Your Family Needs

More SpaceThe Process of Building a New Custom

Home in Northern Virginia

All of Your Questions Answered

Your Family Needs More Space 2

Your family is growing, whether that is defined as having

children or aging parents requiring accommodations.

Your professional position is most secure if you stay in

Northern Virginia, but your current home will not meet

the needs of the increasing size of your family. The most

effective way to find a house in the right location, of the

right size, with all of the elements you want and need, is

to build a custom home.

You can go online and look up articles and pricing tools

or even realtors or architects, but to create the home that

fits your budget and all of your other needs, you require

a custom design.

Introduction

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As shown in the graph below, the

number of families with children under

18, those who are most likely to be living

at home, are growing steadily each year.

Forbes magazine has recognized the

trend in having larger families and even

cites the large families featured on

television reality shows as evidence of

our fascination with the idea. Wealthier

couples are more likely to have larger

families because they can afford the

extra expenses.

Background

Your Family Needs More Space 4

The Baby Boomers are aging and some

may be moving in with their children.

AARP research shows that in the next

twenty years, they will be well into

retirement age. With the economy

suffering, many need to lean on their

children for residence.

These statistics support the fact that

larger homes are likely in the future

for many couples whose families will

be expanding for varied reasons.

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Fallacy #1: Start With Pictures

There are myriad websites that will provide a picture

gallery online of the homes they have built. While seeing

the different styles of work they’ve done is important

in your research, it’s equally as important to seek out

builders who offer resources that will empower you to

make a better decision.

Fallacy #2: A Realtor is All You Need

Realtors know a lot about existing homes. They can tell

you everything you need to know about an existing home

because the home is already built, equipped, and on the lot.

A realtor can sell you a lot, any lot you choose. However,

they cannot tell you all of the facts you need to know prior

to building on the land. Where is the power – will it need to

be extended to the lot? Will the house you want to build fit

on the lot? Is there a septic system on the lot and will it need

to be moved? And you will likely pay a premium for a piece

of land that you may or may not be able to use.

Common Mistakes and Misconceptions about Building Custom Homes

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Fallacy #3: You Start with an Architect – Even if They

Don’t Work with Builders

An architect will create your dream house. They will include

absolutely everything you want. What they sometimes do

not do is consider the land on which the house is to be built.

They may not consider the budgetary implications of the

design, including the land purchase, permits, and building

costs. There is the possibility of waiting up to 3 months for

a plan that will cost thousands and may not work with your

budget or lot. Architects should be partners with builders

during the design process for optimal results. That’s how

you will end up with the perfect house AND the perfect build.

Fallacy #4: A Banker Can Only Give You a Mortgage

Loan Amount After You Have Plans

There are bankers who will tell you that you need to have

house plans in-hand, a lot chosen, and a contract with a

builder before they can tell you what kind of loan you are

qualified to receive. This is obviously backwards. You need

to know your mortgage eligibility prior to planning everything

else. You need the numbers to create the budget.

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Rather than begin with a realtor, architect, or a banker with

no clue, it’s time for you to do some preparation before the

project starts.

Ask Yourself Some Questions

Where do we want to live?

Why do we want to live there?

What is most important to us (number of bedrooms,

bathrooms, yard space, etc.)?

Separate needs from wants. Determine what you really

need and separate it from the wish list.

Find a Reputable Builder

Most builders are happy to provide one to three consultations

for free. During these consultations, you can find out a lot

about them:

Whether they have local knowledge in the area you have

chosen to build

How much experience they have in the industry

If they use project management software so you can

monitor the steps and budget throughout the project

Their style of communication and whether they listen to

what you have to say

If they have house plans you can look at

Recommendations from homeowners

If they are approachable and personable

Offer recommendations for local bankers

How to Build Your Custom Home the Right Way

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Head to the Bank

Once you’ve chosen a builder, it’s time to head to the bank

with your financial information in hand. Hopefully, the

builder knows a banker who understands the process* and

can help you come to a number to use as your loan amount.

You may have equity from the sale of your current home

or other sources, but the banker can give you your loan

eligibility to add to that. With this information in hand, you

have your budget range.

*If you have a free consultation with a local builder, he may

be able to provide you with recommendations for reputable

bankers.

Back to the Builder

Now that you have your budget and have thought about

the answers to your basic questions about where you want

to live and what is most important, it’s time to talk more

specifically to the builder. The first thing you will need to

discuss is your budget. Wasting time planning your dream

home on a lot in an area that will eat up 2/3 of your building

budget isn’t practical.

Share your budget with the builder as well as your thoughts

on location and what is most important about where you

want to live. Talk about optimal house size and rank the

most important features. Is the kitchen for cooking only or is

it a place for family to come together? Is it critical to have a

3 car garage? Decide on the most important features of the

home.

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This information will assist your builder in helping you to find

the right lot and then begin the design process as well as

provide you with a ballpark estimate of the cost of your home.

An advantage to a local builder, in addition to providing more

specific information than the Internet and recommending

realtors for lot purchases and reputable bankers, is that they

will send your information to their architect to create the

plans. They will also have contacts within the community and

local government for obtaining the appropriate permits and

approvals. They can handle the project in its entirety and

keep you abreast with the project management software.

To ensure that both you and the builder are committed to

the project, a short design contract will be drawn up to cover

the creation of plans, specs, and costs.

You should not be asked to sign a contract for the

full construction prior to receiving a set of plans and

specifications for the entire project.

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Everything is Ready, Now What?

Throughout the process, you will be an integral part of the

project. You will review exactly what is happening via the

project management system and can call the builder if you

have any questions.

You will work directly with the architect during design

and principals from the building company for selection

of everything from flooring to paint colors. Pricing and

construction will always be updated for your review either

online or by contacting the company. During the process,

you are a part of the building team.

The builder will provide you with contact information for

anything from emails for non-urgent questions to a 24 hour

emergency number in case something vital comes up.

Don’t be afraid of asking for changes. If you ask for a “change

order,” make sure you understand whether this will stay

within your budget or increase it – and find out exactly how

much any increase will be. Most people building homes

submit change orders, so it won’t be an inconvenience.

Discuss thoroughly what you want so that you know and

understand if and why a cost increase is incurred.

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Welcome Home

Avoid missteps and common mistakes and follow a clear plan

that makes sense, starting with a local builder. Armed with

all of the appropriate information, you will have a positive

experience as you and your builder create your new, bigger

home, which will meet the needs of your growing family.

Everybody’s home is a luxury custom home if you follow

these steps to make sure you have everything to make it

your home. Not just another house… Your home.

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If you’d like to learn more about how Foley Development

Group can build your custom dream home, please click

here to download our company brochure, “10 Most

Compelling Reasons To Choose Foley Development

Group For Your New Custom Home”.

You can also schedule a conversation with us if you’re eager

to get going and talk about your ideas. In that case, here is

how you can reach us.

Send a EmailSend us a message

Call1-703-759-6880

Get Started!Schedule a conversation

Foley Development Group, LLC is a custom home builder

and remodeler that designs, builds, and remodels homes

in Northern Virginia. For 39 years, the company has built

a reputation for professionalism, honesty, quality, efficiency,

and value with an extensive list of satisfied clients.

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About Foley Development Group, LLC