One of the hallmarks of the American Dream is homeownership. An article from REALTORÂ® magazine revealed that 79 percent of Americans surveyed believe that getting a home is a crucial part of achieving this national ethos. They even placed homeownership ahead of owning a car, achieving a successful career, and retirement.
The process of owning a dream house, however, is complicated – especially if you prefer to have your residential property constructed from the ground up. You’ll need to think about various details and factors before you take the plunge.
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Here are five things you should consider when building the home of your dreams:
1.Pay for Land Surveys
A land survey is critical for determining the location of a home’s features. It will also identify the boundary lines of your property lines.
You can’t start new construction without obtaining a land survey of the property. Some areas have legal requirements that mandate properties to meet certain distance requirements, such as the distance between the property line and your home’s garage.
There are various methods of surveying land based on the shape and size of a property. Some firms, for example, use 3D laser scanning technology to obtain land information quickly and effectively. Others send out licensed land surveyors to get the work done.
Whatever method you choose, you can expect to pay hundreds of dollars for this procedure. Statistics from HomeAdvisor revealed that the cost of an average land survey is $504.
2.Consult an Architect for Your Dream Home Design
Although you may have tons of ideas on how you want your dream house to look like, you’ll want to work with an architect to help you to organize these thoughts and translate them into a blueprint. This construction professional will listen to your ideas, go over your house amenities checklist to see what you want in a home, make recommendations, and design a house tailored to your budget and preferences.
3.Look for a Reputable Contractor
After your architect has completed the blueprints and design of your dream home, you need to choose a contractor who will help you throughout the building process.
The first thing to do is to check the reputation of your contractor thoroughly. You’ll want to work with someone who can meet your expectations and complete the construction project on schedule.
Here are a few tips when you’re researching builders for your house:
4.Apply for a Home Construction Loan
When you purchase a house that exists, you finance it with a traditional mortgage. On the other hand, you’ll need to get a home construction loan to cover the purchase of the land and the building process.
When you apply for this type of loan, you have two options. The first is to take out a construction loan that you need to pay off once your dream house is complete. The other one is to apply for a loan that will convert into a regular mortgage after the contractor finishes the building process. Choose the option that best fits your situation and budget.
5.Secure the Necessary Government Permits
Another requirement when building a home is to obtain approvals from the local authorities. Depending on where you want to live, you may need to fill out and file several construction applications to make sure that you’re adhering to the building regulations of the area. Work with your architect and your contractor concerning this matter.
Building your dream home from scratch is both time-consuming and expensive. This option, however, allows you to live in a personalized house that fits your lifestyle.