North Carolina/South Carolina Construction Loans & More!!!
Now that you have decided upon the architect, builder and finalized the plans for your dream home in the Carolinas, it is time to acquire the financing to make it all come true. Now is the time for the "construction loan."
There are two types of general construction loans:
- Construction only loans
- Construction-permanent loans
Regardless of what you choose, you should get a single-close loan.
With a single-close loan, even if you get one loan for the construction and one loan for your permanent mortgage, both loans are considered as one loan and you avoid having to qualify twice and pay two closing fees.
Most construction loans are interest only until the construction is finished.
Your lender will require documentation in many areas, including but not limited to,
- Builder’s license
- Construction contract
- Plans for the home
- Purchase contract
- Property profile
So far so good right?
You’ve found your best place to retire or relocate to in North Carolina or South Carolina, purchased the perfect property, designed your dream home, picked the contractor, signed a construction contract and arranged for a construction loan. Wow….this is exciting.
The building stage is the best time to save money over the long term.
Often, spending a little more money upfront can lead to huge savings down the road. So, let's talk about some of the ways you can save money up front BEFORE you make any decisions.
- One way to save money at first is to use pre-packaged home plans.
- If your best place to live allows it, bypassing the use of an architect to create signed and sealed documents can save you 10% of your total building costs!
- Another way to save money through the life of your home, add re-sale value, and create a healthier environment for you and your family is to invest in a radiant heating system. Radiant heat comes up from the floors, either through water pipes, electricity, or air. Savings of up to 30% of your heating bill can be had, there’s no airborne pollutants such as dust and allergens common with forced air heating, and best of all, the floor is toasty on your feet.
- Maintaining air quality in your home has huge health benefits and will extend the life of your home.
- Make sure the humidity level doesn’t exceed 50-60%. Humid homes are hosts for mold and building rot so make sure you are using the best insulation you can. don't just think about the cold weather but think about the heat depending upon where your best place to live is located in the Carolinas. Be sure to read about the weather and climate in the region you have selected.
- Invest in a whole house air-purifier. Incorporating design features in accordance with Universal Design standards will make your home easier to live in as you age, and add re-sale value.
- Pay attention to what building materials are used!!
- Beware of interior plywood, particle board, and carpeting that emit gases after installation.
- Based on today’s changing lifestyles, there are certain design features that are becoming very popular, and including them in your design will add value to your home.
- Some current design trends include; grander eat-in kitchens and omission of the traditional dining room
- People are interested in open spaces where entertaining and family involvement flow from eating to living areas creating less of a need for additional rooms. Do you really want a formal dining room or living room? And do you really want all those stairs?
- Outdoor spaces are becoming more and more integrated into the living areas, because you can expand the living areas at lower cost, whether that be as a porch, deck, or patio. Depending upon the sun exposure, do you want a covered space? As the years go by, how will you want to use the space?
- Bathrooms are also getting a facelift with “spa type” multiple head showers, higher larger toilets, and fancy jacuzzi soaking tubs. They’ve been transformed from their utilitarian purpose into a place to hang out and luxuriate.
- Many homes include workout rooms, home offices and home theaters. Today, time has become a scarce commodity.
- People are more interested in enjoying an active lifestyle than spending time maintaining their homes. Make sure you think about the ways in which you can reduce maintenance. And depending upon where you are moving from, don't assume things are the same in North Carolina or South Carolina. What you need to maintain now may be totally different in the Carolinas.
- Exterior finishes and outdoor elements that require little or no maintenance are preferred and again, make sure to do your homework. Learn about the area into which you are moving.
Finding Your best place to relocate or retire to in North Carolina or South Carolina, then picking the site, designing the home of your dreams and making it a reality can be achieved with the proper research and professionals, you just need to know where to look and what to watch out for.
And you need a great deal of patience.
Don't be in such a hurry that you overlook the small stuff.
Now you’re ready to go!
With planning and a bit of luck, you can live in your best place, in the home you’ve always wanted and dreamed of!
Enjoy the journey!!!
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About Bob Bencivenga
|Bob Bencivenga is a professional site locator and location analyst for major corporations. Bob researches the growth of NC and SC to find the Best Places to Retire or Relocate that are still affordable.|
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