We live in unique circumstances. At the time of writing this article, the economy is changing. There is a general feeling of anguish and uncertainty about the future.
How is it affecting you? Is there a side of you that yearns to pursue your dream of building a house while at the same time another side is reluctant to move on? If so, you are not alone. But which side is correct?
Is Now The Right Time For A Home Addition?
Is this a good time to do home improvement, home extension, home remodeling, or building a new home? Several factors in today’s economy support the idea of moving forward now. Here are a few:
- Land purchase prices have dropped in many areas.
- Architects are looking for work
- Agreements can be made on the purchase of building materials.
- Professional labor costs are more competitive and available
- Interest rates are at record lows
Maybe this is your best moment! How do you decide? I suggest you just get started without fully committing … yet.
A major remodel or home building project is a big deal. That in itself is often the underlying cause of inaction. Big projects can really put us off … especially if we are unsure of our course of action.
Simple steps to get you moving
Whatever your dream of creating a home, here are some recommended actions. It can be a first step or it can be the next step after getting bogged down. Either way, just grab one that’s appropriate for you and go for it!
· Buy land to build: Get a list of land parcels for sale, drive and view them and assess the cost and your needs. Make a decision about what would work for you.
· Get pre-approved for a loan – Talk to your bank about their plans and find out what you would qualify for. Whether it’s a construction loan, a home equity line of credit, or whatever is appropriate for your project, find out how much you can borrow.
Talk to an interior designer – These professionals are often a great source of inspiration. I often advise people to start here if they have trouble clearing their thoughts.
· Go see an architect: Have an initial consultation with an architect to get your questions answered. Bring questions about design, building materials, home values, and construction costs.
· Make an appointment with a design / build contractor – You can learn a lot by talking openly about your goals. Listen carefully to what they say and you will discover things that will help you with your decisions.
Having worked with hundreds of home builders over the years, I’ve found that the longer you wait, the harder it is to get started. These steps cost you nothing and can lead to another obvious step.
You may find that now is not the time. But what if it is? Do you want to look back at this date, months or years from now, and wish you had done something? I do not believe it.
You can learn much more about home construction and remodeling online. A great option is to take advantage of a very informative but easy-to-follow * free * e-course that you can find by clicking here. You will also find other tips and tools, surveys, videos, and additional articles from Mel Inglima.