Building Your Own Dream Home: Getting Started
There’s little more rewarding than watching your ideas come to life. Doing it with your own two hands – like building your dream home from scratch – is just icing on the cake. You can have your house be exactly the way you’ve always wanted it to be, in a way that makes you feel the most at home, with plenty of room to entertain your family and friends. Here, MMS Consultants explains the basics of building your own dream home from scratch:
Your involvement will be extensive
Building a house is not easy – you will need a great deal of planning, patience, hard work, and, of course, money to get it right. Make sure you’re prepared for the endeavor by doing your research and, if possible, talking to other people who have built their own homes. You will need contracting skills or, at least, have to put together a team of contractors and supervise them. According to the moving.com network, it takes about 7.7 months to build a home from scratch.
Establishing a budget
A House Plans report says that the average cost to build a new home is $427,892, which includes the builder’s profit. Some of the expenses to consider are the finished lot costs, financing costs, and costs of construction. You may also want an additional fund for unforeseen expenses, cosmetic upgrades, or luxury additions.
Taking out a construction loan
You may need a construction loan for your new home in line with your budget. Note that the credit score, income guidelines, and other requirements for securing a construction loan are more stringent than a regular home loan. You must evaluate your suitability as a borrower before approaching a lender. You could take out a construction-to-permanent loan. Construction-to-permanent loan lenders pay the builder after the work is completed. Then the cost is converted into the mortgage once you close on your home.
Professionals to hire
You will need to work with professionals to build your home. Chron has compiled an extensive list: Architects, interior designers, construction equipment operators, construction managers, carpenters, roofers, masonry workers, electricians, plumbers, and HVAC technicians. Of course, your own professional skills will come into play if you have a background in construction or similar.
Finding the right piece of land
You will need to find land that’s big enough for your dream home. Ideally, you’ll want it to be in a good neighborhood that has the amenities you want, like parks, healthcare facilities, malls, entertainment centers, and transportation hubs. Furthermore, you should research zoning laws and permissions in the area, as well as building regulations, before you proceed with the plot purchase.
House plan: Features to consider
You will need to build your home to a plan, called a house plan or floor plan. You can employ an architect to help you make one in line with your preferences and wishes. It shows your home’s interior from above and includes all essential features to consider, like the room layouts, finishes, cabinets, window sizes, furniture, office, nursery, gym room, lighting, materials, and design elements. Typically, you will need to submit this plan to the government for approval.
Hiring an interior designer
Hiring an interior designer will allow you to create. Your interior designer will work with you, contractors, and an architect. By understanding the job, the designer will create an aesthetically pleasing, safe, and functional plan. These interior design professionals can also assist you with budgeting, planning, furnishing, and decorating considerations. Your dream home will be much easier to build with their assistance, and you will make fewer mistakes.
Renting an apartment while work is being completed
Renting an apartment while your new home is being built can provide many advantages. It can be a great way to bridge the gap between moving out of your old residence and waiting for construction to be completed on your new home. Renting an apartment gives you the flexibility to move at any time and offers more immediate access to amenities, while keeping costs relatively low. View online listings to find a rental in your price range—there are over 200 apartments available in Iowa City.
Conclusion
Building your dream home requires careful planning and time. Create a budget, explore loans, hire capable professionals, find the right piece of land, and find a rental to live in while your home is being constructed.