No matter who you are, you have the perfect idea for a dream house. It has the perfect kitchen with big windows overlooking your backyard, a walk-in closet in the master bedroom, and a room that only has a giant TV screen for watching the big games.
For some, that dream will stay a dream but for others, that dream may turn into a reality. Plenty of builders set out to add on their own additions or even go the whole nine yards and build their own house.
If you are in the process or are thinking about building your own house, it’s important to read these tips before you begin.
Make the Plan Early
If you’re a traveler, you might be familiar with the Sagrada Familia in Barcelona, Spain. Construction started on this cathedral all the way back in 1883 and it’s still not finished to this day. Numerous architect directors, lack of funds, and other issues have caused this beautiful cathedral to be delayed over and over again. In case you’re curious, the entire thing is set to be finished by 2032.
Some it’s time to start planning early and down to every last inch. The worst thing that can happen is you sit back at a point and say “huh, I didn’t think of that”. If you see something you like or something you notice in other houses, write it down. Ask questions and gather as much information as possible.
There are a number of sites and tools on the web that will help you plan out your house so you can at least start getting a visual of what it may eventually look like.
Now that you have your plan, you’re going to have to figure out how much the entire project is going to cost you. Building a home isn’t cheap by any means, and you’re going to have to do research on certain products to see which is best for you.
For example, there are certain new materials that cost more but will make your house more durable and efficient for the future. Is this the route you want to go down?
You should also be aware that material costs have been rising for the last year and it might be a good idea to over budget in case of further price increases.
You can also look to save money, however, like using long-term rentals for certain equipment instead of buying them yourself. Every dollar is going to count, especially when putting the finishing touches on the master bathroom.
Understand the Financing
If you’re not buying everything in cold-hard cash, then you’re probably going to be looking for a construction home loan. These loans are a bit different than home loans you might be used to.
In a home loan, all of the money is given to you at once in order to make the home purchase on your house. In a construction loan, you’re going to be getting the money at the lender’s discretion. They will determine how much you need for the project and give the money over periodic times.
In addition, most construction lenders will require at least a 20% deposit for the loan itself.
Be Thorough When Choosing a Builder
If you’re going to be hiring a builder to either do the project with you or leave it in their hands, you need to do plenty of research before bringing someone on.
Your first checkpoint should be making sure this person has a license as a builder and is a member of the National Association of Home Builders. You don’t just want any Joe Schmoe putting up the walls.
Secondly, you need to make sure that this person shares and respects your vision for your home. You don’t want to have someone who is going to simply scoff at your plans and ignore what you want. Make sure and go over all the details with them to make sure you’re both on the same page.
Lastly, you want someone who is going to be an open and consistent communicator. Nothing is worse than having someone who simply doesn’t respond to inquiries or ignores your messages. Find a team member for your house.