You’ve dreamed about it for how long, but just don’t know where to start or who to trust. Making the move to buy your new home should be fun, and can be. Follow this guide to home ownership in 10 easy steps.
Delonix Homes builds beautiful homes in the Fraser Valley, BC. Our experience and award winning team, has a record of constantly building dream homes on time and budget. While building stunning custom homes that range in size from 1200 sq.ft. to 5000+ sq.ft. is our specialty, providing award winning customer service is our focus.
A common question asked is: Where do I start when considering to build my new home. It’s a simple question but the process can seem a bit daunting. Here is your guide to home ownership, made easy.
- Get Pre-Approved
- Research and compile your “Wish/Needs”
- Select your builder
- Where to build
- Pre-purchase agreement – design
- Finalize drawings , specifications and purchase agreement
- Select finishings
- Starting construction
- Possession
- Post construction and warranty
Step #1: Get Pre-Approved
For most individuals, their home will be the largest investment they ever make. It’s a huge financial commitment and one that should not be taken lightly. Just like purchasing a car, the options and styles can be endless and with each option, comes a price tag. It’s best to avoid discouraging let-downs and know how far your dollar will go. Being realistic from the start will set you on the right path. Your lender will give you advice on what amounts they will give you for the purchase of your home.
Homes range in price as much as they range in style and design. Figuring out how much home you can afford, is one of the first steps to home ownership. So: “Get Pre-Approved”. Generally, banks, credit unions, and mortgage brokers are the best place to start and it always pays to shop around for the lending situation that best suits your needs. While the best rates may give you the lowest interest payment. There are other factors in a lending agreement that you should be aware of. Contact your lender for more information and lending options.
Step #2: Research and compile your “Wish/Needs”
We’ve all heard the term “Wish list vs. Needs”, but actually knowing these and how they are included into the build of your new custom home can be a difficult task to determine. While that extra large – free standing tub with chandelier looks amazing, the need for a higher efficient furnace and insulation might be more essential.
Start your lists with paper and pen. Most of the wish list items will come down to how they fit into your budget and what you’ve been pre-approved for, so start with the Needs column and review your list several times. A big part of this step is research as well. Looking at ideas and galleries is important. Knowing about different products and the pros/cons of each will help educate you on how important that specific item might be to include in the construction/design of your new home.
Step #3: Select your builder
Step #3 in your guide to homeownership is a big one! How do you know who to trust? Who can best build YOUR home for you. Not all builders have the ability to deliver exactly what you want. This is why it’s vital to interview and ask the hard questions. One of these questions might be: Have you built homes of this size/style before? A builder that commonly builds 1000-1500 sq.ft. entry level homes, may not be the best choice to build your 6500 sq.ft. executive estate. Another question may be: What professional team members will be devoted to your home? A cookie cutter builder may not have a design professional available to walk you through all the considerations for your Cinderella Staircase.
Other items to discuss are: components of the agreement, home warranty, build time and how you will be included in the build process. Another consideration is if the builder is part of any professional associations/groups. This generally provides additional credibility. Steps to home ownership also include considering the builder/client relationship. Trust and commitment is essential. Do you trust this builder and feel comfortable to have them build your dream home.
Step #4: Where to build
This question might seem simple, however it’s more important than most think. Considerations of proximity to employment, shopping and/or kids activities are all things to consider. Other things to think of would be house orientation. How does the sun affect your life-style? Will you be putting in a pool, do you like sunrises or sunsets best? All these things are important to consider and can actually play a big part in the design of your new home.
Step #5: Pre-purchase agreement-design
In order to accurately quote on any home, there needs to be a set of plans, scope of work and items list. Like this guide to homeownership, you will need a guide by means of an agreement. Let’s face it, that gold faucet alone is 15x the price of that simple chrome one. Putting the whole package together and covering all steps to home ownership would be lost without considering the overall design of your new home.
In a home there are literally thousands of components that affect cost and scope of work. It’s essential to have a complete understanding of what these are. Your Pre-purchase agreement should cover the general design of your new home. This would include the floor plans, elevations (the general look of the exterior) and a list of general building components which will be included. The design portion will include general item allowances like lighting selections, tile, and other fine finishings included in the home.
Step #6: Finalize drawings, specifications and purchase agreement
At this stage the drawings will be finalized and ready for approval from the building authorities. The specifications will be agreed on and included in the purchase agreement. And the agreement will include the final price for everything included in the building of your new home.
Step #7: Select finishings
With the plan of the home completed, this step is where the creative juices can start to flow. Selecting finishes for your home will range from design consultations choosing paint colours, trim profiles, tile, flooring and every other component that will complete your new home. This step should be interactive and may include visits to the home when under construction. It’s a fun stage and should be enjoyable seeing the homes evolve into your dream.
Step #8: Starting construction
Once the plans have been approved by the city, construction starts, and a hole is dug. The construction step can range from a few months to a few years, depending on the complexity and size of your home. While 8moths to a year is a good time frame for building, smaller homes may take less. The construction phase, should include progress showings, where site visits are made so you can personally see what work is going into your new home. It’s a great chance to see into the walls, and start to get the feel of what your new home will be like. Every stage is exciting and if you want, a great builder will include you and give you ample opportunities to walk through your home.
Step #9: Possession
While the construction phase is exciting, nothing can trump having the new keys to your home and walking through the front door of your completed home. Possession of your home is a day filled with emotion and your builder should be there to walk you through the home. Generally several hours is required for a builder to adequately orientate you on all the workings of your home. From care and maintenance of your hardwood flooring to “how to’s” on using the thermostat and cleaning the HRV. None the less, it’s an exciting day.
Step #10: Post construction and warranty
Once you have comfortably moved into your new home a refresher orientation should be completed. There are many components in your new home, and post purchase care is huge, where continued education on the systems of your home is an essential part of the enjoyment and getting the most from your home. Throughout the first year of ownership, contact should be made and the terms of your warranty agreement maintained.
Nearing the 1 year mark of home ownership, a complete warranty walk through should be conducted and warranty items signed off on by both parties which should include an action plan to complete. Standing behind the build of your home should be as important as building your home. The 10 steps to home ownership should not be concluded at this point rather a great relationship between owner and builder, established.
For more information on this guide to home ownership, or to set up a meeting, contact Delonix Homes and start your New Home journey today.