Have you searched the property market and found nothing that grabs your attention? Well why not toss the idea of finding a home out the window and build your very own dream home. Building a home allows you to tailor it to your exact needs and gives you the opportunity to put your own unique spin on it.
In order to successfully build your own home you need to follow this six step process:
- Create A Budget
- Find The Right Plot
- Choose The Design
- Obtain The Financing
- Negotiate A Contract
- Supervise The Construction
Number One – Create A Budget
Creating a budget is the first and most important step to the home building process. At every step you will be asked what your price limits are, from buying the land to the construction of the home. Ensure that you choose a budget that does not stretch your budget too thin and is slightly flexible, as building costs are notorious for running over budget.
Number Two – Find The Right Plot
When choosing a plot, you need to ensure that you obtain a plot plan. This plan will give you the details on an assessment of the plot, along with the specific boundaries. Ensure that once you find the right plot, you design the home to be within the boundaries; otherwise it will violate the area’s building code and result in you being fined a substantial sum of money.
Number Three – Choose The Design
Setting on a design for your home can be rather exciting, as this is the type for you to become creative. The key is to start with your own idea and then look at existing home designs to finalise your plan. One major advantage of building your own home is that you can determine the location of the bedrooms, bathroom and living areas in the home.
Number Four – Obtain the Financing
Financing your home is the essential element of building your home. Once you have a budget, the plot and a design, it is time to approach a financial institution for a home loan. This application will be calculated on a bond repayment calculator. This calculator determines what you are realistically able to repay and if you are a risk to the bank. Remember to ensure that your credit record is clean; otherwise you will have difficulty obtaining finance at a low interest rate.
Number Five – Negotiate A Contract
Once you have your finances in order, it is time to negotiate a contract with the construction company. Ensure that you choose the right builder and that they are well known and recommended in the industry. Do not worry about finding plumbers, electricians and other specialists as the builder will subcontract it to the right people. Before signing a contract with the builder, ask to see previous examples of their work and speak to people in the construction field, this will give you a clear indication if they are right for the job.
Number Six – Supervise The Construction
Once construction begins, your job is not over. Ensure that you remain visible and in control of the construction. Remember to voice all concerns sooner rather than later. Furthermore, the more you are a part of the building process, the better the chance of you knowing how to fix something if it breaks.
In conclusion, building your own home is not as easy as buying one. However, the reward is that you will be able to move into the home that you want and a house that suits your every need. Ensure that you follow these six steps and stay in control of the building, after all if is your home.
I am Greg Jones, a home loan specialist in a building permits department. I built my own home and I found that following these six steps ensured that I managed to build the home I wanted and had complete control of the construction process.