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Before approving a construction loan, the lender will typically want to see the<br />
construction plans, timetable, and budget, and will then supervise the construction<br />
to ensure all is proceeding as planned.<br />
which professionals will i need?<br />
Before buying a lot on which to build, it is important to consult an engineer<br />
who can give you valuable information about the site of your potential home.<br />
If the water table will interfere with your planned basement, or a commercial<br />
project is slated to go up down the block, an engineer will be able to give you<br />
a heads-up before you commit.<br />
Once you have chosen your lot, your architect can begin to draw up plans, at<br />
which point you can bring them to a contractor for a quote. As always, one of<br />
the most important things you can do is speak to references. Make sure that the<br />
references are recent – especially in the construction industry, it is very possible<br />
that your contractor may have a different crew than he did four years ago.<br />
Important questions to ask include the contractor’s attention to budget and<br />
schedule, as well as his communication and how he dealt with any problems<br />
that arose.<br />
Interior Designers<br />
If you choose to employ an interior designer, now is the time to look for one. A<br />
certified interior designer can assist you with space planning, layout, and exterior<br />
choices like brick and siding. She can also assist you with interior selections, such<br />
as cabinets, flooring, hardware, doors, paint colors, lighting, and furniture.<br />
She may save you from making costly mistakes, as well as saving you time,<br />
and will guide you to the right stores, and tradespeople. She may be able to<br />
offer you discounts and special industry pricing.<br />
All professionals have varying fees, so it is important to discuss your budget<br />
and their fees up front. What services do they provide and what kind of bill<br />
you can expect to receive? Some other questions to ask include: Do you take<br />
a retainer? Do you charge a flat fee? Do you charge an hourly fee? What’s<br />
your fee schedule?<br />
76 | 2017 Lakewood Home Buyer’s Guide
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