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How to Properly Finance Your Home Construction Project

April 9, 2024 by admin

Building the home of your dreams, or even just making major renovations, is an exciting but financially complex endeavor. Whether you’re a homeowner overseeing a new custom build, an investor developing a property for resale, or a dedicated DIY enthusiast, the ability to secure appropriate construction project funding is key to realizing your project’s potential. This comprehensive guide will walk you through the steps of properly financing your residential construction project, ensuring that you’re equipped to manage the financial landscape and build something to be proud of for years to come.

Understanding Your Project’s Financial Needs

Before you can secure the right financing, it’s essential to grasp the full scope of what you’re building. A residential construction project typically involves several key stages:

  • Land Acquisition: The first purchase, which could include land and any existing structures that may need to be removed.
  • Design and Permitting: Engaging architects and engineers and securing local permits.
  • Site Preparation: Activities from clearing the land to laying the foundation.
  • Construction: The actual building of the home, from framing to finishing.
  • Utilities Installation: Water, electricity, and sewage must be brought to the site.
  • Landscaping: The final touch to your home’s exterior environment.

Each phase has its financial demands, and underestimating one can cause ripple effects throughout the project. A strategic division of your budget to cover these milestones is crucial.

Estimating Your Project Costs

Accurate budgeting starts with a precise understanding of the costs associated with your project. Begin by breaking down your project into its various components—materials, labor, equipment, and contingencies. Research or seek professional advice to calculate costs for each phase, and always build in a buffer for unexpected expenses or changes in plans.

Utilize online cost calculators, speak with contractors, or use industry data to estimate costs per square foot for building, as well as additional costs for luxuries or complexities, like custom-designed kitchens or mechanical systems.

Estimating costs requires attention to detail, so be prepared to investigate and factor in every element to develop a truly comprehensive budget.

Financing Options for Residential Construction

With your estimated budget in hand, it’s time to explore the financing instruments available to bring your project to life.

Traditional Financing Methods

Home equity loans and lines of credit, construction-to-permanent loans, and cash-out refinancing are some of the traditional options for construction financing.

  • Home Equity Loans: These use the equity in your current property to finance your new build.
  • Construction-to-Permanent Loans: They cover both the construction costs and end with a permanent mortgage on the completed home.
  • Cash-Out Refinancing: Replaces your existing mortgage with a new one that’s larger than what you currently owe, and you receive the difference in cash.

Alternative Financing Sources

If traditional financing isn’t viable, or you want to supplement it with other options, consider:

  • Private Lenders: Individuals or companies that provide loans for residential construction.
  • Crowdfunding: A newer financing method that involves raising small amounts of money from a large number of people.
  • Government Programs: Various government-backed initiatives offer favorable terms for home construction financing.

Each option carries its unique set of terms, risks, and potential advantages, so thorough research is necessary to match the right financial tool with the specifics of your project.

How to Choose the Right Financing Option

The plethora of financing methods can be overwhelming, but the choice ultimately hinges on several key factors:

  • Your Financial Situation: Your income, credit score, and existing debts will impact which financing options you can access.
  • Project Timeframe: Some methods are quicker to secure than others, which is essential if you’re under time constraints.
  • Project Complexity: The size and scale of your project can affect eligibility for certain loans or the rates you’re offered.
  • Tolerance for Risk: Consider what you’re comfortable with, and choose a financing option that aligns with your risk profile.

Consulting with a financial advisor can greatly simplify this evaluation process, ensuring that you understand the full implications of each type of financing.

Building a Strong Financial Plan

With a financing route chosen, the next step is to create a robust financial plan that covers the entirety of your construction project.

Steps for Planning Excellence

  • Develop a Detailed Budget: Utilize your cost estimates to create a budget that aligns with your financing strategy.
  • Establish a Payment Schedule: Define when and how your contractors will be paid throughout the project to avoid cash flow issues.
  • Create Emergency Funding: Set aside a portion of your budget for unexpected costs that fall outside your initial estimates.
  • Stay Agile: Be prepared to adjust your financial plan as the project evolves. It should be a living document that changes with new information and contingencies.

By staying organized and proactive, your financial plan can act as a compass, guiding your project toward successful completion.

The Importance of Legal and Financial Protection

Understanding how to protect your financial investment is just as crucial as securing the funds.

Setting Up Legal Safeguards

  • Contracts: Have thorough, legally sound contracts with everyone involved in your project, from architects to laborers.
  • Insurance: Ensure you have the necessary insurance coverage, including builder’s risk insurance and liability coverage, to protect against unexpected losses.
  • Legal Counsel: If in doubt, seek the advice of a legal professional who specializes in construction matters.

