How to Build Your Dream Home on a Budget
Are you considering building your next house? While building your own home can help you achieve all the features that you really want, there are certainly many challenges associated with building your home. If you decide that you would prefer to look for a house or bungalow for sale, it is probably best to search on property listing sites like PropertyGuru Malaysia. However, if you decide that you would prefer to build your home instead, read these steps to successfully building your new house.
Buy The Right Land for Your Property
According to The Bungalow Company, it is crucial that you buy the right piece of land in the right neighborhood or area for you before you begin building your new home. You are not just buying the plot of land. You are also buying into the surrounding neighborhood and community. You need to be aware of the restaurants, schools and stores in your land’s surrounding area. For example, if you currently have children or plan on having children in the future, it is important to research the neighborhood’s school district and make sure that you are in close proximity to the town’s center, as well as your office and any other local amenities you desire. Also, determine if there are any local homeowners association fees or rules or regulations in your neighborhood. Once you find the right land and neighborhood for you, you can focus on building your dream home.
Create Your Construction Budget…And Stick To It
That second part is especially important. You can’t just create a budget. You really need to stick to the budget if you want to come out ahead over time. Sticking to a budget is just as important if not more when building your home as when buying your home. According to New Home Source, it typically costs about 20 to 30 percent more to create a custom home than it does for a new production home.
You will need to consider the following factors when creating your construction budget:
- Site Preparation: If you purchased a plot of land in a rural area, you might need to clear away trees and large boulders, as well as haul away any dirt. This site preparation can be expensive, so keep that in mind when creating your budget.
- Permit Fees: Research any zoning laws and building codes to determine if you have to pay fees to build on your land. If so, these permit fees can be costly.
- Time of Year: The time of year will probably impact the construction costs. Labor tends to be more in demand during the summer, but prices will be lower to remain competitive. During off times like winter, prices will likely increase.
- Cost Overruns: The finished cost of the home will almost always be more than the bid price, so make sure that you factor that in when creating your budget and allow for at least an additional 10 percent to cover any unexpected costs.
Buy a Great House Plan
You need to make sure that you have a clear, high-quality house plan before beginning the construction process. Without a very clear plan, the process can become chaotic and you can run into confusion and delays. Work with your builder to make sure that everyone understands the house plan and that it is detailed enough to thwart any problems down the road.
Hire The Correct Builder
In addition to having a great house plan, you also need to have a great homebuilder in order to build your dream home. Your builder should have plenty of expertise building the type of home you want, as well as extensive knowledge and understanding of construction, as well as building codes and ordinances. The builder will also be the person you turn to when it comes to working with banks and dealing with building inspectors and local jurisdictions. They will also obtain a certificate of occupancy so that you do not have to deal with that responsibility.
Be Flexible About What You Want
While you will certainly end up with a more personalized home building than buying, you need to be somewhat flexible about the house you want. You will not necessarily get all the features you want exactly how you want them. Building your house will be a much more pleasant and positive experience once you let go of the perfectionism and go with the flow. That being said, make sure that the overall look of your new home is what you really want. You need to work with your builder as much as possible to ensure that you are receiving the home you want. Otherwise, the time, work and money you put into creating a budget and finding a great home plan is all for nothing. Start planning for the home of your dreams!