Building your dream home is supposed to be one of life’s most exciting moments, and with careful planning and attention to detail, it can be. But if you start the project without knowing in advance what will and won’t work for you, or cut corners where you shouldn’t, the result could turn the dream into a nightmare.
This blog entry highlights five mistakes that people commonly make when building their new home, and how to avoid them.
Mistake #1: Not including a buffer in your budget
Once you’ve gotten all the necessary quotes from architects, contractors, and other building professionals, you will have a general idea of how much it is going to cost to build the home you want. But don’t assume that this is all you will end up paying before it’s over, because it could be more. And if your budget has been exhausted, the house could remain half-finished until you get more funds together.
Your budget should generally include a buffer of around 10% of the quoted cost. This will prevent the project from being derailed by unexpected costs such as wage increases, changes in material costs, etc.
Mistake #2: Short-term planning
Many people build homes with only short-term plans in mind. A small bungalow is fine for a young couple, but what if you have children? Will there be rooms available for them or will expensive renovations have to be done? Do you plan to eventually bring your parents in to live with you? If so, think about putting bedrooms on the ground floor. Your house should be built to accommodate important lifestyle changes.
Mistake #3: Failing to consider resale value
If you don’t plan on living out the rest of your years in the house, you’ll want to sell it eventually. A lot of people forget this, and either build the place in appealing but inconvenient locations, or design it to reflect their personal quirks and tastes. When the time comes to sell, buyers shy away.
To help ensure that your house brings a good return on investment, keep the layout and fixtures tasteful and timeless. Buy your build plot in a desirable location. All of these factors will contribute to a good resale value.
Mistake #4: Trying to bypass the permit process
Getting the go-ahead to build your home involves obtaining certain permits. The process can involve a series of time-consuming and expensive inspections, which is why people occasionally try to start construction first and worry about the permits later. Don’t do it: your project could be stopped and you may even be fined.
Mistake #5: Not vetting your builders or contractors
With so much at stake, you need to confirm that the builder and contractors you hire are competent and reliable. Don’t be blindsided by low prices: the work could end up being just as cheap.
Ask prospective builders for photos of past work and testimonials from previous clients. If possible, go view a house they built. If it looks good, you’re probably in good hands.
Building your dream home is a major life milestone: don’t ruin it by making mistakes that can be avoided with a little diligence.
