Friday, 23 June 2017

3 Tips to Build Your First Home

Written by Posted On Wednesday, 12 April 2017 20:02

 

As soon as you make the important decision to move forward on your plan to build a home, you may be eager to get the project started. You may be inclined to find a builder, scour through home plans and apply for a construction loan. While these steps are all important, there are some other important things you need to do to properly prepare for these steps. When you make an effort to devote ample time to these critical tasks, you can more easily build a dream home that you and your loved ones will enjoy living in for years to come.

 

Spend Ample Time Planning

Enough cannot be said about planning for the construction of your dream home. Consider all aspects of your family’s needs to ensure that a functional yet stylish floor plan is created. For example, think about the ideal placement of the master bedroom in relation to the kids’ rooms. If you have downstairs bedrooms, consider which rooms are directly above them for noise purposes. Focus on your need for storage space, and allow extra storage space to accommodate your growing needs over the years. Consider if you want an eat-in kitchen, a large covered patio, a game room or second living area and more. If you plan to entertain frequently, ensure that your home has an ideal layout and size for this purpose. Think through all aspects of your daily life, and pay attention to house features that are critical or important. It can be helpful to walk through a few model homes to get some planning ideas.

 

Create a Firm Budget

There are several aspects of your budget that you should consider, such as your construction budget, your moving budget and your monthly budget after you are in the home. Think about your current available funds that can be used for the down payment, closing costs and moving expenses. In addition, consider how the new home will impact your regular monthly budget. Request an estimated monthly mortgage payment for the new permanent home loan. The new mortgage payment, insurance premium, property taxes, utilities, HOA fees, home maintenance fees and more all need to be budgeted for. You may also consider how your commuting expense will impact your budget. By focusing on these points, you can reduce the amount of financial stress you feel when building a new home.

 

Choose Your Lot With Care

After you have taken these initial steps to prepare for the construction process, you can select your lot. The location of the lot is critical in various ways, and you should carefully narrow down your options. For example, the lot you select to build your home on will impact how far away you are from work, what the crime rate is like in your new area, which neighborhood amenities you have access to, if you have a view, the quality of the schools your kids will go to and more. The lot also can impact home insurance costs. Many will need to file home insurance claims at some point, but some lot features can make your home more susceptible to damage. Consider, for example, if you have a flood-prone lot, many trees that can damage the home and more. Your lot can also affect how noisy your neighbors are, how much traffic passes by the home and even if construction will be taking place near the home after you move in.

 

As you can see, there are numerous factors to consider when preparing to build your first home. While the initial steps can seem overwhelming, you can easily walk through them one by one. Ensure that each one receives ample attention, and avoid rushing through the steps. By focusing your attention on each of these points, you can enjoy a better overall building experience with fabulous results you can enjoy for years to come.

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