4 Essential Steps to Building a New Home During a Global Pandemic
Are you planning on building the home of your dreams? If you are planning on doing so, there are a few extra steps you need to take to plan around the COVID-19 pandemic. From hiring a builder to planning your finances, nearly every aspect of your new construction process is likely to be colored by coronavirus restrictions, concerns and impacts; these home-building tips can help you navigate each one.
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The first step is finding the right tract of land on which to build. Keep in mind that location matters a lot when it comes to designing your new home. The neighborhood may have HOA restrictions, for example, not only on the size and layout of the home but also who you can hire for construction and build-out. Be sure to hire a qualified real estate agent to locate the best lot for you and your needs. When deciding on an agent, ask direct questions like "When clients are unhappy with your service, what has gone wrong?" and "What sets you apart from other agents?"
Find a Reliable Home Builder
If you are preparing to have a home built in the coming months, it's more important than ever to find a reliable home builder like Bailey Family Builders who you can trust to build a sound structure and to implement safety measures.
According to the National Association of Home Builders, some questions to ask your potential homebuilders include how much customization they allot for in their building plans and which areas of your new property those plans will cover. For instance, many builders will include landscaping services in their overall plans, but this isn't always a given. So, by asking ahead of time, you can determine whether you will need to hire a landscaper on your own.
Prepare for Building Delays and Safety
The outbreak of COVID-19 has impacted nearly every industry across the country, and this includes the home-building industry. As such, you should be prepared for the potential delays that could arise as you plan to have your new home built. Those delays can include worker shortages due to illness or social-distancing guidelines, extended permitting times due to government closures, and restricted access to building supplies.
Shortages and sky-rocketing costs have made things like masks, gloves, and other protective supplies extremely difficult for even healthcare workers to access, so you should expect further delays if your builder needs these items to begin or continue construction.
Finance Your Custom-Built Home
Reliability and safety are top priorities when you are planning on hiring a home builder, as is cost. If you have not already secured the proper financing for your custom home, definitely make sure your credit report is spotless and that you are prepared for the possibility of a larger down payment.
You can also research mortgage options that require little to no down payment to be approved, keeping in mind that fees and interest rates are likely to be higher. You will also have zero equity built into your mortgage. So, if emergency expenses come up in months or years ahead, you may have fewer options for accessing emergency cash flow.
Having the home of your dreams may be more challenging with a global pandemic, but it definitely is not impossible. You just need to be aware of the potential for delays, setbacks and restrictions to keep your plans realistic and your build safe.