If you’re looking to build your dream home, you’re not alone. Several hundred thousand new homes are built every year in the United States, and many of them start in the same way as yours: with an idea and a dream. But building your dream home, while certainly appealing, comes with some special considerations.
Here are some things to think about as you contemplate building your own home.
1. Evaluate Your Needs
The first thing you should do in order to start building is to evaluate the current and future needs of your family and home while also considering longevity. First, start by considering how long you anticipate on living in your new home and how time will affect the housing market in your area.
If you’re in it for the long haul, then certainly consider your future needs. Will your family be growing? Will it get smaller? Is this a retirement home or your first and only? Definitely take into account all potential life choices and occurrences when you’re evaluating your needs and plan your build according to those scenarios.
2. Brush up on Building
If you have experience in construction or the trades, then you likely have an idea of what a builder will provide and what your requirements are as homeowner. If you’re not construction savvy, it’s time to brush up on building a home.
There are several things to be aware of including structural integrity, HVAC, electrical, and plumbing. While we expect many of these things to work at the proverbial flip of a switch, inevitably some mechanical aspect of a home will break and leave you with a choice to make.
Choose subcontractors you know and trust and demand from your general contractor that those crews be used or research the best in town and make some solid choices.
3. Get a Plan
Yes, get a plan on how to proceed, but literally get a building plan. There are thousands of online resources for finding a house plan and giving you an excellent starting point. If you already own land and you plan to build, consider the natural contours of the land when you’re selecting the right house plan for your new home build.
Remember, house plans are a great way to get your homeowner cogs turning but they aren’t the only place to look. If you have special needs or simply wish to make a home even more unique, you may want to consider a custom home and truly making it your own. Keep in mind, though, that custom homes come with some higher costs.
Hopefully at this point, you’ve nailed down a house plan, been in contact with a local contractor, and gotten some pretty solid ideas on what the construction costs of your home will be. At this point, establish a budget, but keep it flexible. Many first time home builders make the mistake of creating a firm budget, only to be victimized by classic construction faux pas such as higher labor costs, higher materials, and customization.
Keep your budget flexible and your financing open as well. While you may very well be approved for a mortgage based on initial plans, as construction goes along, you may need to leverage some additional funds to finish. Tidewater Mortgage Services is your go-to lender for your financing needs.
