4 Things to Consider When Building Your Own Home

Building your own home can seem like a dream come true, and it likely is something that you have been working toward for at least the last few years. Now that the time has arrived for you to actively begin designing and building your home, you understandably have incredible expectations for the process as well as for the finished result. As you begin the process, it is important to initially focus your attention on these critical factors.

Your Budget
Your budget will affect the size and quality of home that you can build, its location, its features and more. It also will impact your monthly budget in the years ahead. Consider a comfortable figure for your future housing expense and the amount of money that you can contribute to the project from your current assets. Then, consider the financing that you may qualify for. By focusing on these factors, you can determine the maximum amount that you can reasonably spend on the project. Remember to leave room in your plans for contingencies.

Your Needs and Wants
Everyone has specific needs that an ideal home will fulfill, such as a bedroom for each child, adequate storage space, or large dining room to fit the whole family. Many people also have strong desires, such as the desire to have a media room or a fitness room. You may need a location close to your workplace, and you may prefer that your lot has a great view. Create a detailed list of needs and wants, and use this list to guide your lot selection and design efforts.

The Location
While you may be eager to start designing your floorplan and breaking ground on the construction, the importance of location should not be overlooked. Your home’s location can affect your commute time, your property tax rate, insurance cost, the quality of the kids’ school and other factors. Remember to select a lot that meets all of your needs and that is affordable for your budget.

The Builders
The builders you select to facilitate the entire project should be chosen carefully and after considerable researching and several interviews. Your new home builders should be experienced with the size, style, and materials of the home that you wish to build. They should also have great reviews and a track record for completing projects on time and on budget.

Building your home can be a wonderful experience, and it may yield the stunning results that you desire. However, this process requires considerable forethought and careful planning. Allow these considerations to guide your initial efforts as you prepare to build a new home.