Timing is everything and if you’re building a new home you know timing is more important than ever. Timing is so important in home building because you don’t want to have to move twice. Of course if you knew exactly when your new home would be finished this wouldn’t be such an issue. It’s important to work with a builder who stays on schedule so you can avoid a double move. Unfortunately, deadlines don’t always get met for reasons that are outside of everyone’s control. If your new home is not yet completed, but your old house has sold and has a looming closing date, you’re going to have to move the items in your home twice. Sure, you can store them while you stay in a hotel or rent an apartment for a month – there is no need to unpack during this time – but you’re still going to have to coordinate the move. And that can be an incredible amount of work, especially if it’s not necessary.
With a little forethought and some detailed planning, you can avoid moving twice when you build a new home. These tips aren’t for everyone, but they may help some of you facing this daunting task.
How to Prevent Moving Twice
Own Both Homes
One of the easiest ways to avoid a double move, is to own both homes at the same time so that you can take your time selling your old home. Not everyone will qualify for this option, so talk to your banker to see if it is an option. If are unable to finance two homes at once skip ahead to step two. If it is feasible for you to own both your current and new home, here’s what you need to know about financing.
If your home is still under construction, the best type of loan is the Construction-to-Perm Financing. This type of financing is two loans combined into one. The first loan is short term, normally 3 – 12 months to cover the construction period, and the second loan is your end financing. Owning both homes at the same times, and having the flexibility and liquid resources to do so, will allow you to move once, on your schedule.
Selling Your Old Home
If you can’t afford to own both homes at the same time you can always work with the buyer of the home you currently live in. If your home is priced right it will sell quickly and that gives you some leverage in determining the closing date. The sooner you have a buyer ready to make an offer on your home the more leverage you have with the closing date. You won’t be able to push the date out indefinitely, they are up against the same time constraints as you are, but there is often wiggle room and another month usually works well for everyone unless you’re racing against Mother Nature, no one likes to move in three feet of snow and temps that are below zero.
Designing your new home
Although much of your focus should be on attempting to sell your home, you’ll also want to consider the final design selections for your new home. Finalizing the design options as soon as possible can save you, and us, a lot of time and give you more flexibility in timing your closing date with your construction schedule.
It really boils down to planning well and having a top notch builder who can meet deadlines. If you’re thinking about building a new home but aren’t sure about all the details that go into the process please give us a call, we’d be happy to answer all your questions.
