Building Your New Home: A Checklist

You have made the decision, it’s time to build your custom home. Your dream home, your forever home, the perfect place for your family’s life, a home built for living. But where do you start? Building a custom home can be daunting; there are so many decisions to make, factors to consider, and steps to take when you want your home built for life. At G&G Custom Homes, we help you take those steps one at a time. They say the journey of 1000 miles starts with a single step... once you take the first, the second is easier, and third easier still. Here is a quick custom home build checklist to help you get your mind wrapped around the process.

Let’s break down the checklist on the opposite page a bit more...

Build a Budget

 Track income and expenditures. Get your finances in order. While this is your dream house, going beyond budgetary constraints can quickly become a nightmare.

 Check your credit reports. You get three free credit reports per year: use them! Check that they are accurate and up to date. Any erroneous entries? Get them cleared up.

 Clear up any outstanding debts. It might be a doctor’s bill lingering on the kitchen counter, or even a small credit card bill we thought was behind us. Check your credit report for any outstanding debts and pay them off to boost your credit score.

 Gather key documents. Lenders need to see income statements, bank records, retirement account statements, and proof of other assets so they can mitigate their risk – and give you the loan amount you need.

 Determine down payment. Banks usually require a 20 – 25% down payment for custom home builds. Budget for this, and if you can, put down even more to enhance your loan terms and monthly payment structures.

Clarify Your Vision

 Find Inspiration. Scour sites like Pinterest and Houzz, and magazines like Architectural Digest, House Beautiful, and Better Homes & Gardens for ideas. Get those creative juices flowing!

 Determine the Features That Matter Most. Think big and make a list! Do you want a single-level home or multiple stories? A finished basement with a custom bar? Four bedrooms and three baths? An open floor plan or dual staircases? Decide what features will best accommodate your lifestyle and bring your dream home to life.

 Create a Vision Board. Using Pinterest, a digital solution, or a good old-fashioned pinboard, clip your favorite style and architectural elements into a vision board. When you find the right custom home builder, you can share these ideas to jumpstart a conversation.

Approach Lenders

 Interview potential lenders. Inquire with local banks, credit unions, and other financial institutions.

 Don’t be afraid to ask questions! How does the process work? What will my loan terms be? Can I get funding to cover construction and then roll it over into a long-term loan? What are the differences in interest rates and terms for construction vs. permanent loans? If you don’t understand something, ask again! Lenders should be clear and forthcoming.

 Make your financing decision. Don’t let interest rates be the sole deciding factor. Consider other fees and costs, the ease of the process with lenders, etc.

 Get pre-approved. Now you know the ballpark you can shop in when it comes to purchasing land and drawing up plans for your custom home.