Deciding to build your own home is exciting and stressful at the same time. There are many facets to building a house, and it is hard to keep them straight. Here are seven things you don’t want to forget about when creating your own home.
The most critical thing to remember when you are building your own home is to stick to your budget. The adventure of creating your dream home can cause even the most frugal person to get carried away. It is tempting to go crazy on extras, but if you have a well thought out budget, you can avoid the bait. First, determine how much you want to spend on your new home. Take into consideration the amount you are willing to build the house for, and also, the cost over the next 15-30 years to finance your home. Once you settle on a goal amount, you can calculate the size of the house you can afford as well as the extent of upgrades and extras. Remember to include a healthy contingency for unforeseen expenses.
An experienced mortgage broker will educate you on the various options you have for financing your new home. When you build, your financing will usually be obtained in two parts. First, you get a construction line of credit that will be used to pay the costs of construction. And once construction is complete, you refinance into a permanent mortgage. It’s a good idea to research all the choices you have for financing, as your selection will affect your budget.
Choose Your Lot With Care
The lot your home will sit on is one of the most critical aspects of your project. You will want a home that’s located in a good community, like these EDGE Homes. Whether you want a secluded plot of land in the country or a neighborhood tract, there are certain aspects of the decision you should not forget. Confirm that utilities are available, and the lot is zoned correctly. If you are purchasing a neighborhood lot that has been prepared by a developer, make sure that the size and type of home you want to build will fit well. Confirm that your home will face the direction you want it to meet and check out the view from various locations.
Research The Builder
Satisfy yourself that your builder has a stellar reputation in the community. You are entrusting them with the creation of your dream home, and you don’t want integrity to be an issue.
Don’t forget to plan for your future in the home as well as the present. If you have a growing family, don’t skimp on space. Alternatively, if your kids will be moving out in the next few years, consider how a large home plan would feel once they are gone.
Keep A Running To-Do List For The Builder
Don’t wait until the project is nearly finished to create a punch list of items for your builder to complete. Keep a running list throughout the building process and consult with your builder often about it. That way, you will not waste time or money by letting construction go too far without fixing a problem. It can be much more costly to correct a mistake after finish work is complete than during the raw construction phase.
Building your own home is a significant endeavor and can seem overwhelming at times. But if you objectively approach the process, you will be successful. Careful planning will help deliver a house you can call home for many years to come.