Building your new home is an exciting and at times overwhelming experience, but for your builder it is very routine, which is why you need to be an active participant in all aspects of the home building process to ensure you end up with “YOUR” dream home.
Building your new home cannot be a passive exercise, because there are so many decisions that “must be” made by you. If you are unable or unwilling to make these decisions, you will force your builder to make them and run the risk that your new home won’t turn out the way you envisioned it or cost what you thought. Here are things you must know and take into consideration when building your new home:
1. Know your numbers
Before you start building your new home, run some numbers to determine whether you can afford to build the home you want. Most house plans offer a cost to build tool (usually for a nominal fee) to give you an accurate estimate of construction costs based on where you’re building. The numbers include the costs of construction, tax benefits, funds for the down payment and other related calculations.
Once you’ve determined you can afford to build the house you want — purchase your house plan and head to the bank to arrange for financing.
2. Check the reputation of your builder
Many builders are out there, but not all are created equal. Do a little research to find out which builders have the best reputation. Whether you search for information online or get recommendations from your family and friends, find out whether a builder is respected for doing quality work as well as being punctual.
3. Build with resale in mind
No matter how much you love the house that you are building, it’s unlikely that it will be the last home you will ever own. Knowing that, you should be mindful of its potential resale value. Don’t add so many upgrades that you overprice your home for the neighbourhood. And don’t choose anything too out of the ordinary. Ask yourself if the features you’re considering installing are likely going to appeal to others.