way you give yourself some room to grow into in case you need it.
2. In the blue corner, tipping the scales at 160 pounds... Taking the time to interview builders can seem like a hassle, but we would argue that it’s absolutely essential in ensuring that your home will be built properly, safely, and economically. Nowadays, it’s incredibly easy to research service providers online by checking sites like Yelp, Angie’s List, Google Places for Business, or the Better Business Bureau. In your interview, you should ask for at least two things: 2-3 references and their contact information and 2-3 completed projects that you can visit.
3. We’re not in Kansas anymore... Seeing a blueprint or floor plan can give you a general idea for how a space will feel, but there is nothing like actually walking through the space itself. You may discover that even though having an open concept floor plan is trendy, it’s not something you actually like.
4. Money doesn’t grow on trees! There are essentially two types of financing when it comes to building a house in Chattanooga: (1) the builder finances the construction up front and the buyer purchases the house when the construction is complete; (2) a construction loan in which you obtain financing up front and the builder is paid incrementally based on the percentage of the job completed. Simply put, the first option shifts most of the risk to the builder but it also shifts more control to the builder as well. Option 2 does the opposite: the risk and control shift back over to the buyer. Compare the two and ask yourself which option fits you better.
5. Location, Location, Location. There’s a delicate balance when it comes to the relationship between lots and floor plans. While you may be able to find the perfect lot for the floor plan you love, that’s not often the case. You may have to prioritize which of the two is more important to you. Would you rather have the scenic landscape or the master suite on the bottom floor?
Building your own home can be a great way to get everything on your list of want and needs. But, there can also be many challenges to building. Use the top 5 things you should know about building a house in Chattanooga to determine whether or not it might be a project you’d like to start. If you’re still unsure, call us for a free construction consultation!
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