So, you have saved up enough money, and you are ready to build the home of your dreams. You can already picture yourself inside it, having a romantic dinner with your spouse or enjoying a playful weekend with your kids.
But before you go at it, consider doing the following three things.
Create a Flexible Budget
Unless you are a celebrity, athlete, or thriving entrepreneur, if you want to build the house of your dreams, you must first see how much money you have. If you have very little, you could explore getting a loan from a reputable bank or financial institution.
Seems pretty easy now, doesn’t it? At first glance, this process might appear quite simple. Yet, there a few things to consider, including:
- Land. If you already own a piece of land, this is a major expense that you will be saving on. If you don’t, you should look into available options. One of them is to buy an empty space. The other is finding a place with an existing property or building. In this case, you have to account for demolition and cleaning costs.
- House. Once you have a place, the next step is calculating how much your house will cost. Perhaps you are interested in having balconies for every room. Maybe you want your exteriors to be outfitted with covered walkways or canopies. The important thing is that you are as detailed as possible while leaving room for changes.
- Construction. Construction costs include materials, labor, and design. Make sure to look at different options before making a final decision.
By taking these and other aspects into account, you will avoid unnecessary surprises once the process has started. As a final tip, put aside at least 15 to 20 percent more money for changes along the way.
Find the Right Partner
You cannot build a house on your own. No matter how intelligent, skilled, strong, or knowledgeable you are, constructing a property takes a team. As such, you need to find the right people to work with.
When looking to work with a construction company or architectural firm, first ask yourself these questions:
- What kind of experience does this person or firm have? Are there any previous projects you could look at?
- What kind of timeline are they offering? Does it seem reasonable to you? Even though you might not know exactly how long it takes to build a house, use common sense. A dishonest firm could either delay the project to increase costs or promise things they can’t deliver to get the deal.
- Do you see yourself working with them for a long time? Maybe the enterprise is great, and the timeline is adequate. But if you can’t get along with the head architect, it’s not worth your time. The smoother the process goes, the better.
- How flexible is the contract? Some construction companies might charge extra for every change they make, no matter how big or small. This is not an organization you want to work with. They are there to provide you a service, not to milk every cent you have.
Finding answers to these questions will help you make the best possible decision for yourself and your family.
Think Long-term
Your dream home is not my dream home. And mine is not somebody else’s. Even though this might sound obvious, many first-time home builders make the mistake of limiting themselves regarding home ideas, features, and expectations. Of course, everybody has budget constraints. But this doesn’t mean that if you want a toilet in the middle of the dining room, someone else has the right to say no.
There are a few essential items every house needs. Some of them are the foundations, structural walls, utility systems, and roof. Aside from that, everything is fair game. You can decide on how many bedrooms you want, how big each one is, and what it includes.
If you love cooking and hosting parties, you could look into building one internal kitchen and another one on the outside. Busy people with children could ask about having three bathrooms instead of two, even if not all of them have showers.
Apart from being open and flexible about design, another important aspect to consider is the amount of time you will live in your new home. Nobody builds a dream house to sell it right away. Hence, ask yourself if your house has room for expansion once you and your spouse decide on having kids. And if you are single, maybe you might want a future guest room or game area for friends and colleagues.
Every house is different. If you want yours to be the best it can be, remember to make a flexible budget, find the right partner, and think long-term. A dream house is called a dream house for a reason. The last thing you want is to turn this process into a nightmare.
