Given the increased cost of buying a new home nationwide in 2021, it’s little wonder that a growing number of people are considering constructing their own dream house as a way of getting on the property ladder.
However, building a home from scratch also requires you to procure land and invest in huge amounts of material, so this can be a similarly difficult challenge for aspiring owners.
In this post, we’ll appraise the key considerations when building your own home, while asking how you can make this process work for you.
Location, Location, Location
Of course, location is the key consideration when building your dream home, as this will need to be in a location that suits your goals and wider personal circumstances.
What’s more, you’ll need to balance these considerations with other factors such as cost and practicality, along with the distance to key services and facilities.
This process will enable you to achieve the optimal value for money, while identifying which potential location is best-suited to meet your needs.
Budget and Financing
Budget is another key consideration, as you’ll need to establish an amount that you can afford to spend on the entire project.
However, creating a budget for the construction of a new home is incredibly complex, and you’ll need to factor in a wide range of costs in order to create an accurate and manageable financial plan.
This should also include some contingency cash, to cover any additional costs that are accrued throughout the project.
Managing Timeframes
On a similar note, it’s also important that you have a clearly defined plan for the duration of the project, including viable timeframes that are calculated in line with your financial budget.
This should include a start date and estimated duration, while we’d recommend liaising with your contractors and suppliers to ensure that any potential delays are fully accounted for.
This will translate into a detailed and realistic plan, and one that can be seamlessly managed alongside a full-time job and other daily commitments.
Working With Architects and Contractors
On the subject of dealing with architects and contractors, you’ll need to ensure that you have a clear artistic vision and are able to convey this clearly to your partners.
Of course, your vision must be realistic when measured against a predetermined budget, as this will help to avoid any unnecessary mistakes or costs that impact negatively on the project.
If mistakes are made at the considerable cost of time and money, you should also be prepared to pursue a professional negligence claim. This way, you’ll be able to seek compensation to help cover the cost and undertake any restorative work.
The Role of Project Management
On a final note, it’s important to consider the role of project management and who’s going to carry this out for the duration of the project.
This is a crucial consideration given the cost and complexity of building a home from scratch, so you’ll need to have a clear idea of whether you intend to hire a skilled project manager or undertake this role yourself.
If you choose the latter as a way of saving money, just be sure that you have the requisite time and experience to carry out the role in full.
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© Copyright 2021 Antonia, All rights Reserved. Written For: Tidylife
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