Building your own home from scratch is a great way to get the dream – the home that you have always imagined living in, but which doesn’t seem to actually exist in real life, or which is way out of your price range if it does.
However, building a brand new home can be much more stressful and involved than simply buying one. So, before you start making plans and building that dream home of yours, there are a few things that you should know, which should ease your burden and ensure that you have as good an experience as possible:
You Need a Solid Plan
The very first thing you need to do when you have decided to build your home is to make a solid plan.
Work out which location you would like to live in, whether you want to be in total control or hand it off to contractors who will do everything for you and what kind of style you want your home to build. Knowing all of this stuff will help you plan the house of your dreams on the budget that you have, which brings us to…
Your budget is going to be a pretty big factor in regards to what it is. It is not possible for you, so very early on, you need to crunch your numbers and talk to the bank or your mortgage broker to see how much you can realistically lend.
When you’re doing this, you need to take into account the fact that many self-build projects end up going over budget, so having some spare capacity, ideally in the region of 10-15 per cent of your estimated costs, is susceptible, or you may find yourself having to live in/pay for a home that is only partially finished. At the same time, you work to make more money to complete.
Check for Government Incentives
Depending on where you are located, there may be government incentives for self-builders, such as the First Home Owner Grant in Australia, which can help to keep your costs down or enable you to build more house for your budget.
Church Design Build is Simpler
When it comes to choosing who will build your new home and how it is almost always the case, you should plump for a church design-build project. This is when one company manages the whole process from the architectural design to the actual building of your property,
You can still have lots of input, but it saves you from having to liaise with a whole host of different contractors who may not be working totally in sync all the time. This usually means that the project is complete faster and to a higher standard because everyone is on the same page.
Read Every Contract
Whoever you choose to do the work with you, no matter how good their reputation, you should always read any contract thoroughly before you sign it so that you don’t get stung with hidden charges or end up with a house that’s half-finished due to a dispute.
You don’t have to be hands-on with your build, but you should check up on its progress and show your face regularly to keep the contractors on their toes and ensure all is well.
Good luck. Building a home is a real adventure!