Tips for Building a Home
Building your new home is an exciting and occasionally overwhelming experience, but for the builder it’s extremely routine, which is the reason you will need to be an active participant in all aspects of the home building process to make sure you wind up with “YOUR” dream house.
Building your new home can’t be a passive exercise, since there are several choices that “must be” made by you. If you’re unable or unwilling to make these decisions, then you may force your builder to create them and run the risk that your new house won’t turn out how you envisioned it or price what you believed. Here are 5 things you need to know and take into consideration when building your new home:
- Know your numbers
Before you begin building your new home, run some numbers to ascertain whether you can afford to create the home you desire. Most home plans offer a price to construct tool (usually for a nominal fee) to give you an accurate estimate of construction costs based on where you are building. The numbers include the costs of building, tax benefits, funds for the down payment and slush fund, along with other relevant calculations.
As soon as you’ve decided you can manage to build the house you want — buy your home plan and visit the bank to arrange for funding. Bear in mind that house construction financing is somewhat different than regular mortgage funding. First you will need a house construction line of credit which will be used to pay subcontractors and suppliers who perform work and source supplies. Once your property is constructed, you’ll require a home mortgage to pay off the construction line.
- Check the reputation of your builder
Many builders are out there, but not all are created equal. Do a little research to discover which design and build company has the best reputation. Whether you search for information on the internet or get recommendations from your loved ones and friends, figure out if a builder is admired for doing quality work in addition to being punctual.
- Construct with resale in mind
However much you really love the house which you’re building, it is unlikely that it’ll be the last house you will ever own. Recognising this, you should be mindful of its potential resale value. Do not add so many updates that you overprice your home for the area. And do not choose anything too out of the ordinary- stick to contemporary house designs. Ask yourself whether the features you’re contemplating installing are going to appeal to other people.
- Think Green
Ensure to do your research to make the most of energy-efficiency in the design of your new home. Your architect and builder will help make certain that your windows are south-facing so that you get as much sun as possible heating your residence. You will need to make sure that toilets, laundries and garages are on the south side of your house and have little windows to minimise heat loss. Spend time picking your insulation and HVAC systems, in addition to energy-efficient appliances, solar kits, and water-saving taps and toilets.
- Do not forget the punch
Part of the last phase of building a new house is to discuss your “punch list.” A punch list is a list created in the conclusion of structure that shows what needs to still be done or what has to be repaired on the new structure. You and your contractor will make this list the week prior to closing when you proceed through your closing walk through. You should be taking notes each time you come to your construction site or do a walk through.
For those who have a realtor, it’s a great idea to have them engage in the punch list since they’re not emotionally attached to your house and might have a better eye for identifying defects.
When developing a punch list to your new home, bear in mind that problems typically fall into two classes: reasonable flaws and irrational defects. Maybe your electric driveway gates are faulty or you notice a crack in the ceiling, now is the time to voice these concerns. Reasonable flaws are defects that fall within the tolerances of building construction (or insignificant defects that generally do not impact the grade of the new home).
On the other hand, unreasonable defects are flaws which must be fixed. These issues do influence the quality of the house. After any unreasonable flaws are fixed in your new house, this is known as substantial completion, so the new home is liveable and could be inhabited. Before closing on your new home, you’ll have one last walk through to confirm that the items on your punch list were fixed.
Be certain you place the money for the conclusion of your punch list in escrow. This will let you move into your new house while still requiring the builder to complete the items on the punch list. The punch list marks an exciting time in the process of building your new home, because your house is almost done! Remember to not get so excited that that you breeze through your punch list, since you don’t need regret that you did not take the opportunity to fix these issues.
