Orlando New Home Construction
Orlando New Home Construction
Orlando new home construction can be an exciting and a rewarding experience for any homeowner. Most home buyers typically take the path of building a home after they have exhausted all their options looking at resale homes. At this stage of their home buying experience, buyers feel that they are making a lot of compromises with resale homes. Especially if the buyers have to invest additional money after purchasing to remodel or extend certain areas of a home. Most remodeling projects end up going over budget and take up more time than originally estimated.
In certain areas of Orlando like Winter Park and Dr Phillips where inventory of new construction homes is very limited, many home buyers tend to purchase “tear-down” homes and go down the path of new home construction that suits their lifestyle and budget. New and upcoming areas like Lake Nona and Clermont where vacant land is still plentiful allows more opportunities for new home construction.
What is involved in new home construction?
First priority is to understand your budget because this will help determine how much you can spend on land acquisition and construction. If you are working with a production builder, the land cost is typically already built into the price of the construction. If you are working with a custom builder, the land price will be separate from the home construction. Either way, your budget should reflect a cost that is realistic with the type of land and quality of finishes that you expect in your new home.
Second priority is to understand how you will go about financing your construction. You will need to understand the basics around construction loans. Construction loans are typically short term and are offered for a maximum of one year. The rates on these loans are typically a bit higher than the rates of conventional mortgage loans. Identify a lender who can help with a construction loan because you will need to obtain a preapproval letter when submitting offers to purchase the land.
The third and probably the most challenging priority will be finding that perfect land that meets your budget, location and construction requirements. This can be take a lot of time especially in more developed areas like Dr Phillips, Windermere and Winter Park where vacant land is already very limited. However, with lots of patience, opportunities always arise where land can be acquired with a tear down home on it or as a vacant piece. Once the land is placed under contract, it will need to get investigated to ensure that it will be worthy of construction requirements. A soil engineering study must be ordered to ensure that there is no organic material found anywhere inside the lot. Organic material is anything that was alive and is now buried in the soil. This organic material is unstable because it is constantly changing its form and mass as it slowly decomposes. This presents a building challenge and building cannot begin until the organic material is extracted from the ground.
Fourth priority is choosing an architect who can build a home based on the size and dimensions of your lot. I cannot emphasize how important the selection of the right architect is because this individual can make a significant difference in your budget. Good architects must be able to design homes that are functional, yet creative, while keeping the bottom-line budget in mind. Fortunately, in Orlando we have a lot of good architects who have experience with different types of homes based on budget, lifestyle and special needs. Your architect will be able to provide you with architectural drawings of your home so that you can share with various builders for construction quotes. Unlike in most US cities, Orlando new home construction boom has really taken off after the real-estate depression of 2007 to 2009.
Lastly, we come to the fifth and last priority of home construction which is selecting a Builder. Based on my experience, builder selection boils down to budget and with whom you feel most comfortable , because this is relationship will last during the whole construction period. Orlando has a good number of home builders who are quite capable however, most of them specialize in homes of certain price ranges. These price ranges focus on certain level of interior finishes and more importantly, working with different sub-contractors or specialized craftsmen. It is always a good practice to interview several builders and also visit homes that they have recently completed. To learn about custom home builders in Central Florida, please visit http://custombuilt.com/
Here to help you.
There are many decisions to be made and many details to handle prior to the actual construction of your new home. We have the experience to assist with all of these details and more importantly, we have working relationships with the best architect firms and builders of Orlando.