As the local real estate market continues to improve, the supply of existing houses is starting to dip. If you are finding fewer homes to choose from, you may be considering building your own. Having gone through this experience personally, I can offer some sound advice before you head down this road.
Building a home is not for the faint of heart. Before you break ground, you need to be honest with yourself about two things: your budget and your lifestyle.
The Emotional Readiness Test
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Managing Expectations: How do you deal with disappointment or going over the budget you originally set?
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Logistics: Do you live close to the site, or will you be overseeing the project from afar?
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Alignment: If you have a partner or significant other, are you both in agreement on the basic concept? Building requires hundreds of small decisions; if you aren't on the same page, the process can be taxing. If you are, it can truly result in your dream home.
Phase 1: The "Hidden" Costs of Land Development
All too often, folks buy land before "putting a pencil" to the actual costs of preparing a site. Your budget must include much more than just the house itself.
Before you build, get local estimates for:
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Infrastructure: Drilling a well and installing a septic system.
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Access: Clearing a driveway and bringing power/utilities to the site.
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Landscaping: Final grading and initial plantings to protect your investment.
Phase 2: Defining Your Style and Strategy
Once the land is ready, you have several paths to take regarding the structure itself:
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Construction Method: Will it be a traditional "stick-built" (framed) house or a modular home?
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Design: Will you employ an architect for a custom design, or purchase existing plans and bid the job out to a contractor?
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Amenities: Define your square footage and "must-have" amenities early to prevent mid-project budget inflation.
Doing your homework well in advance is the only way to ensure that your project ends as a "dream come true" rather than a financial burden.
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