Although buying a new home is easier and you get to move in sooner, building a home is a more satisfying involvement since it is the opportunity to tailor your home to your needs and preferences. You get to witness and participate in the creation of home from the ground up, to make choices and to adjust the place to the needs of your family. Also, you get to avoid compromises regarding the looks and functionality of your new house since every decision that comes along is only up to you. However, there are a few things to keep in mind when planning to build your dream house.
When building a home, picking the right builder is the most important part of the home construction process. Stick to reputable home builders who are licensed and insured. Look for recommendations online, or from friends and family. Usually, the best source of information is local real estate agent so don’t hesitate to ask. Check builders references and take a close look at their past work. See for yourself if the quality level is adequate and make sure to check on resale data of builders previous constructions.
Make the calculations
Assuming you can afford to build the house, run the numbers to control the budget. Calculate all the possible costs like land price, site cost, building costs, materials, loan, taxes, planning fees, and other expenses. Bear in mind that home construction loan is somewhat different than usual mortgage financing. The home constructing lender will release funds to the builder in periodic payments at the end of each stage of the construction. Construction loans require at least 20% of the deposit because of the level of risk. A good move is to use the builder’s preferred lender since there is some possibility of using lenders incentives to drive down the rate.
Calculate some more
No matter how accurate it seems to be, budget estimation is usually pretty rough and more than often the construction costs are at least 20% higher. Expenses that build up the total sum, in the end, are the finishing costs. Things that you haven’t included like landscaping, placing fences, or concreting come after the construction but still are the part of building a home. The experts from Oztech advise you to think about decking, placing pergolas and awnings timely, since all of these relatively small costs will mount up in the end.
Keep the resale in your mind
No one knows what the future brings so when tailoring your house to your needs, keep in mind the possible resale value. Try not to go overboard with upgrades that can raise the price of your home and keep it in the price range of neighborhood. Think twice when installing some features for they might not appeal to future buyers.
Building an energy efficient house is a perfect investment, whether you plan to live there or for resale. Design your house and landscape your yard to make the best of the surrounding and to lower your bills and maintenance costs. Choose proper insulation and arrange with your architect and builder to make south-facing windows, which will get you more sunlight in your home. Make sure to get water waste reducing faucets and toilets as well as energy efficient HVAC systems and other appliances.
Check the site regularly
Be present throughout the construction process by doing regular check-ups and communicating with the builder. Ask for regular updates and don’t hesitate to point out any problems that you notice. Take photos and keep track of the construction progress. This construction site is your future home so don’t be afraid to ask what you want. Establish a good communication with your builder to avoid confusion and possible problems afterward.
Building a home from scratch is an expensive and long-term project. It will probably take months and a small fortune before you get to move in and relax on the couch, and even then, there you will need to thoroughly clean every surface in your new home. Nevertheless, having a beautiful home that lasts and suits your taste and needs is priceless, so it is worth time and money. Keep these tips in mind to make the construction process runs smoothly.
Author: Chloe Smith is a cycling enthusiast, business consultant, and a part-time writer always willing to share tidbits of advice. She believes that passion, courage and, above all, knowledge breed success.