4 Things to Keep in Mind When Building a Home
Building a home takes a considerable amount of time, effort and money. But, on the upside, it provides homeowners complete power over customizing the property as per their needs. If you’re thinking about building a new home, there are a lot of things to consider. You’ll need to create a sound budget, find a great real estate agent, work with an experienced interior designer and make sure you’re mentally prepared to tackle the project yourself. Here, we’ll explore the steps aspiring homeowners should take to build their dream homes.
1. Create a Solid Financial Plan
When building a new house, the first step is to create a sound budget. This will help keep your costs under control as you move through the process of designing and constructing your home. Here is a list of expenses to keep in mind:
- Cost of buying the plot of land
- Cost of construction materials (some will be priced higher than others, hence consider that as well)
- Cost of hiring contractors and paying for labor
- Mortgage expenses, future monthly repayments, and duration
- Licensing and permit costs
Estimating these costs singlehandedly will be challenging. Hence, reach out to contractors and stores selling raw materials and ask for estimates, as reported by Finance of America. Consider receiving at least three bids and proceed to compare them based on project cost, estimated time for completion and product quality. Additionally, when selecting contractors, go beyond the estimate and consider other important factors such as reputation, reviews and performance in similar projects.
2. Work with an Experienced Realtor
The importance of choosing the right plot cannot be emphasized enough. The ideal plot will provide a stable foundation for the home, be located in a safe area and have projections to appreciate in the coming years. Predicting future value is easier if you’re buying a plot in an area where other homes are already built. But it is much harder if your home will be the first property on a new plot of land.
Working with an experienced realtor makes this process easier, as they’ll be able to find, inspect and suggest plots in line with your requirements. Reach out to prominent realtors in your area and set up meetings to discuss your project. Here are some questions to ask during the meeting:
- How many similar projects have you completed in the last five years?
- What is your rate for these types of projects?
- Can you help in hiring contractors and negotiating suitable prices?
3. Hire an Interior Designer
Interior designers are specialists in creating a home plan that is aesthetic and functional. After the main structure of the home is built, an interior designer will ensure that everything from flooring choices to paint colors are exactly what you want them to be. This will require hiring contractors for projects related to painting, tiling, lighting, bathroom finishing and more. Your interior designer should also be able to recommend contractors who will do quality work at competitive rates so that all aspects of your home can be completed within budget.
4. Choose a Great Landscape Designer
Along with the home, your plot will include plenty of space to create a great garden, lawn and deck. For this project, hire a landscape designer who specializes in creating beautiful outdoor spaces. Ideally, the designer should have experience working with builders to ensure that landscaping projects can be scheduled properly, as well as homeowners so they know what’s possible when working within tight budgets.
When choosing a designer, give preference to those who use landscape design software. This helps to keep costs in check while providing insights on outdoor design. By using features in landscape designer software, designers can determine how much space should be devoted to grass and trees, the best variety of plants to be used depending on the local climate and the ideal position of the patio or deck.
Choosing to build a home is a rewarding experience when done right. Given the complexity of the project, it’s best to work with experts such as a realtor, interior designer, mortgage broker, and landscape designer to ensure your dream home is built in line with expectations.