Benefits of Ground Up Construction Loans
In the early stages, starting the search for a new home is overwhelmingly exciting. You kick off your research by browsing promising listings on the internet, and then set appointments with your real estate agent to check them out in person. But after the initial few visits, you come to the realization that the house-hunting journey is ripe with disappointments and price tags that are not justified based on the amenities the properties have to offer. In the current market, properties move quickly and locating the perfect fit for you can eventually end up feeling like hunting for a needle in a haystack.
Total Control & Uncapped Flexibility
As opposed to renovated or retrofitted properties, ground-up construction encompasses building a home from scratch on a plot of undeveloped land. Ground-up development projects require a significantly higher degree of technical expertise when it comes to managing, overseeing and facilitating major construction projects due to the painstaking attention to detail required for a seamless transition sequentially from one building phase to another. Unlike other property buying processes, ground up construction grants the homebuyer complete control over both the design and aesthetics of the construction project. Depending on the individual builder, you can tailor the features of your new home to a certain extent to match your needs and preferences without having to make any substantial compromises. When you remodel an existing structure, you are limited due to the in-place architecture and layout. New construction gives you the enviable freedom and flexibility to create your future home in such a way that is simply unparalleled by any other homebuying option.
The ground up approach typically means that the buyer is intimately involved in all stages of the project design and construction phases—from drawing the first initial blueprints to putting the finishing touches on the home like cabinets and appliances. This affords you the rare luxury of being actively engaged in each and every step of the project and dictating the stylistic and practical terms of the entire undertaking—which also allows you to keep tabs on the overall timeline and budget.
Compliance Made Easy
It is far easier to stay on top of any regulatory compliance concerns with a new construction project. Most states have established building standards and codes that are enforced by the local government authorities that are applicable if you choose to build a home from scratch as opposed to remodeling an existing structure. This is mainly due to the fact that it is more practical to plan far in advance to accommodate for the building codes and regulations and build them into the overall project design early on in the project planning phase prior to even breaking ground on your new home.
Avoid Money Traps
When you purchase a preexisting home, you are essentially inheriting any and all of its issues and problems. The house might require an entire roof replacement or costly HVAC upgrade—the list of potential expenses for repairs and upgrades to make the old home suitable for your interests is virtually limitless and can quickly add up to a substantial amount. Existing homes will often cost more when it comes to your monthly energy bills. Older homes are generally less energy efficient compared to new builds and may have outdated windows or appliances that suck up tons of energy. All too often buyers end up purchasing a home that is ridden with problems that were overlooked during the inspection and end up costing them more in the long run.
Fund Your New Construction
EJN Financial has a number of flexible and efficient new construction financing options that can be customized to fit your needs. We can quickly fund your next construction project with speed, ease and reliability. Contact us today to learn more about how we can make your next development project a breeze! Call 813-706-6900 or email email@example.com