7 Things You Need to Know When Building a New Home

7 Things You Need to Know When Building a New Home

Building a new home is no easy task and it is an event that doesn’t happen too many times in a person’s life. That is why you need to prepare to the best of your abilities so the entire build goes smooth. This means preparing enough money for the undertaking, securing labour, professional involvement, and having a clear vision of how you wish your future home to look like. From the drawing table, all the way to carrying timber around, we offer you 7 things you need to know when building a home for the first time.

Calculating the total cost

Money makes the world move around and your dream home is no different. No matter how hard you try, you cannot erect your new home if you lack sufficient funds. In order to determine how much money you exactly needed, try to get a quote from a local contractor. You can also get in touch with realtors in the area to find out how much other people have paid their homes.

Every dime matters

This is just the general budget but you need to in detail and keep a tight watch offer the flow of your money. It might seem like a stingy thing to say but you really need to account for every nail that goes inside the structure. If you decide to take out a bank loan then things will get even complicated further. You’ll need to calculate the mortgage rate and set instalment loan payments.

Do I need a contingency budget?

Another important point in terms of finances is determining a contingency budget. For most residential building, it should be set to 10% to 20% of the total budget. A contingency budget is necessary because things are bound to go wrong in at least one segment of the build. In order not to jeopardize the financial structure of the entire project, you should seriously plan for unplanned costs, as funny as that might seem in writing.

A DIY job?

Moving on from the financial to the practical segment of the build, no matter how skilled you are, you will ask contractors sooner or later. It is not possible for a single person to be so versatile a builder that they are good with tiles, wire, and plumbing at the same time. Even if you swear by DIY projects, at least consult design specialists like Statesman Homes in order to get the most out of the interior of your new home. You can never get too many building tips that technically don’t count as help.

Choosing the right contractor

If you wish to give the contractor a free rein then be sure you hire the right people for the job. Firstly, browse through their portfolio in search of projects similar to yours. A building company can build the rocket to the Moon but unless they have residential projects in their portfolio, skip that firm in particular. Furthermore, feel free to go through the comments section on their social media pages to get firsthand customer feedback.

Designing your dream home

Professional help in terms of design is not only a good thing but should be mandatory. However, you need to be able to the designers what exactly it is that you want. This is true both for the interior and the exterior. Unlike purchasing or renting a home, building a home new means that you get to change the size of the rooms, the height of the ceiling, the layout of the house, etc. This gives you a lot of freedom in terms of design but be careful not to overexaggerate and consult the contractors constantly. Sometime your wishes will be impossible to execute so be prepared to compromise is some segments of the building process.

Speed-dialling the people

It might seem like a trivial thing to state but you should keep the numbers of all the people who are involved in speed dial. Of course, individual contractors are not going to perceive their colleagues as a team but from your perspective they are. You are not only the financier but the coordinator of the project. Don’t expect the floor guy to wait for the electrician to finish, as it is your job to coordinate their respective tasks. Don’t hesitate to call the architect, loan officer, engineer or the landscape designer at any time for additional consultations.

The 7 things listed here are just the tip of the iceberg. Once you start the build, you will realize that there are many more hitches to overcome. However, if your finances are in order, then you should be ready for any obstacle you face because you have assembled the perfect team.