- We can't find a house on the market in a good school district that is energy efficient and has two master suites.
- We are not DIY people and renovating existing houses to bring those houses up to exactly what we want will require a lot of extra time (and extra surprises) plus require us to hire a builder/general contracter anyway.
- Knowing the entire life cycle of a house is a very comforting thought for us.
For those in the decision making process, please keep the following things in mind:
- Building a house is more expensive. The market value of your house is probably lower than your building cost for a little bit. Make sure you have a good chunk of money to put down (min. of 10%, more is advisable) and don't expect to move for the next 10 years.
- You need a credit score of at least 730 to 750 to even qualify for a construction loan.
- You might need to move twice (if your current house sells before you take possession of your newly built house).
- You have to be ready to make a LOT of decisions. Do your homework and agree upon the basics of your new house BEFORE you talk to designers and/or contractors.
- You have a solid relationship with your spouse/significant other since building a house will create a higher stress level in the relationship since you need to make a lot of decisions...
So, with all that said, we decided that we were ready to build a house. Let the fun begin!
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