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When we started looking for our home, we had this like crazy ridiculous dream home in our minds. There was going to be a bedroom for everyone, I'd have a huge office & craft space/room and of course the husband would have his man cave & barn. The kitchen would be the perfect kitchen for cooking large meals, and a huge dining room for entertaining.
Of course, only 1/4 of that happened, and quite honestly, we're happy with our home. Of course there are things we need to fix up, replace, repair, but regardless on if you buy a new home or old, you're going to have changes that you'll want to do, eventually.
If you really want to ensure that you’re making no compromises on that dream home, there’s often no choice but to build it yourself. Here, we’re going to take a look at the kind of planning and preparation such a decision might really entail.
4 Important Steps To Take to Building Your Dream Home
Getting your finances ready
First thing’s first, we have to acknowledge that building a home is significantly more expensive than simply buying one. Even if you manage to sell your previous home at a great value, you’re likely to still need to find some financing and to have some money put together.
Make sure you’re dealing with all of the costs effectively by putting together a budget with the help of a contractor or someone who has some idea of what it actually costs to build a home. It’s always wise to leave a little money aside for unexpected costs, too.
Most mortgages don't cover the cost of the construction of a home, so you'll most likely have to take out a construction loan. You may be able to tie in the purchase of the land into the construction loan, however, it's best if you purchase the land out right first.
A good idea of what it is that you want
You should always put down a list of both your wants and your needs. Depending on how the project evolves, you might have to find yourself having to choose between them to ensure that you’re sticking within your budget. Keep this in mind when you’re working to put a building plan put together.
Your contractor may also be able to design plans, but you may have to hire an additional professional to take care of that. Similarly, there are premade plans you may be able to buy if you can find one that suits all of your needs.
Choosing the right contractor
Some people will take on the effort that it takes to build their own home, perhaps hiring their own sub-contractors while acting as a manager. However, without experience in construction, this isn’t widely recommended.
Rather, you should look at what you need to know about contractors in your area such as Unique Home Build. Make sure your chosen contractor has experience in the type of home you’re trying to build, is certified and ensured, and has a reputation that’s trustworthy.
Choosing a location
Naturally, you can’t just build anywhere, unless you’re able to demolish on land that you already own. Websites like LandCentury continuously update listings of land for sale, so keep an eye on them. When choosing a location, you need to think about placement and proximity to your work, to schools, transport links, and so on, making sure that the location meets all of your needs.
Also, when thinking of locations, you'll need to check out property taxes, utility rates (how often do they increase, quality, etc). And as much as we don't like to think about it, crime rate.
Your chosen contractor may also be aware of new land available that you might not know, so make sure to keep them part of the conversation, as well. Furthermore, make sure you look ahead at what legal work might be needed to acquire permission to build. You might find that you have to jump through more hoops to build in certain plains.
Follow the above tips and you should be able to avoid the pitfalls that see many stuck in a construction project for much longer, and be able to enjoy your newly built dream home all the sooner.