Protecting your legal and financial interests is not an area to cut corners. It’s an essential part of constructing a home with a solid financial foundation.

Final Note

Financing a residential construction project is a complex task that involves understanding your needs, exploring the right options, and creating a plan that can adapt to unforeseen challenges. It’s a process that is fundamentally rooted in good planning, thorough research, and understanding your own financial capabilities. By taking the time to plan out your financial strategy, you set the stage for a successful and rewarding construction experience.

Filed Under: DIY

Improve Efficiency With Separate Thermostats for Upstairs and Downstairs

September 20, 2023 by admin

The logistics of heating your home probably aren’t something you think about very often. You simply set the thermostat where you want it, wait until the house reaches a comfortable temperature, and forget about it. That is, until you see your energy bill.

While you may not spend a lot of time considering the ins and outs of home heating, the fact is that it’s a fairly complex process, and there are many factors that affect the overall energy efficiency of a building. It’s this energy efficiency—or lack thereof—that can make or break your yearly budget. As you might expect, the larger a home is and the more rooms it has, the more difficult it is to heat efficiently. This is especially true of homes with two or more stories.

One relatively simple way to improve the energy efficiency of multi-story homes is to get separate thermostats for upstairs and downstairs, which are known as dual-zone thermostats.

The Thermostat: HVAC’s Unsung Hero

The thermostat is one of the smallest components of your HVAC system, but it’s also one of the most crucial. It’s the part that allows you to interface with your home heating system, setting the temperature to where you want it. It’s the thermostat that tells your heater when to cycle on and when to shut off. It may only be a small electrical gadget, but the thermostat is your HVAC system’s unsung hero: much of the home’s overall energy efficiency depends on it.

There are several types of thermostats that may be employed in your home. Nowadays, most houses have electronic thermostats. These computerized systems can detect the temperature of a room using sensors. When the temperature drops below your preferred setting, the thermostat communicates to your HVAC system that it’s time to start generating more heat.

Some houses still utilize a more analog method of regulating temperature, but they are no less effective: by utilizing mercury, the method used by old-fashioned thermometers, they detect temperature changes and can then signal to your heating system to turn on or off.

Important though they may be, thermostats are not without their drawbacks. Primarily, the fact that whatever method they use to detect the temperature can only detect a given room or area, not the entire home. This means that if there are other parts of the home that are far removed from where the temperature controls are—often due to being higher up, as in a second story—they will not heat as evenly, and this can ultimately lead to increased energy costs.

What Is a Dual-Zone Thermostat?

Achieving the proper comfort level in a multi-story home has historically been difficult, to say the least. Even an advanced modern HVAC system is no match for the laws of physics. The reality is that warm air will always want to rise, and it will take the path of least resistance when cycling through a home. This means that when you achieve your desired temperature upstairs, it may leave the downstairs area freezing, or vice versa. Or you may get your living room the way you want it, but only at the cost of a dramatic increase in your energy bill.

Dual-zone thermostats go a long way toward circumventing this common problem. You’ll begin by contacting an HVAC professional from a trusted company like Entek. One of the services offered by HVAC companies is to divide your home into multiple zones, which can be heated and cooled separately as needed.

A traditional thermostat works by cycling your HVAC system on and off, depending on the need. A dual-zone thermostat does this as well, but it also controls the flow of air into the different zones of the home. This means that, rather than setting the temperature and hoping for the best, you can actually control how much heating a given area receives.

The flow of air is controlled by mechanical elements called dampers, which can close off or open up a vent as needed. If an area needs more heated air, it will be allowed in. If it needs less, that area can be blocked off.

Of course, this also requires the use of multiple thermometers or sensors in different zones. This is why you have separate thermostats for upstairs and downstairs. These thermostats can detect the different temperatures in different areas and adjust the heating accordingly.

The Benefits of Dual-Zone Heating

The United States Department of Energy has a lot to say on the subject of thermostats since they make such an important contribution to the overall energy efficiency of a building. The largest benefit of dual-zone heating is in increasing this efficiency. Rather than spend a lot of money forcing your furnace to generate energy that won’t be used, you can simply shut off the flow of heated air to an area that isn’t currently being occupied. In doing so, you’ll find yourself burning less fuel every year, resulting in significant savings on your energy bill. There’s also the environmental benefit: less fossil fuel being burned for heat means fewer harmful pollutants entering the atmosphere.

