At some point in life there is a good chance that you’ll think about constructing your own home. It can be because you’re struggling to get on the ladder or find a property you like. Alternatively it may be because you’re looking to make something more environmentally friendly.
It doesn’t matter why you wish to build your own custom home. What matters is that you follow the right steps; this will help your project to be completed successfully.
The first step is to look at the average cost of building a home. Currently it is estimated to be approximately $3,000 per square meter.
This can quickly add up depending on the size of the home you want.
A quick calculation will allow you to work out the rough cost of your build. This will enable you to look at the various construction finance options.
Yu should be aware that most finance firms will want a 20% deposit from you before they lend any funds; this is simply to reduce their risk exposure.
Locate Builders & Architects
Having established that you can access the funds you need to build a home you’re going to need to find an architect to design it. You should speak to as many different firms as possible and take advice from family and friends. This will help you to find a reliable architect with a good reputation.
Additionally, you need to consider talking to a home builder firm. Unless you’re planning to complete the entire build yourself you’ll need professional help. Building a home is a big undertaking; you want to get it right or it may fall down round you!
Choose Your Area
When considering the cost of the build you must have an idea of the price of land in different areas. But once your plans are starting to be finalized you need to find the exact area you wish to live in and locate land for sale.
This will be essential before the funds can be released by any lender.
Not all land can be built on. You’ll need to check the status of the land and you’ll need to apply for permission to build. This is usually one of the expenses you’ll have to cover yourself before you access finance.
You will need your architect’s plans and assistance to help you get through the planning process.
It is worth noting that the government is keen on environmentally friendly hoes. Having solar panels, ran water collectors and other green credentials will help your build to be approved.
Budgets & Timing
You’ve set a budget and a timetable for your build. But, unfortunately things rarely go exactly to plan. Timely RFI management is the key to good schedule management and overall project success. You can also check the process of sending in rfi in construction.
The best way to avoid budget overruns and not completing on time is to plan every detail of the build and consider every eventuality. This will minimize the risk of interruptions to the build.
It can be tempting to change your mind part way through a build but this will destroy your budget and your timescale. That’s why it’s essential to take your time planning and get it right first time.
You can then move in on the date you intended and enjoy your new home.