Approximately 6 million houses are sold every year in the US. But you could bet the mortgage that only a fraction of them are the buyer’s “dream home”!
If you’re determined to be in the minority by building a custom property, then planning everything rigorously beforehand is crucial to success. Want to find out how to plan your future home to get the best possible results?
Keep reading for some key considerations when planning your ideal property.
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The first factor to keep in mind is your budget. After all, building a house isn’t cheap! Although it’s often more affordable than buying a pre-built property of the same standard, you should still expect to pay at least $100 per square foot…and that doesn’t even include what you’ll have to spend on the land itself.
Make sure you sit down, learn about the costs involved, and run the numbers. Only start the design phase when you have a solid grasp of how much you can afford.
Most people who intend to build their dream home want to finish it ASAP. Not only that, but they want it to be 100% perfect! With so much money on the line, anything less seems unpalatable.
We totally understand. But it’s important to remain as flexible and patient as possible! No matter how perfectly planned a project is, you can expect delays, setbacks, and mistakes to occur.
A key difference between buying and building a home is how it’s financed. Rather than applying for a traditional mortgage, you’ll need what’s called a construction loan to cover the cost of the land and construction process. The key consideration here is which type of construction loan to get.
There are two main options. In the first, you’d convert the loan to a standard mortgage upon completion of the property; in the second, you’d have to pay off the loan by the end of the build. If money’s an issue, we recommend option number 1.
Assuming you’re not handling everything yourself, the next thing to think about is your construction team. First and foremost, you’ll need a first-rate builder with years of experience and a shining reputation! You will also need to do some research into aggregate hauling companies to deliver all of the aggregates needed for your construction project.
With any luck, they’ll know a designer as well. If not, or you’d prefer to find your own, then they should be the next team member to search for. A landscape architect and interior designer are two other professionals worth finding if your budget allows it.
Time to Plan Your Future Dream Home
This list of considerations for building your future dream home is by no means endless! However, it should provide a solid foundation (pun intended) from which you can move forward. Keep these insights in mind and you’ll be one step closer to designing and building the perfect property.
Would you like to take your understanding of this topic to a whole new level? Well, don’t go anywhere! Browse the “Home Improvement” section of our website now.