How To Choose The Right Contractor to Build Your Dream Home
It does not matter whether what you are planning on building is a panelized construction, a modular home or a conventional built home, it is essential to hire the best contractor who understands the stuff that goes into building your dream home. You do not want to give the responsibility to just any contractor, you want the best contractor with the best reputation in the industry.
There are many contractors you can choose from and any of them can do the job, however, you do not want to make a rushed, wrong decision. The first step towards building your dream home is to choose the top contractor. It will not only ensure that the building is exactly what you want it to be but also ensures that the process will be smooth and will finish on time. You must find someone who is professional and you can work and communicate with. Here are a few tips to help you with the same.
1.Talk to people
The best way of finding quality services is word of mouth. Regarding contractors, this holds very true. Talk to people who have experience working with them and who have hired their services and are satisfied with the same. Building inspectors could guide you in the right direction.
2. Be patient
There is no point in rushing this process. Hurrying the process could cost you a lot of money and headaches at a later stage. You must start looking for the right contractor at an early stage to make a well-informed decision on the facts.
3. Meet different contractors
Do not hire the first contractor you come across. Make a few phone calls and speak to them to get an idea of how they work. Check if they look available and accessible. Are they happy to answer your queries? If they pressure you into working with them by telling you how amazing they are, you need to be careful.
4. Collect references
This step is crucial and should not be avoided or overlooked. If you are looking for the right construction contractor in the area, they should provide a strong list of references and you must check with them.
5. Ask appropriate questions
It is one thing to be a great contractor and a completely different thing to be the right contractor. You need to learn more about how they work and the type of projects they have worked on. Understand their primary expertise area and if they have subcontractors working with them.
6. Financing Your Dream Home, or How the Contractor Gets Paid
Obtaining finance for your dream home is not as easy as refinance or purchase. You must understand how construction loans work before you proceed. You can apply for a loan once you have finalized the contractor you want to work with, and the contractor can also help you with the same.
The loan amount will be based on the home’s future value appraisal or construction loan appraisal combined with the loan to cost ratio. The loan’s construction period will range from 6 to 18 months. During the period of construction, the interest will only be charged on the amount actually drawn and after the project is complete it will roll into the permanent loan if you have a construction to permanent loan, if not, you can refinance the property through a permanent loan and pay off the construction loan.
Finding the right contractor will take time and involve a lot of research but you will be glad you went the extra mile. These tips will help you start looking for a contractor that is an ideal fit for the project.