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If you're looking to move, you might want to consider new home construction rather than moving into an existing home. Before you start drawing up the plans, there are some things you should know so that you're well prepared.

New Construction Homes

The first thing you'll want to do is analyze the numbers. You need to ask yourself, "Can I afford this project?" You should think about it before you move forward so you don't find yourself in a situation where you can't finish the house. And even if you can finish it, you'll want to ensure you can afford the mortgage after it's built. You also want to consider what type of house you want to build. Depending on your budget, there are different plans available.

Once you've decided on the type of home you want, your next step for your new home construction is to get the design and specification plans written down. Then you'll be able to bid the project out to a contractor and arrange financing. The specification plan looks at every room and determines what will be needed - in terms of materials - for the construction.

After you find a contractor for your new home construction you'll need to set up financing. The first thing you need to do is secure a home construction line of credit. This will be used to pay subcontractors and suppliers who perform work and provide supplies. Then at the end of the construction project, you will use a residential mortgage to pay off the construction line.

Though there are quite a few steps involved, new home construction is very rewarding. There's nothing quite as satisfying as moving into a brand new home that's all yours.



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