I bet that your project is not the only thing that you’re doing right now. So there’s too much to do isn’t there? And when you have too much to do, your brain, workspace and your life can become cluttered and that leads to stagnation. There are so many urgent things to do that can’t be avoided, and so many important things to do that you can’t find the time for.
It’s not always that exciting I have to say. One of the people on my training course had ended up having to spend a day giving out pancakes for a charity project she was involved with. Another had had to fold up sports equipment for an event. I’m sure you’ve got tales that you could tell too!
With this loan you qualify only once at the beginning of your Project Management project and you are set. When the house is finished you do not need to pay off the construction loan and replace it. You have your regular mortgage already in place. This saves you loan fees and gives you peace of mind. Another advantage is that you can lock in your mortgage rate early if you’re concerned interest rates may rise.
Separate loans- This is the most traditional construction financing, taking out two loans, a construction loan, followed by a permanent mortgage. These loans can be obtained from one lender or two different lenders. Basically, construction loans have a six to one year term of payment and you have to pay a monthly interest charge.
But, it gets even more interesting when I look at all the organizations we work with. Getting people to input progress updates into the system is usually the biggest omission and downfall in using Project Management software. It quickly reduces the value of all the previous planning and documentation effort spent in constructing the project plan, holding the kick-off meeting and assigning tasks.
This list could go on and on. My point is the amount of additional work that a construction loan requires is much greater than your last purchase or refinance. Keep in mind the mortgage a typically person completes has close to 35 people touching that transaction. With a construction loan there are even more associated with your file.
There is another reason for the growth. Collateral and complex projects have seen a rise during the years. This has led to the demand of someone who can manage the various facets of a project smoothly. These are some of the qualities you need to be a good project manager.
Have a head’s up! There are many individuals who became Project Management Professionals and it’s your turn to shine. I know you could do it. Believe in yourself and good luck on the exam.