Homeowners often prefer to stay in their old homes for as long as possible while building their new ones. Still, they may have understandable concerns about timelines and managing living expenses alongside construction costs.
If you are still living in your old home that is relatively far from your new one, hire a contractor you can trust to be proactive and responsible on-site daily. Pack slowly but steadily, starting with non-essential items you don’t use daily. To help pay for your new build while still living in your old home, get a construction-to-permanent loan that requires single approval and involves one set of closing costs.
To get started on building a new custom home while living in your old home, reach out to Blythe Custom Homes and schedule your initial consultation with us today.
Building a new home is full of lots of new experiences, including managing and maintaining your current household while our builders focus on constructing your new home.
When you are building a new home in a different town, city, or even state from your current house, it’s important to hire a trusted local contractor you can depend on to handle the daily work of construction without you being physically present there at all times. Get a team of builders whose experience, skill, and professionalism you can rely on throughout construction, no matter how far away you currently live, even if that is in another state.
It’s a good idea to start packing non-essential items in your old house slowly while building your new house. Packing things up over time makes the process far less stressful for homeowners who may also be balancing busy work and personal lives in addition to all that is involved in new home construction. Alleviate some of the pressure and stress associated with moving your entire family to a new home, and give yourself plenty of time to pack and prepare.
Managing living expenses can be a bit more challenging for homeowners who stay in their old home while building their new one. Keep in mind that you might have ongoing mortgage payments for your current home while also having loan payments for a construction-only or construction-to-permanent loan for your new build when seeking the construction loan. We can keep your current living expenses in mind when setting the budget for the project so you don’t overspend while managing simultaneous expenses.
We’re here to answer any questions you may have about living in your old home while building a new one, and to make the process itself as smooth, stress-free, and on budget as possible,
Some homeowners might wonder whether they can save money by moving into a partially built home early rather than staying in an old home and continuing to pay expenses for both properties. Moving into your new home prematurely can disrupt and delay construction, not to mention pose serious safety concerns for you and your family. Don’t plan to move in until construction is completely done, which is when you will get your keys.
If you are building a new home for you and your family but need to live in your current one until the new house is finished, wait to put your current house on the market. If you sell your old house too soon into construction on your new one, you might be without a large enough place to house you and your family until construction is complete, and could end up spending more on living expenses than you would if you stayed in your old house during construction.
Living in your old home while building a new one is typically worth it for several reasons. First, it may be less expensive to maintain your current home than to find an affordable, long-term rental solution that suits your family. Staying in your old home until you are ready to move into a newly built one helps young children and families avoid feelings of displacement during construction and makes the transition into a new house easier.
If you still have to pay the mortgage and other bills for your old home while building a new one, you might need to get a larger construction loan from a lender. Homeowners can get construction-only loans, which are short-term standalone loans that cover only construction expenses, or construction-to-permanent loans, which turn into traditional mortgages when construction is complete, ensuring only one set of closing costs and simplifying things for homeowners.
If you get a construction-only loan to build the house, you may need to get a traditional mortgage once construction is complete.
Rather than living in your old home as it is being renovated, consider all of the benefits of building an entirely new house that better suits your needs. You won’t have to work with limitations from the original foundation, load-bearing wall placement, or other features that can impede a renovation, and you can design and build a truly unique family home for you and your loved ones.
Get in touch with Blythe Custom Homes for custom home planning and construction.
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