If you are building your own dream home or if you know that you have always wanted to give it a go but you want to do your research first then there are a few things that you need to know.
Don’t Just Throw Away Lots
A lot of people instantly decide whether a lot is right for them. This should never be the case because you should always do your research about your lot while also making sure that it is suitable for your needs. A lot may not look entirely attractive, to begin with, but when you take into account the leveling, the location, the sunlight that it gets and more, you may find that it has way more potential than what you first thought. So many people throw away perfectly good lots and this can cause a ton of issues because it means that you will always be compromising your own investment.
Learn your Stuff
When you build your own home, you should know that the regulations are completely different when compared to buying your own home. You have to have a completely different attitude and you also need to be very disciplined as well. There are new regulations that you need to meet and there are also new words that you need to learn. You will be working in an environment that is always changing and if you are not willing to put the work in to do your research then building your own home may not be a suitable option for you.
Always Stick to the Budget
There are not many self-build disasters that happen and this is because you often have an equity cushion that stops this. You will, however, experience a disaster if you do not stick to your budget. It helps to work out any liquid assets you have and it also helps to add this to the borrowing capacity you have. When you have this total number you can then add 10% to it- as this will be your emergency funding. Your bank will probably be able to lend you extra but this is only the case if you have been able to stick to the budget throughout. Of course, if you don’t add the extra 10% then you may find that you are even more financially stressed at the end and this can lead to you making some bad decisions.
If you have a partner but you know that your relationship with them is a tiny bit rocky then delay your build. You can’t start such a big project with someone when you are bickering or when you just don’t agree with them. This is especially the case when it comes to building your own home. If you feel as though you need your partner because they are going to be the ones who are doing the building for you then consider hiring a professional instead– crowe-building.com is an excellent choice.
Think about the Long-Term
It’s so important that you are able to ask yourself how long you plan on staying in your home. The main reason for this is because it is going to be a long time before you can move. If you plan on making this your forever home then you can be as peculiar as you like with the design but if you know that you are going to be moving on then you may want to be a bit more marketable instead. This will really help you to either get the home of your dreams or even make a profit, depending on how you would like to approach the build.
Work with the Lot
A lot of builders get stuck in the concept of drawing their new house in complete detail before they even find the lot. You need to think about all of the things you want from your home before you find the lot but refrain from doing any in-depth designs at this point. The main reason for this is because the lot will dictate the final design you are going to have. You may find that the home design you have chosen does not work well with your lot, but this doesn’t mean that the lot is not suitable. It just means that you designed your home too early and now you are set in your ways.
Use your Imagination
You can easily throw money at your project while your friends admire what you are doing. Or you can choose to use your imagination and your own creative flair to make your space just as good but for a cheaper price. Remember that not every single room needs to be full to the brim with furniture, and you don’t always need to go for brand names either. In fact, when you do this you may actually run your project into the ground, so take your time and always plan ahead.
Work with the Neighbors
It’s so important that you are able to be friendly with your new neighbors and that you are also able to work with them while you are carrying on with your project. After all, nobody likes to have work going on right outside their home and the last thing that you need is hostility. For this reason, you have to shake hands with your neighbors and you also need to work with them to make sure that they are entirely comfortable with the hours that you are working. This can really pay off and it can work wonders for you later on as well.
Never Pay Anything Upfront
When you pay any kind of fee upfront, you then lose complete control over the situation. It’s so important that you never pay large sums up-front because any contractor will pay their laborers in arrears. For this reason, you need to follow the same method because if you don’t then you could find yourself in a really bad financial situation as a result and this is the last thing you need when you are trying to plan everything out.
Thank you to our contributing writer for the home building advice!