There are other major benefits to utilizing dual-zoned heating too. Have you ever argued with another member of the household about what temperature the thermostat should be set to? With dua-zone heating, this is no longer an issue. You can set the thermostat in your room to your preferred temperature, and other family members can set their thermostats where they wish.

Dual-zone heating also has a benefit for your HVAC system itself. By reducing the amount of overall energy used, the system doesn’t have to work as hard. Burning less fuel and circulating less heated air means your HVAC system will wear out more slowly. Essentially, by installing dual-zone heating you are increasing the lifespan of your HVAC system.

If your home is multiple stories and you’d like to discuss dual-zone heating and installing separate thermostats for upstairs and downstairs, contact HVAC experts like Entek. They’ll consider your needs and the layout of your home and provide an estimate for the best system for you.

Filed Under: DIY

Try These Delicious Summer Cocktail Recipes to Quench Your Thirst this Summer

March 28, 2023 by admin

Summer is the perfect time to spruce up your favourite cocktail recipes with a sparkling twist! With only a few ingredients, you can easily upgrade any classic drink into something special and refreshing. Here are some of the best summer cocktails that use sparkling mineral water as an ingredient to keep you hydrated while you indulge!

Strawberry Mint Sparkler

This easy-to-make cocktail is perfect for hot summer days. All you need is 2 ounces of vodka, ½ ounce of simple syrup, 3 fresh mint leaves, 4-5 strawberries, and 2 ounces of sparkling mineral water. In a shaker, muddle the mint leaves and strawberries until they release their juices. Then add the vodka, simple syrup, and ice before shaking it all together. Pour the mixture into a glass over ice and top with sparkling mineral water. Garnish with additional strawberries or mint leaves if desired. 

Cucumber Gin Fizz

This light and refreshing cocktail is sure to be a hit at your next gathering! To make it, you will need 1 1/2 ounces gin, 1/2 ounce lime juice, 2 slices cucumber (plus more for garnish), and 2 ounces sparkling mineral water. Muddle together the cucumber slices in a shaker before adding the gin and lime juice. Shake well then pour over ice in a glass before topping with sparkling mineral water. Garnish with additional cucumber slices if desired. 

Blackberry Lime Spritzer

This delicious spritzer will quickly become your go-to summer drink! All you need is 4 blackberries (plus more for garnish), 1/2 ounce lime juice, 2 ounces white rum or vodka, and 2 ounces of sparkling mineral water. In a shaker muddle together four blackberries until they release their juices, then add the lime juice and liquor of choice followed by ice cubes before shaking vigorously. Pour into two glasses over ice, then top each glass off with one ounce of sparkling mineral water before garnishing with additional blackberries if desired. 

Sangria Spritzer

Start by combining one part red wine, one part orange juice, and one part sparkling mineral water in a pitcher. Add a few slices of orange to the mix and let it sit for an hour or two before adding ice cubes when ready to serve. This refreshing concoction is sure to be a crowd favourite! 

Aperol Fizz

Mix one part Aperol, one part vodka, and two parts sparkling mineral water in a shaker filled with ice cubes. Shake vigorously for 15 seconds and strain into glasses filled with more ice cubes. Garnish with orange peel for extra flavour and pizzazz! 

Watermelon Cooler

Muddle half of a seedless watermelon in a pitcher until it becomes liquidy (about three cups). Add four ounces of vodka and stir until combined. Top off the mixture with two cups of sparkling mineral water and add a few sprigs of mint leaves for garnish. Serve chilled over fresh ice cubes.

Lemon Basil Gin & Tonic

In a shaker filled with ice cubes, combine two parts gin and one part lemon juice before shaking vigorously for 15 seconds or so. Strain into highball glasses filled with fresh ice cubes before topping off each glass with one part sparkling mineral water. Garnish each glass with basil leaves for an extra zing! 

Mojito Mint Fizz

Muddle 8-10 mint leaves in bottom of shaker until they become fragrant (about 10 seconds). Fill the shaker halfway full of crushed ice before adding two ounces white rum, one ounce lime juice, ¾ ounces simple syrup (or 1 tablespoon sugar), and 2 drops Angostura bitters (optional). Shake vigorously for 15-20 seconds before straining into highball glasses filled halfway full with more crushed ice cubes per glass. Top off each glass with sparkling mineral water and garnish each drink with lime wedges or mint sprigs — whatever suits your fancy! 

Bottoms up!

Any of these delicious drinks are sure to quench your thirst this summer! Whether you’re looking for something light or something fruity, there is something here for everyone to enjoy. Have fun experimenting in the kitchen this season by turning your favourite cocktails into something extra special using these recipes as an inspiration point. Enjoy!

