Owning a home is many people’s dream, and when you’re finally ready, there are two ways you can make that dream come true.
You could either hire a real estate agent and go hunting for an existing property or build one yourself.
Now, the first option limits you to what’s available. But if you want to bring to life that vision you’ve been holding on to forever, building from scratch is the way to go.
Keep in mind that a home construction project is usually demanding, challenging, and time-consuming. But don’t fret. Let’s take you through the steps that make the home building process smooth and uneventful.
1. Draft A Budget
Before anything starts, the first thing you need to do is draft a budget. It’s a recommended first step for any project you undertake, let alone one as costly and demanding as construction.
When you have a detailed budget, it’ll guide your decisions throughout the building process. Everything will fall into place since there’s less chance of going overboard.
A budget also ensures that your construction project doesn’t stall because you’ve run out of money. You would’ve allocated funds beforehand.
2. Find A Strategic Spot
Choosing where to build your home is just as important as the construction process itself. Your heart has to settle on a lot that suits your needs. And that starts with finding the right neighborhood.
One of the things you need to consider at this stage is local property laws. Check with the proper authorities on what is allowed and what isn’t to avoid unpleasant surprises down the road.
Besides property laws, other factors to consider are the distance from your workplace, school, hospitals, fire station, grocery stores, etc. Ultimately, a strategic spot means a place that fits your immediate and long-term needs.
3. Secure Financing
You’ve got the budget that gives you a complete picture of just how much you need to build your new home.
The next step is financing.
If you have the funds upfront, you’re pretty much sorted. For most people, however, there’s a need for additional financing.
The thing about building a home from the ground up is that it’s tricky when it comes to securing a loan. You don’t have the option of a mortgage like you would when buying an existing home off the market.
However, other types of loans could help fund the construction, from personal loans to construction loans, which are mostly offered directly to contractors.
Personal loans are not tied to your project. They’re short-term loans you could get from your bank, private lender, or credit union. How much you get may depend on your credit score.
On the other hand, construction loans are specific to the project. They’re also short-term with a higher interest rate than a standard home mortgage. The good thing is you can take a mortgage on your home once it’s complete and pay off the more urgent construction loan.
If you choose to get a construction loan, you’ll have to prepare the plans and designs first. Your lender will want to look at them before they approve the loan.
Get The Plans & Designs
With the financing options figured out, it’s time to get the home design and space planning done. You have a lot to think about, such as the floor plan, number of rooms, space needs, access ways, etc.
This stage of the home building process is not something you can do by yourself. You need professionals to keep your vision in mind while drawing plans and creating structural designs.
A full-service design firm will ensure your home building process goes smoothly by taking care of all your architectural and engineering needs.
Look For A Good Contractor
Now that everything’s ready, it’s time to put things into action and what you need is a reputable contractor. There’s no shortage of building companies, but you’ll need to be careful when searching. Like most things, quality is vital.
When you find a contractor, ask to check their track record. This way, you can verify their abilities before you commit.
Now, how do you go about looking for an experienced contractor?
- Ask the people around you for referrals
- Go online and browse reviews
- Take your time with your prospects
- Ask lots of questions
Ready to build the home you really want?
First, sort out the financial aspect, get the right plot, and hire top designers to transform your dream into a working model.
Most of all, find a top contractor who knows what they’re doing and can get the job done as smoothly as possible.