What to Know Before You Start the Home Construction Process

What to Know Before You Start the Home Construction Process

What to Know Before You Start the Home Construction Process

If you are considering having a new construction built, it is easy to feel excited and overwhelmed. Buying a home is a big step, but supervising the new construction of your own home is even bigger. There are many choices and the scheduling and decision making can seem overwhelming. While the general contractor will handle the big steps involved in home construction, there are plenty of things you will need to take care of to ensure the process runs off smoothly.

Make Sure Your Finances are in Order

Home construction has a lot of variables built into it. You want to be sure there is some wiggle room in your budget so you are not blind-sided if things go wrong or some unexpected problem develops. The builder will give you a cost to construct what you have in mind, but problems with the site or issues with suppliers are just two of the issues that can drive the cost up once construction begins. One way to ensure you have the money you need is to lower your monthly expenses. As you begin the building process, you may want to temporarily lower your discretionary spending. There are also things you can do to lower your monthly expenses. Consolidating your student loans at a lower interest rate can save you money each month over the life of your loans.

Choose a Builder You Can Trust

The builder you choose is going to be in charge of what is probably the largest investment you have made up to this point in your life. Choose someone with experience, who you trust, and who has a solid reputation. If you have friends who have recently had homes built, hearing who they used, and the good and the bad related to that, can help you make up your mind. The bank who is handling your mortgage may also be willing to provide the names of some they have experience working with. Once you have a shortlist of who to talk to, you should discuss your plans, get an estimate, and hear what type of schedule you are looking at. You should feel comfortable talking to the builder you choose. A builder can have a great reputation but still not be the best choice for you.

Make Smart Choices

Whether you are building this with the idea that it will be your forever home or you know you will be moving on eventually, it is important to consider that one day the house will be sold. Make sure that the choices regarding building make sense for your family and situation, but understand that anything particularly niche or extreme will make it more challenging to sell later. There are things you can do that will make the home easier to sell if and when the day comes, and that also make the home more livable for you. Building in compliance with ADA standards, for example, takes nothing away from the home aesthetically but increases comfort and livability. An experienced builder can help guide you with these choices.

What to Know Before You Start the Home Construction Process
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What to Know Before You Start the Home Construction Process

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What to Know Before You Start the Home Construction Process
BDC 280. MAY 2021

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What to Know Before You Start the Home Construction Process