Building your home from the ground up can be both exciting and life changing. However, all real estate experts agree that careful and well calculated planning is required. Although it can seem daunting and at times overwhelming, but building a home doesn’t have to be a painstakingly grueling experience. Embarking on this journey with open eyes and a practically sound plan will spare you a lot of stress and sleepless nights. This guide will provide you with some helpful tips on building a house.
Prior to starting the building process, make sure to carry out sufficient research on the following items:
- Firstly, you need to carefully determine the right area for your housing needs. Some of the features to keep in perspective include amenities and local services. In addition, you need to ascertain if there are any characteristics of the community that increase the quality of your life.
- Secondly, you also need to evaluate the size of the plot of land and whether it meets your needs. Moreover, ascertain all the requirements, restrictions or zoning issues that are attached to the land.
- Finally, it is crucial to carry out as much research on local contractor, the rates and core competencies. It is important to identify a competent, professional and trustworthy contractor who can bring your dream to fruition.
Here are the things you not only need to know, but also take into consideration when constructing your new home;
To start with you need to get your plan in place. Planning is one of the most important aspects of the entire building exercise. It is essential to carefully plan each and every detail of the house. Your plan should include the specifications of the property, including the size and direction it will face. Moreover, the layout of the house and the flow of rooms must be meticulously planned.
It is also vital that you know your numbers. After all it would be devastating to start building only to realize you do not have sufficient financial resources to complete the project. You need to fully know the full cost of building, tax benefits, and the down payment required. And after all of that you still have to extra money in reserve for unplanned and unforeseen circumstances. Remember that financing for home construction differs greatly from traditional mortgage financing. In the first instance, you will require a line of credit that is primarily used to pay subcontractors and suppliers. After construction finishes your loan will be converted to a residential mortgage.
Choose the right contractor
Another very important decision that you will have to make in the construction process is choose the right builder to undertake your project. The home building process takes several months, as such it is important to choose a builder you can work well with. It is also very important that you can effectively communicate with each other. This eliminates having profound issues later in the project. Carry out significant and thorough research to ensure you find the most reputable contractor for your construction. Moreover, there are major attributes that any builder you engage must possess.
- The builder must have a portfolio of verified projects under their belt.
- Any builder that you work with must be licensed, insured and have all the relevant credentials.
- Check the contractor’s references to see the kind of experience past clients had.
Do not forget to ask the contractor’s price so you can determine if you can afford their services. It is also crucial that any agreements and stipulations be in writing and signed off by all parties concerned.
Consider resale when building
When you are building your home also entertain the notion that one day you might sell the house. As such, include features that might appeal to others in your design. Be mindful not to overprice your home, and keep the potential resale value in mind.
Think green when you are designing and building you home. Carry out your construction with energy efficiency in mind. Keep cooling and heating at the back of your mind when planning your home construction as well as the direction your home will face.
Understand the agreement
Before you jump into any agreement you must fully understand each and every sentence before you sign off. Ensure you have a legal professional guide you through the contract so you know what you’re getting yourself into. Contents of the agreement must include detailed plans, as well as warranty and insurance information. Moreover, pay attention to the payment schedule. An agreement will also give you a grasp of what your entitlements are plus conflict resolution procedure.
Finally, you must have an independent inspector go over every stage completion to ensure the property is structurally sound and is adhering to set construction regulations. It is important that you know everything is being done right without cutting any corners or compromising in any way.