Year 1 of Home Ownership

house

July 7, 2018 marks a year of home ownership which has been a whirlwind and full of lessons and great experiences! I wanted to take this time to dedicate my next few posts things that I’ve learned and experiences I’ve had while going through the process.

Building a Home

Building a home was a great experience where you are able to choose your lot, your finishes, and experience the process from the ground up but it also includes a very steep learning curve because not many people are versed in this process. Financing, deposits, insurance, taxes, and so much more have made this an exhilarating learning process. Here is a quick snapshot of the different options you have when buying a home.

  1. Options
    • Buying an existing home
      • Make sure that you take the time to have a home inspection done on the home because you want to protect yourself as much as possible from any defects that have not been disclosed. (Note– still doesn’t protect you from things behind the wall)
    • Building a home in an established community (My option)
      • Take the time to see what the incentives are, the builder warranty, and selecting your floorplan and lot. (important to understand lot premiums that you will pay on desired lots and the upfront money you will need to provide in order to start the process and secure your lot (it applies to your closing costs in the end))
    • Building a home on a lot you have purchased
      • You will need to first purchase a lot that is for sale, contact a builder, work with that builder and architect to create a customer floorplan for the home, select finishes, manage the building process since it is not regulated by a community. (it is important that you find an insured builder and that you only pay deposits to start the work and not a major amount up front to prevent any fraud or loss of your money if the builder disappears.)

In my next few posts in this series, I will discuss the process of adding value to your home, tax exemptions, and the fun part for most people….decor.

As always, Be Fearlessly Authentic!

-Reba J.