Building a home can be on of the most exhilarating experiences in one’s life. Unfortunately, it can be one of the most frustrating experiences too. The main reason is the gap between the dream and reality of home building. Here are some simple tips to help you avoid that frustration.
Develop a realistic Budget. This must be your available savings and the qualifying financing you can afford for the entire project.
Get a idea from your local builders about the costs of land, site development and foundation work. Site development should not be overlooked when developing a budget. Most cost estimation services on line do not include that significant cost.
Find out from local builder the approximate cost per square foot to build a house based upon the number of stories. Also, have them take into consideration the level of quality of the siding, roofing and fixtures.
Pick a house based upon the square footage you can afford. This will avoid finding a house and trying to shrink it to meet your budget. Dramatically, shrinking a house can change the appearance and appeal of a home.
If modifications are needed, budget at least $1,500 for the purchase of working drawings and modification fees.
For the house selected, add up all the estimated costs and add about 15% to 20% to account for unexpected issues. Then compare the total estimated costs to your Budget.
If you’re on Budget, then feel comfortable to order your dream home’s plans.
If you’re over Budget, work with you local builder to see if you can make changes to get back under budget or find a similar design within your budget.
In closing, by following these tips, you will have a great experience building you dream home.
