Charleston Real Estate BlogsRecently posted or modified blog posts by tag - Build Vs Buyhttps://www.southernbellliving.com/blog/Copyright SouthernBellLiving.com2023-09-16T19:00:59-07:00tag:southernbellliving.com,2012-09-20:141145 Steps to Complete Before Building Your Dream Home<img src="https://assets.site-static.com/userfiles/1830/image/Blog_Images/5_Steps_to_Complete_Before_Building_Your_Dream_Home/architecture-building-lawn-house-construction-exterior-home_t20_E0rPe1.jpg" width="985" height="657" alt="Luxury Charleston Home view from backyard" title="Charleston Home Construction - Realtor Near Me" />
For a moment, imagine the house of your dreams. What are its features? How does it appear? What unique touches would you put in the design? Your vision is one-of-a-kind, and it is unlikely to be available on the market. Nothing beats designing a customized house to make your dream home a reality.
The building or <a href="https://www.southernbellliving.com/blog/quick-and-easy-ways-to-make-your-charleston-sc-home-a-haven/" target="_blank">renovating of a home</a> is the finest thing you'll ever do. It's also the most difficult, expensive, and time-consuming undertaking you'll ever face. Building a house from the ground up, as satisfying as it might be, is complex and challenging (annoying how those two things generally go hand in hand, right?). That is why it is critical to plan ahead to keep things running as smoothly as possible. In order to maintain your sanity, we offer you this guidance. Here are several things to consider if you're planning to build a house.
Determine your budget for building a home
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Unless money isn't a barrier (in which case, congratulations! ), you'll need to decide how much you'd like to spend on your new house in total.
The National Association of House Builders reports that the median cost of building a new home is about $290,000. However, this figure might be inaccurate, and some experts recommend analyzing custom house prices as a range rather than an average.
Building a house typically costs between $100 and $200 per square foot. If you're looking for a luxury property, this will cost you between $200 and $500 per square foot.
It should be noted that these figures do not include the cost of the lot, which might vary based on location. It also excludes the cost of labor, permits, design fees, and supplies.
Because of these considerations, creating a custom house is regarded to be a more expensive alternative than purchasing an existing home or even a newly constructed home based on a conventional model design.
The entire cost of building a home can vary greatly based on your selections, the components you use, labor prices, and where you live in the country. Charges for anything from contractors to cabinetry may rapidly mount up, so consider consulting with an expert, such as a building contractor, builder, realtor, or civil engineer, to help you comprehend the expenses.
Set a realistic budget that you can afford
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After you've received expert guidance, create a precise budget. Include everything that will be in your new house that you can think of. While materials and labor should account for around 75% of the entire cost, there is also the expense of the lot, fees and taxes, furnishings, décor, landscaping, and other expenses.
Don't forget to leave some flexible space in there as well. Most people will say that when they <a href="https://www.southernbellliving.com/blog/new-home-construction-in-charleston-sc-is-booming/" target="_blank">constructed their custom house</a>, they went over budget.
Are you seeking a few simple strategies to save money? Here are some suggestions:
Make your floor layout smaller
The foundational work and concrete slab are two of the most costly components of home construction. Reduce expenses by keeping square footage to a minimum.
Supplies for research
Get quotes and look for bargains on appliances, fixtures, and supplies.
Inquire about tax advantages
The use of energy-efficient furniture, building supplies, water heaters, and heating and cooling systems frequently qualifies for tax incentives. Inquire with your builder or with your local provider.
Spend less on relocating
You probably love spending your money on your new house rather than on moving out of your old one. Look for methods to save on relocation costs so you can use that hard-earned cash toward a particular feature or enhancement for your new home.
Choose the Best Lender to Finance Your Dream Home.
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To pay for land and home development, you'll almost certainly need to borrow money. Look for a bank that offers real estate financing, such as building and land loans.
Loans for construction: These short-term, relatively high loans cover both the cost of the land and the cost of constructing the home. Because you don't have the house to offer as collateral, you'll need to have a comprehensive budget, schedule, and strategy to receive approval.
Loans for land: As the name implies, these loans are used to <a href="https://www.robertjfischer.com/blog/land-buying-tips/" target="_blank">buy land</a>. Most of the time, this will be an "improved land loan," which implies your property has access to roads, power, and water. Because there is no security on the property presently, you will need a substantial down payment and a high credit rating to get approved.
We recommend <a href="https://www.southernbellliving.com/our-lender/" target="_blank">Ethan Lane at Mortgage Network</a>!
When designing a custom home, moderate your expectations.
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It's exciting to list every <a href="https://www.kiplinger.com/personal-finance/shopping/home/603217/home-features-todays-buyers-want-most" target="_blank">feature you want in a new house</a>, but reality settles in whenever you see the list and the pricing. You may even have to make some compromises. Hardwood flooring, marble counters, smart home technology; there are certain things you're ready to give up, etc. Where you can find reasonable alternatives, especially if it's something that can be readily improved later.
