The Virginia Homebuyer’s Guide to New Building
January 18 2022/in the mortgage
Are you having a hard time finding a home for sale that checks all your boxes? If your schedule and budget aren’t terribly stringent, choosing new constructions can be beneficial in a number of ways. Build rather than buy is a particularly attractive option when the market is hot. Save yourself the rare stock and bidding wars. Read more about building a new home in Virginia to see if it’s right for you!
Why choose new construction over pre-existing homes?
Before we dive into the nitty-gritty, let’s take a look at the most important advantages of choosing a new build:
New construction means that the home will be up to today’s most modern home standards.
Avoid repairs and other issues you might encounter with an older home.
You’ll be less likely to have maintenance issues soon after you move in.
You won’t have to deal with old practices, such as using lead paint at home.
Newly built homes tend to be more energy efficient as well, which can save you money because of newer windows, insulation, and HVAC equipment and appliances.
The cost may be the same or even lower than bidding on an existing home, getting everything brand new and the way you want it.
Cost of building versus buying a home in Virginia
To capture the last point, let’s take a look at where the Virginia real estate market now stands at average building-versus-home prices.
Buying a home in Virginia
A typical home in Virginia has a value of $345,592, according to Zillow.
Virginia REALTORS® expects home prices to continue rising in 2022, but at a more modest pace.
Stock shortages are expected to continue until 2022 and beyond.
Building a house in Virginia
The typical price range for building a home is $117,718 – $449,113, according to HomeAdvisor.
The price of building a new home partly depends on the cost of materials and labor, which can fluctuate. However, you also have some control over the total cost based on the floor plan and finishes you choose.
The Shenandoah Valley offers plenty of open space for building a new home, so you don’t have to worry about a shortage of inventory.
Building a new house step by step
Choose between a prefabricated or modular house versus a new ‘stick-style’ build. F&M Mortgage offers construction loans for both types of new housing. Manufactured dwellings offer the same floor plan and material options, but the house is factory built and assembled on site. If you choose Stick-built, you can expect the operation to be executed in the following sequence:
- interview Builders and Contractors to find the right one for you. Ask family and friends for recommendations and read reviews online. Contractors in Virginia must be licensed under the Department of Occupational and Occupational Organization (DPOR). The state also publishes some great guides for consumers, such as “What to look for (and look for) in a contractor.”
- Obtains F&M Mortgage offers short-term building or construction loans that we’ll help you refinance into a permanent mortgage after the home is completed.
- You find A plot of land to build on. You’ll need to buy a lot for your new home, unless you’re buying a planned subsection.
- Prepare building site. Now, Banik will prepare to begin construction by obtaining permits, leveling the land, installing a temporary foundation, and more.
- completion Initial framing and foundations. It’s exciting to watch the look of your house rise.
- Installations Rough plumbing, electrical work, HVAC system.
- put it in Drywall and interior fittings and trim. This is a fun phase as you can see the counters, floors, cabinets, etc.
- finish With outdoor fixtures, corridor and floors. Watch the rest of your home come together just as you imagined it.
- wandering Home with your contractor to make sure everything is finished as you want it to. Once you have the certificate of occupancy, you can move on.
Choose a mortgage lender with experience in new construction!
Choosing the right lender for your home construction loan is just as important as finding a builder. A local partner like F&M Bank can help you in the right direction. When you apply for a construction loan from F&M Mortgage, you can expect a smooth and easy-to-use construction loan process.
Our Standard Construction Loan Program minimizes construction loan costs and provides low-cost, low-payment options to eligible borrowers. F&M Mortgage and our parent company F&M Bank will handle both permanent financing and construction financing. We will work closely with your builder to help ensure a smooth process.
F&M Mortgage has been providing full-service mortgage services to the Shenandoah Valley and beyond since 1999. Together with parent company F&M Bank, our professional mortgage advisors have a choice of mortgages and loans to meet your residential and commercial lending needs.
Contact F&M Mortgage to schedule an appointment with an experienced counselor and get started now!
F&M Bank Corp. Share this content on January 18 2022 He is solely responsible for the information contained therein. Distributed a year ago, without editing and without modification, on date Jan 18 2022, 20:09:01 UTC.
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