Filed Under: DIY

How to Make Moving Less of a Pain

December 20, 2022 by admin

If you’ve never moved before, count yourself lucky. In survey after survey, moving consistently ranks among the most stressful life events, right alongside divorce and the death of a loved one. Naturally, if you have an upcoming move, you’ll want to do everything in your power to make it less stressful and easier on your entire family. So, in today’s guide, we’re going to take a closer look at how to make moving less of a pain!

Make a Moving Day Checklist In Advance

Nothing throws a wrench in your moving day plans like a lack of organization. If you don’t make a checklist well before moving day arrives, you will likely feel agitated and overwhelmed. Fortunately, you can largely bypass these feelings by preparing for what’s to come. Make sure your checklist accounts for the people and vehicles you will need, as well as all of the larger items that must be moved. Don’t forget little things like having a phone charger on hand, as it could end up being a real life-saver!

Give Away Things You Don’t Want

One of the biggest issues associated with moving is taking inventory of all the stuff you own. Many families are shocked at the sheer number of things in their homes. However, if you’re like most people, you still hold on to plenty of things that you don’t actually want or need. Consider donating unwanted clothing, furniture, and other household items to charity or even giving them away to friends and family. Getting rid of these items ahead of moving day will greatly reduce the number of boxes and vehicles you’ll need to get everything moved to your new home.

Hire Professional Movers

It can be tempting to save a few bucks and try to do everything on your own. Unfortunately, you’ll quickly find that trying to manage a big move without some hired muscle is an enormous undertaking. Not only can it be stressful, but you may find that you don’t have the right equipment to move bigger items in your home. So, don’t be afraid to invest in a reliable moving company like Black Tie Moving. Not only will you have people to do most of the heavy lifting for you, but you’ll also eliminate a lot of the stress associated with changing homes.

Make Fun Arrangements For Your Kids

If you have young kids, you know that it can be difficult to get things done unless they are entertained. While older children and teenagers can be a huge help when moving, younger kids may not be able to help as much. Not only could they get hurt, but they could also get quickly bored with the activity. So, if possible, try to arrange to have young children entertained while you handle the move. For example, you might ask your parents or friends to watch your kids for the day. Alternatively, you could have one of your older children take the kids to the movies or to the park for a few hours. This will help keep your kids happy and make moving go by much faster!

Looking for more great advice on ways to make your busy life easier? Be sure to check out some of our other posts on 3 Kids and Us today!

Filed Under: DIY

4 Kid-Friendly Backyard Ideas

September 21, 2022 by admin

These days, one of the most common complaints that parents have is that they have a hard time getting their children to play outside, as most kids prefer spending time playing indoors or doing a different activity like watching TV. It can be difficult to ensure that your outdoor living space is one that your kids will enjoy spending time in, especially if your yard hasn’t undergone any recent renovations from Hiner Outdoor Living and is lacking in fun elements that your children can enjoy. If you’re looking to give your yard an upgrade, here are 5 kid-friendly things that you can add to your backyard today!

1. Sandbox 

Sandboxes are a classic addition to any kid-friendly backyard. Playing with natural elements such as sand can be a great sensory experience for young children, and can encourage creativity in children as they try to build things from the sand! Sandboxes are relatively easy to build or install, and blend easily into any yard. 

2. Outdoor Art Station 

An outdoor easel or craft table is a great way to keep children of all ages entertained outside. As an added bonus for parents, children doing art projects such as painting outdoors can reduce the risk of a mess inside the house! Ensure that your children have outdoor-friendly pieces of equipment and supplies such as an easel, washable paint, chalk, and more, and your children are sure to enjoy spending hours outside expressing their creativity.  

3. Swings 

One of the outside activities that kids enjoy the most is swinging. Swing sets can be purchased or built relatively easily, and can come with custom additions such as slides, treehouses, and more. Don’t want to invest in an expensive swingset? Attaching a singular swing onto a tree will work as well. 

4. Nature Observation Tools

Many kids love to go outside and explore the elements around them, such as plans or insects. Encourage your child’s natural curiosity with a nature observation kit that includes a magnifying glass, a pencil and paper to record notes about their findings, and, most importantly, a box where they can capture bugs to observe closer. Just make sure to set rules about where these items can be left if you would prefer to avoid a bug being accidentally brought into your home. 

Filed Under: DIY

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We left our home in Sydney, Australia many moons ago in May 2012 and, other than a brief stint back in Perth for Christmas and a wedding in early 2014, we have been travelling the world nomadically ever since, running a business from our laptops and we’re here to show you how to do it!