We all desire to own a house, but to build your home from scratch is an experience like no other. You get to enjoy the perks of owning a house -not just any ordinary one, but your dream home.
But before you start making financial decisions, there are things to take into consideration. Because planning your dream home is no easy task, make sure to keep the following in mind.
Run a Financial Check
We already know that money is the first thing you need to build a house, so make sure to know your numbers before planning your dream home. Calculate all of your debts and expenses. Make sure to include all sources of income. Then, shop for house plans as this can give you an estimate on how much the construction costs will be. The last thing you need is to learn a minute too late that you can’t finish the construction of your home because you suddenly lack the funds to do so.
Consider a Construction Loan
If you lack the funds, you can apply for an FHA Construction Loan Texas. The great thing about FHA loans is that these have some of the easiest guidelines. You only need to pay the interest of the loan during the construction stage, giving you enough time to save up the amount required to pay for building your home. These are called One-Time-Close Construction loans.
Find a Safe but Convenient Location
Since you’ll be building a residential home, you’d want it to be in a nice neighborhood that is safe, convenient and accessible. You’d want to find a place where you and your family can live at peace, not just any area that seems tolerable at first. Also, every state has local building codes as well as restriction. Make sure to check on this before buying a piece of land.
Look for a Reputable Builder
There are tons of builders available, but not all have a good reputation. Find one with a license, is a member of the National Association of Home Builders, has excellent reviews and have ample experience in building the type of home you want to build. It would also be best to ask for recommendations as nothing can beat personal experience and word of mouth.
Consider Your Lifestyle and Needs
Your home should be able to cater to you and your family’s lifestyle. The number and size of each room will depend on how small or big your family is. Do you need a small space you can turn into a garden or do you plan on building a deck or an outdoor kitchen in the near future? Also, consider your habits and hobbies as these can be affected if you pick the wrong design for your home.
Be Mindful of Your Home’s Resale Value
No one can be certain if the house you’re about to build will be your residence for life. Either way, it’s best to construct a home with resale in mind. This way, you can create a home that is not only appealing in your eyes but has a great home value you can take advantage of in the future.
Make sure not to forget these six items when planning your dream home. Weigh in your options, and make sure to shop around to get the best deals.