You’re about to start a brand new chapter in your life — building a home for you and your family! It’s an exciting time as well as a stressful one. As you go through plans and meet with various contractors, you might feel a little overwhelmed by the entire process because you want everything to be perfect.
There are a few critical items to consider when building a new home. Let's explore what those items are to give you peace of mind and to ensure that you're starting on the right foot.
Plan a Budget
Consider your budget from the very moment you start thinking about building the house. Develop a realistic idea of how much you can afford to spend and what necessary costs are involved. Budgeting is, at its core, about balancing your wants with a practical assessment of what you can afford.
You'll likely need a construction loan and a mortgage. Based on your annual income and other financial obligations, you can find out how large a loan you can qualify for. Today, most banks are eager to prequalify you for a construction loan, which will give you an idea of the maximum amount of money you'll spend. In these early stages of construction, you'll look at the different elements of your new home and its cost. You'll consider costs such as:
- The land itself
- General contractor
- The architect or designer
- Construction materials
- Interior Features
- Appliances
Assessing this list is a complicated, time-consuming procedure. To do it correctly, aim to start it several months before construction begins.
Find the Right Contractors
Part of the budget planning process involves finding the best contractors and installers for your new home. The last thing you’d want is to invest your money into a poor installation job or unsatisfactory products.
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When it comes to your home’s essentials, products, and appliances, you'll only want to work with installers with several years of experience under their belts, who are also licenced and bonded.
Choose Your Lot
If you haven’t purchased a building lot for your home, speak with realtors to get a rough estimate of land prices and locations you’re considering. The costs of land vary according to size and location, however, in general, you can plan for 20 to 25 percent of the costs of your new home to go toward the purchase of the property.
You’ll almost always need to choose the land before you select floor plans and other details. Investigate factors such as drainage, soil condition, zoning, and building codes in the region before setting anything in stone. And remember that costs will be higher if the design for your house needs to be customized to fit the lot. If it can be built on the lot using stock blueprints, it will benefit your budget.
You might be a little nervous about starting this new life chapter, but you should be excited, too! If you give yourself enough time to plan and carefully select the best team and the best lot, you and your family will soon have the dream home that you deserve.
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