Buying a Home in USA

The only catch with construction loan is the builder has to complete the job on time otherwise you will end up paying interest on your loan till the builder completes the job. The general trick the builders use when you get a construction loan is to delay the construction process once you sign the contract and then they will try to rush at the end by not doing the things that they promised and you will be left with no choice other than accepting whatever the builder provides, make the builder provide you with a schedule and if he does not stick to the schedule tell the builder he has to pay the intrest for the number of days he delays.
Granite has its own advantages; it is great for countertops compared to marble. Soapstone is very soft compared to marble and granite; I would not recommend using that. Checkout the difference
Granite vs Marble - Difference and Comparison | Diffen

 

As per my own and the experiences of some friends:

If you are opting for a condo/town-home and the initial fees seem considerably lesser compared to similar units, then please read through your contract with extra care. Chances are you have to pay for every single accidental expense - that is, if there is a severe weather and your roof or power is affected you have to shell out for everything. If there is a burglary or fire accident, the building maintenance fees will not be attached for it.

If you want a bigger lot [for more room for kids to play & for better re-sale value] - be prepared to maintain the lot too !! It takes much longer to mow/rake/de-weed/shovel the snow and is a back-breaking, frustrating chore.

Corner lots may be attractive due to a wider lot, but your electricity bills will shoot up -- as there is no building beside to buffer the winds, your furnace will be 'ON' for longer periods.

Similarly, homes with high ceilings are stunning to look at - but ridiculously expensive to keep warm , esp. if you are in a state which is colder 9 months a year [ like Minnesota, where I'm in ], it is sheer stupidity going for such beautiful features when it is going to hit your pockets hard.

Also check the distance of your home from not just school/office but also the different amenities - the classes your kids need to be driven to, the other social clubs or hobbies you may need to travel to often. On days you cannot drive or your vehicle is unavailable, you have to rely on cabs for transport and that can be very pricey too. Even the fuel cost for driving to and fro, can also add up .

 

It is a good point about adding the clause for timely progress. Thank you for pointing that out. You seem to have experience- did you also build?

As for stone, I don't like the look of granite- never did. But love Calcutta gold or statuary marble for its elegant look. I know it etches but I think it is the patina of use and I can live with that . Most builders have also said about stains and etches but sealing can take care of stains. If one loves marble, you just have to learn to live with etches which is only visible if one goes looking for it. Soap stone is softer but non-porous and denser than granite. No sealing required but some mineral oil can be applied if needed. I have seen both in kitchens and love the way it looks even after years of heavy use. My idea is to use marble on the island and soap stone in perimeter.

 

Yes I built my house, when building a house lot of things boils down to personal preference so pick things you like and enjoy it. Have you looked at quartz countertops?

 

All these will be covered by your homeowners insurance.

 

In a friend's case, their ground floor unit[living room] was flooded after a heavy storm. They assumed it would be covered by the insurance but were in trouble when they had to bear the entire cost - replacing carpets, parts of the drywall, some furniture, a couple of circuits that were damaged and the exterior finish too. The terminology used in their contract meant flooding 'not due to natural causes' ; as a result of faulty plumbing or water main pipe bursting or sewer backing on to the mains - in short, anything which was responsibility of the municipality/city and nothing dependent on the weather.

All Insurance companies are experts in making money, but make it seem like they are doing us a big favour and getting us the big deal. Always better to read the finest print on their contracts more than once and get the clear picture before hand.

 

When we were looking for countertop, we were advised to get quartz as they withstand heat.

 

The scenario you have described would be covered if your friend has purchased “additional water backup insurance” There are many parts in a homeowners insurance, insurance companies that gives you the lowest quote will only cover the state mandated things, you have to buy add-on insurance that is not covered by the typical homeowners insurance policy. FYI Flooding and earthquake is not covered by a any homeowners insurance you have to by flood insurance from the federal government’s flood insurance program https://www.floodsmart.gov/floodsmart/ Check if your region is flood prone and then buy the flood insurance. The insurance business is like any other business like for example you go to a restaurant you buy and eat what you like or you go to a restaurant that servers buffet and choose what you like in the same way while buying insurance for your home you buy what you think your home needs the most, there is no insurance provider that has an insurance package that covers everything; you have to buy what you think that will be useful when you face a disaster, don't be fooled by the low quote you get check the coverage.

 

Most insurance companies do not insure against "natural disasters". We live in the midwest, and this place sees a lot of tornadoes. We took out a special insurance for that. Flooding is almost NEVER covered.

 

Yes I have but I did not consider it much as I want natural stone. I have seen quartzite - natural stone- that mimics the marble look but it also supposedly etches and in the end I prefer marble and nothing really capture the look of marble except the real thing.

We want a very classic New England style colonial with white clapboard siding and in order to keep the architectural integrity and historical elements, we want to go with natural stone, wide plank heart pine floors, etc. I totally gravitate towards a traditional and almost old world aesthetics as opposed to more contemporary look.