Are you getting ready to build a home? If so, then the most important item on your checklist is building a healthy budget and setting aside the right amount of money for the project. If you know how much it is going to cost you to build your house on the front end, then you can begin to prepare months in advance and be ready when you break ground.
Get Professional Consultation
When building a home, it is best to involve a contractor during the planning and design phase of the project. Whether it’s an interior designer or a general contractor, a professional can help you pick the right materials and guide you on items such as fees, labor, supply costs, and other aspects of the job. A home design expert can help you put it all together and give you an estimated bottom line figure for the entire job. Feel free to search around for different contractors and designers and compare the price differences between their services.
Where Do You Plan to Live?
In the housing market, everything is about location. The plot of land you choose and where you choose to build should factor into the entire cost of the project. If you find a plot of land that you want to build on ask yourself the following questions:
- What is the size of the lot?
- Is it geographically feasible? How much work will be involved to make the lot livable?
- What is the average price of a home in that neighborhood or area?
- Are there any zoning restrictions?
- What underground utilities will you need?
How Will the Home Be Financed?
When financing your home, saving money and paying cash is ideal. However, if that method isn’t an option, taking out a 15-year mortgage loan is the next best option. Make sure you have at least ten percent of the cost to put down as a downpayment and plan for your monthly payments to be no more than 25 percent of your household’s income.
Who is Involved in the Project?
If you are building a home yourself, then there’s a good chance that you will be hiring a team of professionals to help you at certain stages. For instance, you may be able to lay the concrete and erect the framework, but you may need an electrician or plumbing crew to come in and implement certain systems. In most cases building a home will require the following entities:
- Architect & design firm
- Civil engineer
- Interior decorator
- General contractor with crew
- Subcontractors for specific jobs
- Real estate agent
Planning and Design
The most critical phase during homebuilding is in the planning and design process. It is essential to have every component of your home perfect and ready to go before execution. It is during this stage of the job that you’ll want to work with your design team, including an architect. This can be the most rewarding aspect of homebuilding because it allows you to create your home according to your taste and style. Thus, you should take your time and be intentional with every decision you make.
At Hannah Custom Homes & Remodeling, we’re here to help during every step of your custom home build, including creating a budget. Call us at 615-822-8042 to get started on customizing your dream home!