Look at your financials
The source of your financials can be your savings, bank loans, mortgage, construction loans, etc. Begin considering the budget from the very moment you start thinking about building your house. Develop a realistic idea of how much you can afford to spend and how much it will cost to build a new home. The budgeting phase is really about balancing your wants with a realistic assessment of what you can afford. It’s not too early to find out how large a loan you can qualify for based on your income and other financial obligations. Today, most banks and other financial institutions are eager to prequalify you for a construction loan, which will give you a figure approximation idea of the maximum amount of money you can spend. Source your fund before the commencement of the project. If you think you are right now financially strong and want to stock up material like cement, you will be doing a great mistake because cement will start losing its strength after 3 months. So it is advisable to use an important material like cement within 3-6 months of buying.
Don’t miss out on the hidden costs
First-time homeowners are often startled when they begin to recognize the hidden costs of owning their own homes. There are many one-time start-up costs to building your first homes like furniture, lawn and garden equipment, window treatments, internet, and media wiring. And homeownership comes with ongoing monthly expenses that can catch you off-guard if you’re not prepared for them; expenses such as homeowner’s insurance, property taxes, and different monthly bills.
Choosing an appropriate location
There is no argument regarding location being a major factor. It plays one of the most important roles in building your house. Whether you are building your home in a suburban area or in the outskirts (interior south or north), you will almost always need to choose the land before you select floor plans or other details. Most probably you will hire a professional who will need to investigate factors such as soil condition, drainage, and building codes in the region. Costs will be higher if your house design needs to be customized to fit the lot. Check if the house can be built on the lot using stock blueprints or new ones, depending on your budget. Please choose a location carefully. I believe you will not want to open the windows of your dream house and see the backside of a concrete or a dump area? You have to ensure that there are facilities nearby.
Creating a new house plan
The first and foremost step in designing a house involves creating a design plan. There should not be any confusion regarding the number of rooms/bathrooms, etc. you want to have; the scope for future expansion, and the size of each of them. There should be no disparity between you and your designer/company. Please make your decision and finalise it before the concerned person makes the plan. Many new homes are built using stock plans from a printed catalog or an online source. Finding the right plan can take some time. One place to begin might be deciding on your favorite house style. Get ideas from the many catalogs available, and if necessary, have a builder or another building professional such as an architect or designerhelp you choose the best stock plan for your needs. A home designer can also make minor modifications to the stock plans in terms of room size, window styles, or other details.A custom-designed home, on the other hand, is created specifically for the family who will live there and the site it sits upon. In most cases, custom-designed homes require the services of a licensed architect. They may ask several questions like “Where is the sun in relation to the lot? Where do the prevailing breezes come from? How can we save money on long-term heating and cooling costs?” The architect should also ask exhaustive questions about your lifestyle and preferences. Whether you opt for a stock or a custom design, it’s wise to choose a plan that will meet your needs for many years to come.
Get necessary permissions and collect required documents
Be sure to get written, signed contracts for each building professional involved in building your home. You will require to get approval from the concerned authorities like the local municipality, electricity board, Sanitary Board, Sewerage Board, etc. At the very least, this means a contract with the general contractor/builder, as well as the home designer or architect, if they are part of the process. A contract for new home construction will describe the project in detail and include a listing of all the parts to be included in the house ‘specs’ (specifications in short). Without detailed specifications, your house will likely be built with “builder’s grade” materials, which can be on the cheaper side. Be sure to hash out the specs as part of the negotiation before the contract is written as part of negotiation and then make sure everything is clearly listed. Remember to amend the contract later on if you or your contractor makes any changes to the project. Also, remember to have everything in pen and paper and nothing in verbal communication.
The time spent completing the preliminary steps to building a new home can be an exciting period, but this is also a time to evaluate if new construction is the right choice. The process is a lot of hard work and it brings disruption in your life and the lives of those around you. Analyze your motives to build the house and do not rush into it and please do not take any rash decision also.
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