Having your own home is undeniably an accomplishment – a true milestone in one’s life. You've made developments in your career and your personal life so it's the right time to own your new dream home. However, unforeseeable events in your life may contribute to remodeling decisions that might be costlier than expected.
When rebuilding a new home, there are some things that you have to consider before sealing the deal with your chosen contractor. These factors should be taken into consideration because it can affect your financial situation as well. Making big decisions such as home remodeling should be thoroughly assessed before proceeding to remodel the house itself.
Here are 6 things you must know and take into consideration when building your new home.
- Time Duration
The first thing to do is to set your time duration. This is important so you can have a schedule to strictly follow. And having this could somehow predict one major factor in your budget – labor cost – especially if you are paying them on a daily basis and not by contract. By having a definite time duration, you can easily see if you are behind the schedule and can have your laborers work faster. It will also allow you to go through the process you really want. Just make sure to be realistic in when allotting a timetable for each procedure.
- Site Location
Of course, the place where you’ll construct your house is important. Do you already have a land or do you still have to buy it? If you already know the area, you should also consider the condition of the site. Is it a flood prone area? Or is do typhoons hit the place a lot? Is there a fault line within the site? Observe where the sun will stay during the daytime so you can position your windows away from it. These are just some of the circumstances you can ponder on and build your house suitable for your chosen location.
- Construction Cost
This part can be complicated sometimes since most contractors already come with the list of inclusions regarding the design and house specifications. But sometimes, the buyer still want some add-ons. But can your budget cover all the additional expenses? Remember that building a house is different from buying a built one in terms of financing and it is embarrassing if you have to stop building your house in the middle of construction because you ran out of your budget.
On the other hand, there are government programs can help you fund your remodeling project. Depending on the state, you can apply for a program that’s more suitable to your current situation.
Others talk about surety bonds, but let’s make this clear: getting construction bonds for private home remodeling projects will be impossible, not because they're too risky for surety companies, but as a result of being private jobs. As mentioned above, surety bonds for construction jobs protect the public and are used for public projects. It's possible to get surety bonds for private home remodeling jobs that are being paid for by the government, e.g. the government stepping in and paying for projects in a particular state where a hurricane caused significant damage to homes.
- Lifestyle
The next thing that many people outlook when planning to build their new house is their lifestyle. Do you expect some major changes in the next few years like a job transfer? If so, are you sure you want to push through with your decision? Having a lifestyle check can really help you decide on what kind of house suits you and your family.
- House Plan
Having a house or a floor plan is beneficial. It will help you visualize the outcome of your home, plan out the appliances, furniture, and fixtures that will fit your house. It can also ensure that you will have enough space for everything and your rooms have a nice flow in it. For example, some may want to have the kitchen open or easily accessible to the dining area or even to the living room so while cooking, you can still interact with your guest or look after your toddlers.
- Builder
Having a reliable and experienced contractor and builders will greatly lessen your stress since you can work or do something else while not thinking too much if your workers are doing the things that were planned. A great builder can also let you save some money because if your workers always mess up their jobs, additional expenses will be needed to cover up their mistakes. So be extra careful in choosing your builders because they are going to be your partners until your house is built.
If you have considered all of the factors and your response are positive, you are most likely ready to start planning and thinking about constructing your new home. This list may not be able to eliminate your stresses completely but it can surely lessen them. So keep calm, think and plan carefully – you can soon live in a home where you can find peace and fulfilment.
