Building your new home can seem like an intimidating process if you’ve never done it before, especially when it comes to making sure the correct finances are in place to complete your project successfully. Here is some advice from a residential architect in NJ.
You Need a Construction Loan, Not a Mortgage A bank or lender won’t grant regular mortgage when you are building, because that is financing for something that already exists. Different rules for financing apply when you are planning to build, and lenders can be far stricter with their criteria for loans and offer different loan structures as a result. Loans for building projects are known as construction loans, self-build loans or construction mortgages. These are typically short-term loans that come with a one-year maximum term, unlike regular mortgages which typically have much longer terms. This doesn’t mean you have to pay it off in just one year. Instead, the loan allows you to pay for what you need as you build, and then – once your home is complete – you can refinance the construction loan into a regular mortgage or get an end loan with similar terms to a long-term mortgage to pay off the construction loan. Down Payments Can Be HigherDown payments are generally required for mortgages, but they tend to be much higher for construction loans – around 20 to 25%. So, it’s worth keeping this in mind when you are deciding on the loan amount. This is because these loans are regarded as a higher risk. For example, when you buy a home with traditional financing, the lender can take the home and property if you default. If you take a construction loan, however, there may be an incomplete or lower-value home to take in the event of a default, leaving them unable to recoup their losses. Try to Buy the Land Upfront If possible, try to purchase your land upfront rather than including it in your construction loan. Not only will that make your loan easier to get and repay, but it will also reduce the large down payment for the loan significantly. It also helps you negotiate your loan more successfully if you have an asset you can use as leverage to get your financing. Work With a Qualified Construction Team and Residential Architect in NJ Once you have your construction loan, you want to make sure that you get the best possible value for money to make sure that your completed home is worth as much, if not considerably more than what it cost you. This means working with a qualified team of licensed, bonded, and skilled professionals. Take your time to look for a residential architect with a proven track record who is passionate about your project. A full-service architect can offer real value by managing every aspect of your build, from surveying your land and drawing up architectural plans for your dream house to handling permits, recommending professional contractors, and monitoring on-site progress. Make the Best of Your Build – Hire a Full-Service Residential Architect in NJ The firm of Seth A. Leeb is a full-service residential and commercial architectural firm, and we have considerable experience working on large and small residential projects, including remodeling, extensions, and new builds. We consider designing and building your project as a privilege, and we’ll work with you to make the process as smooth and rewarding as possible. For more information on our services, which include custom home plans and home remodeling designs, and to speak to custom home architects, please contact us today or visit our website at https://leeb-architecture.com/ Originally posted https://leeb-architecture.com/advice-on-financing-the-building-of-your-new-home/
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Commercial architecture often goes unappreciated for the value it brings to our towns and cities. A good commercial architectural design is about more than making a space where people can work. Here’s some insight into how this type of architecture enhances our lives and our world, from a commercial architect in NJ.
Creativity That Uplifts and Inspires Many commercial buildings are just walls with a roof on them – boxes where people work. In contrast, offices and commercial spaces designed by an architect make you feel something as you walk into them or past them on the street. They inspire with their creativity and daring, they enhance the neighborhood around them, and they show a different way of working. Just think of the commercial buildings that have become icons around the USA and the world, such as the Flatiron building in New York, the Holmdel’s Bell Works building in New Jersey, the Burj Khalifa in the UAE, and the Shard in London to get a sense of wonder behind commercial architecture. Economic Growth and Prosperity Great commercial buildings are designed to cost less than the money and economic growth that they will bring in. This is all about taking the client’s needs into account – the location of the building, the traffic outside, and how your design can help their business reach greater levels of success. Some businesses want to achieve a lot with their building; it needs to be a statement of who they are and what they can do for their clients. It should support their business in such a way as to help them meet client needs more effectively and achieve optimal productivity. Innovation and New IdeasCommercial buildings are a great space for envisioning the future of work and our communities. At every stage of society’s evolution, commercial buildings have pushed the boundaries of what’s possible. From the first skyscrapers to unconventional tech headquarters and hyper-efficient and eco-friendly LEED buildings, commercial architects help businesses to position themselves as forward-thinking and innovative not just in how they do business, but in where they do business too. By valuing commercial architectural design in NJ, we show our commitment to progress. Create Your Workspace – Speak to a Leading Commercial Architect in NJ The New Jersey architectural firm of Seth A. Leeb offers full-service solutions for commercial building design projects in the New Jersey area. With 20 years of experience in the commercial architecture industry in restaurant, hospitality, office, and dental office design, we can provide the expertise, skills, and innovative thinking you need to create a workplace that fits your vision and embodies your brand. For more information on working with us or to find out more about commercial architectural design in NJ or to speak to an architect in NJ, please contact us today or visit our website at https://leeb-architecture.com/ Originally posted https://leeb-architecture.com/why-is-good-commercial-architecture-important-to-our-towns-and-cities/ |
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