It is an exciting and often daunting experience to be constructing your new home, but it is quite routine for your builder, which is why you must be an active participant in all elements of the house building process to guarantee that you finish up with “YOUR” dream home.It is impossible to be passive during the process of building your new house because there are so many decisions that “must” be taken by you. If you are unable or unwilling to make these decisions, you will be forced to do so by your builder, and you will face the danger of your new house not turning out the way you envisioned it or costing more than you anticipated to construct it. Listed below are three things you should be aware of and take into consideration while planning your new home:
1. Be familiar with your numbers – Before you begin construction on your new house, do some financial calculations to evaluate whether you can afford to create the home of your dreams. Most home plans include a cost-to-build tool (which is generally available for a small price) that will provide you with an exact estimate of construction costs based on where you are building. The figures include building expenses for a new home and land packages in Brisbane, tax benefits, monies for a down payment, and a slush fund, as well as other estimates relating to the development project. Once you’ve concluded that you can afford to build the home of your dreams, you may purchase a house plan and visit a bank to arrange for construction finance. It’s important to remember that home building lending is a little different from traditional mortgage lending. First and foremost, you’ll want a home building line of credit, which will be utilized to reimburse subcontractors and suppliers that do labour and deliver supplies on your behalf. Once your home is built, you will require a residential mortgage to pay off the debt incurred throughout the construction process.
2. Verify the reputation of the contractor you are considering hiring – There are several builders available, but not all of them are made equal. Carry out some preliminary research to see which builders have the finest reputation. Look for information online or ask for references from relatives and friends to see whether a builder is well-known for producing high-quality work while also being on time and in a timely manner. We urge that you only work with builders who are members of the National Association of Home Builders, as recommended by our architects and designers (NAHB).
3. Design your home with resale in mind – Even if you adore the home you are creating, it is doubtful that it will be your last and last residence. Knowing this, you should keep in mind the prospective resale value of the property. Don’t over-improve your home to the point that it becomes overpriced for the community. Also, avoid selecting something that is too out of the usual. Consider whether the features you’re considering implementing will be appealing to others in the long run.
