The decision to have your own home built for you, is a big one, and one that few will (or should) rush into. While you might know that it’s what you want to do, are you certain that you’ve thought long and hard about every aspect of a construction project?
To help you decide whether having a home built for you is the right decision, here are a set of questions to ask yourself:
- Have I got enough money to construct my own home?
While having your own home built may seem like a worthwhile and affordable investment on paper, there can be any number of unplanned costs that come into play, and bump the total up and out of your comfort zone. Be sure that you can afford the initial estimate for the build, and have extra put aside (a typical amount would be an extra 10% of the total cost) in case of setbacks or delays to the project.
- Am I patient enough, and do I have the time?
Naturally, having your own home built involves a much lengthier process than simply buying a new one and moving in, so it’s important to ask yourself whether you have the time to wait while the project comes to fruition. Such projects typically require a lot of patience, too, especially if things don’t always go to plan or there are unavoidable delays and setbacks.
Taking a minimum of six months to construct, some custom homes can even take up to 18 months and more.
- Can my relationship cope with it?
If you’re investing in a construction project with a partner, be warned that it could well take its toll on your relationship, so be prepared for some ups and downs while you home is being built!
- Does the design plan involve everything I need?
If you’re going to invest so much time and money into having your own home built, you want to be sure that it’ll meet all of your needs. List ‘must-have’ features that your budget has to allow for, and other ‘wants’ that you would like, but which aren’t essential. That way you can design a home that is functional, stylish and within budget.
- Have I found the right location?
Is there land available where you want your home to be built? And if so, how will you pay for it? You must also account for potential location costs, such as city permits, power and sewer hookups and any excavation and landscaping that must be completed as part of the building process.
- Is there a reputable general contractor in my area?
Finding a trustworthy and reliable general contractor is vital for the successful completion of any construction project, and make sure you don’t just go for the first one whose name appears in the directory. If you don’t find one right away, be prepared to wait and never base your decision solely on price.
Hiring a general contractor to build you your ideal home can be a wonderful decision, but rush into it, and you could quickly begin regretting your choice. Research your options, find a contractor you can trust and make sure you can afford to see the project through to the end.