You’ve dreamed about building a vacation home for many years. Maybe you want a beach house in sunny Florida or a secluded cabin on the lake. Perhaps you want a cozy cottage on the mountainside or a Tuscan-style home in wine country.
Whatever type of vacation home you have in mind, it’s essential to prepare for the process. Building a second home is similar to constructing a primary residence, but it also requires you to take unique considerations. Below, Polo Builders will discuss the step-by-step process of building a vacation home that meets all of your needs and wants!
Get the Land
If you’re already on a plot of land, you’re one step ahead. Finding the right location for your vacation home is critical, and many factors go into choosing a specific lot. You must create a detailed budget that includes the type of structure you wish to construct, the costs of construction, and the land purchase price.
Of course, you also need to think about what you’ll be using your vacation home for the most. Do you want a getaway for your family to enjoy throughout the year, rent it out to travelers, or both? If you are building the house primarily as an investment, you’ll need to ensure it’s in a location that appeals to renters.
Furthermore, research local regulations to see if any specific building requirements pertain to the type of land you’re considering. For instance, you may need to approach the building process differently for a steep lot that overlooks the water than you would a flat lot in a flood plain.
Obtain Financing
Some real estate investors discover the process of securing financing for a secondary home build to be trickier than that of a primary residence. Therefore, start speaking with lenders as soon as possible.
Some lenders don’t even provide financing for vacation home construction, and those that do will have their own criteria for the process. Many people pursue conventional loans because they’re straightforward and common financing solutions for a second home. Look online for home loan interest rates to see the current options available.
If you go through a traditional bank to secure financing, you’ll likely need to show a purchase or construction contract with your builder that your lender will consider when determining the terms of your loan.
Additionally, you can work with Polo Builders to help secure financing for both the lot and the construction of your new home. Polo Builders works closely with multiple lenders in the area to help you get a loan with a low down payment. Get in touch to request a list of approved banks.
Plan the House
Most people find this to be the most exciting step of the home construction process. You have ideas in your head, and now it’s time to put them on paper and create an official house plan. You can choose a pre-made house plan that fits your preferences and fits in well with the climate and geography of your desired destination. Or, you can draw up your own plans.
Pre-made house plans are more affordable and faster to implement, and you can typically customize these plans to some degree (though it will cost extra). If there are limitations on the kind of structure you can build on your lot, you may need to go the custom route. Plus, drafting a custom plan will give you more freedom to incorporate all of your ideas and inspiration.
Once you have the house plan ready to go, you will need somebody to build the house!
Find the Right Contractor
Choosing an experienced and reliable contractor is crucial to ensuring your project is completed satisfactorily and on time. A lot goes into a new home instruction construction, and your contractor will be responsible for coordinating tradespeople, organizing municipal inspections, and overseeing the entire project. If you’re building in Central or Southwest Florida, go with a full-service general contractor like Polo Builders!
Constructing a vacation home can be an excellent investment for your personal life and long-term wealth. But you must learn everything you can about the process so that you can make intelligent decisions along the way and get the home you’ve been dreaming about for years. Follow the tips above to get off to a strong start, and keep preparing for this exciting new chapter!
Would you like to read more helpful content or learn about our custom home construction and remodeling services? Visit PoloBuilders.us today!
