7 Key Things to Know Before Building a New Home

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Did you know that America currently has a home shortage of 5 million homes? Such a shortage causes a surge in prices. So while it may seem you are out of options, did you know it’s possible to build a new home for less?

Let’s take a look at 7 key things you need to know before you decide to build a new home sweet home!

 

1. Understand Your Budget

Before you start looking for a builder or land, you’ll want to determine how much money you can spend on the project. You don’t want to get into debt. So make sure you have enough funds available to cover costs in building your dream home.

You can find many different types of homes and communities within your price range. It is important to know what you’re interested in buying into and what features are most important to you. This way, you can narrow down your search and focus on finding the best fit for your needs.

 

house created in live home Building a New Home
(Image credit: Livehome3d
)

 

2. Do-It-Yourself or Hire a Company

Suppose you’ve never built a custom home before or engaged in home investment. Hiring a company would seem more costly than doing it yourself.

Yet, even if you do not have experience working with tools and materials. You could end up spending more time and money trying to complete the job wrong.

Also, there are licensing requirements when it comes to contractors. If you choose to hire someone else, they must pass an exam from the state or local government to work as a contractor.

So it’s always worth checking your state to see what its policies and procedures are. Especially when the legal implications of building your own home are imperative.

3. Do Your Research

If you’re considering moving to a new area, it’s important to research the area in depth. Take note of any issues such as crime rates, schools, or traffic. Make sure you visit the school district and talk to people who live in the area.

Once you’ve determined where you’d like to move to, you’ll want to find a builder that fits your needs. There are several factors you should consider when choosing a builder:

• How long have they been in business?
• What kind of customer service does the builder provide?
• Are they licensed and insured?
• What is their reputation?

These are all valid questions and a good contractor will be happy to answer any questions you may have. What’s more, you can also check online reviews to learn about past builds.

Also, consider land. While some builders offer pre-built lots, others ask you to buy your lot first. Regardless of which option works better for you, it’s important to find land that meets your needs.

 

couple outside a home for sale e1592859856283 Building a New Home

 

4. Read the Small Print

One thing that many homeowners forget about is reading the small print. For example, some contracts ask you to buy flood insurance.

That’s the case even though you are not planning on living by the water. Some states also ask that you buy earthquake insurance.

When you meet with your builder, ask them questions about home construction techniques. This doesn’t have to be about building though. It can also be about timelines, design, and anything else you’re unclear about.

5. Stay Organized

Make sure you stay organized during the entire build process. Keep all paperwork and receipts in one place so you don’t lose anything. Further, make sure you keep copies of all documents for your records.

A construction checklist will help ensure that nothing gets overlooked. A few items to include on your list are:

• Land survey
• Foundation plans
• Flooring plan
• Electrical and plumbing permits
• Permits for appliances, fixtures, and other major systems

Building a relationship with your contractor is also vital. In doing so, you are making sure the process is as smooth as possible. You should communicate often throughout the project so you know how things are going.

 

7 Key Things to Know Before Building a New Home

 

6. Explore Alternative Options

If the prices all seem a bit high, have you considered a PassivHaus or a container home? These alternative housing options have seen a surge in demand. They’re designed to be more efficient and environmentally friendly.

That said if you choose to go down the more traditional work, factor in that you’ll need additional services such as HVAC duct work as well as your building contractors.

That’s due to an increased online presence and exposure. Not only that but there’s also a universal shift towards a simpler lifestyle among many.

What’s more, these homes are often cheaper to build than traditional homes. That means you can save even more money by building one yourself!

And as they are minimalist in style they can further save you a ton of money on utilities as well as the end price!

7. Always Get a Second Opinion

It’s too easy to get caught up in the romance of building your own home. So it’s always a good idea at every step to ask for a second opinion. That can either be from a level-headed friend or a professional.

What’s more, a second opinion may feel like an inconvenience when you’re designing a home. But it’ll save you a lot of money in the future and prevent you from making any bad decisions along the way!

Home Sweet Home

At the end of the day, the most important thing to remember when building your own home is to have fun!

The whole point of building a home is because you love being outside. Enjoy every step along the way. Don’t let the stress get to you.

Now you’ll be saying “home sweet home” in no time! Keep checking our articles for more top content that’ll help your dreams come true!

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