It may be challenging to distinguish between what is genuinely worth investing in and what is simply hype when home blogs, social media accounts, Pinterest sites, and other platforms constantly bombard you with #housegoals. It helps to have the proper experts in place who can advise you on whether you actually need that gift-wrapping room or five-car garage.
Be Detail Focused
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Nobody cares as much about your ideal house as you do, so plan on being active in the process to ensure everything runs well. While we don't recommend strapping on a toolbelt and heading to the building site, there are a few things you can do to ensure your project stays (largely) on time, on budget, and on schedule:
Maintain daily communication with your builder.
Check invoices and keep track of your expenses.
Make a choice and stay with it. Changing your mind frequently increases your total cost.
Compare progress against plans to confirm that work is proceeding as planned. If not, it's critical to discover it early and ensure that the builder accepts responsibility for any expenses connected with correcting a problem created by their team or subcontractors.
Keep everything in writing. There are many moving pieces, and while you don't have to write everything down, you also need documentary evidence.
Enjoy your new home! You worked hard to make your dream come true. It's time to chill, celebrate, and soak it all in. You deserve it!
If you are interested in learning more about <a href="https://www.southernbellliving.com/custom-homes/" target="_parent">custom homes</a> in Charleston, the realtors at Southern Bell Living have a wealth of experience working with clients just like you.
2022-07-22T07:39:00-07:002023-09-16T19:00:59-07:00Taylor Goldsberrytag:southernbellliving.com,2012-09-20:8318New Home Construction in Charleston, SC Is Booming!
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New Home Construction in Charleston Is Booming!
Charleston is one of the most sought-after cities in America to live, <a href="https://www.travelandleisure.com/trip-ideas/city-vacations/charleston-best-city-us-worlds-best">voted #1 consecutively in the U.S. since 2013</a>. About 40 people a day move to the Area nearing half a million residents (if you include all surrounding areas). With that said, where are all these people going to live?! There is only so much resale in the area for people to choose from that could get costly if upgrades are needed, which is why Builders have taken the city by storm. Lucky for you, you have about 40 New Home Construction Builders and close to 170 communities to choose from.
That May Seem Like a Lot, and How Could You Ever Know Which One to Choose?
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You will want to make sure you find a Charleston real estate agent (like <a href="https://www.southernbellliving.com/agents/ericazepp/" target="_blank">me</a>) familiar with the various locations throughout the Lowcountry and, more importantly, the build process itself.
Sure, you walk in a beautiful model home, pick out a style/ floorplan, choose what you want from the inside out, and don’t forget which lot you want your home to sit on; yes, each lot has a homesite premium! Sounds easy, right? Wrong. Each item you choose to upgrade has a price tag that adds up quickly, so make sure when looking at different communities, you tack on another $20k – $50k (to be on the safe side) to that “starting at" / base price. Of course, different builders have different standard features, aka. Already included great features, and you may not choose to upgrade anything!
How Long Could You Expect Home Construction to Take From Start to Finish?
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Based on your needs, you may want a more custom builder vs. a track home builder. Depending on the builder, the home could be ready now or <a href="https://www.newhomesource.com/learn/how-long-to-build-custom-home/" target="_blank">potentially take 15 months</a>. I know that is a large gap, but with the number of new home permits being sent into the city for approval, the lack of certain contractors in the area, the builder may need to clear more land for the next phase of homes, and course weather conditions. Hence, you want to make sure to set realistic expectations.
No matter what, the builder should consistently update you on your home construction progress and the next steps. With such a lengthy process, this is always where having a knowledgeable agent aside from the agent representing the builder comes in handy. A good agent should be keeping an eye on this process for you whether you are local and especially if you are out of town.
The benefits to new homes are endless, from the materials used and how long they last to your monthly energy bills. No matter which builder you choose, ensure you clearly understand the warranties offered on the home.
With the <a href="https://www.charlestoncountydevelopment.org/data-center/population-data/#:~:text=By%20the%20numbers%3A&text=With%2033%20new%20residents%20each,3)%20times%20the%20national%20average." target="_blank">influx of people storming our area</a>, what you want will likely be what others want, meaning it will be gone in a second. That homesite you were dying for but couldn’t pull the trigger will have been chosen; the neighbor may have already chosen the elevation (exterior look) or even the color home you wanted. Keep in mind, that not only are you battling the people moving to the area, but most builders in the area will start what they consider “inventory homes"; these are homes & features chosen by the agent on-site to keep construction moving along to ensure closing dates for new homeowners.
So, whether or not you build from scratch or choose a home already under construction, the most important thing is to be prepared by knowing your price point and monthly payment goal by getting pre-qualified by a lender. This will also help your agent know what communities to show you that best fit your needs, lifestyle, and availability/ timeframe. This way, you can pull the trigger and not miss out on your dream home & location!
2020-06-02T14:21:00-07:002022-08-25T17:15:18-07:00Erica Zepp