If you are like most Americans, you dream of owning a home of your own one day. When the time comes to make this investment, you have two options: You can buy a house that’s already built, scoping out the market using an online platform, or you can build a brand new house from the ground up. The latter option gives you complete creative control over the structure and allows you to design a truly unique dream home that meets all your needs. That said, building a house is a major endeavor and needs to be carefully thought out and planned in advance. Budget Fence N Deck invites you to learn about the basics of building your own home below.
Figure Out Financing
If you were to buy a house that's already built, you would likely need to take out a mortgage to finance the investment. Unless you have a sizable nest egg, you will also need a loan when building a house. So-called construction loans are more complicated than standard home loans, so it's important to do your research regarding financing. To assess your eligibility, potential lenders will look at multiple factors, including credit score and income. Also, consider taking out a construction-to-permanent loan. These lenders pay the builder as the work progresses. Once you close on the home, these costs become the mortgage.
Secure the Land
If you don’t already own land suitable, you’ll have to buy this first. Beware that zoning regulations specify where and what you can build. Zoning guidelines also place restrictions on types of buildings — for example, limiting how tall a structure can be — so it’s important to ensure that the land you buy will permit the type of house you want to create.
Consult an Architect
With your land secured, you can start getting creative. Hire an architect to design your dream home. These professionals will sit down with you and get all the details regarding your wishes, from how many levels you want the house to be, to the number of bedrooms and bathrooms you want. If you dream of having a large living room with floor-to-ceiling windows, this is the kind of detail to discuss with your architect. They will then draw up blueprints of the structure. These will be used as the reference point for the actual building process.
Hire a Contractor
Finally, you can then hire a contractor to start the actual building process. Their job is to take the architect’s vision from a drawn blueprint and turn it into a tangible reality. Usually, the architect and contractor work together closely to ensure the vision is realized according to your wishes. A general contractor coordinates many different people in order to build your home, including roofers, plumbers, electricians, HVAC professionals, masons, landscapers, and more. By coordinating all these varied tasks, they ensure the project is delivered on time and on budget. The quality of your contractor can make or break the success of your project, so vet these professionals thoroughly. Ask for copies of their license and insurance and talk to former clients for testimonials. The National Association of Home Builders has a handy list of certified professionals you can peruse.
Although building your own house requires extra work, you will end up with a home that is unique. The ability to customize is one of the many advantages you’ll enjoy. As you move ahead with your project, focus on these positives and the added effort will be well worth it.
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