4 Most Common Mistakes People Make When Building Their Dream Home
Building your own dream house is an exciting process and the possibilities are endless. With so many options and ideas, it can be difficult to decide which of the ideas are the better decision for the long run. While the list of things to watch out for when building your home can go on and on, a lot can seriously go wrong. Here are some of the most common mistakes home-owners make when building their house from the ground up.
Not making the most out of your mortgage loan.
If you need to borrow money in order to fund the construction of your home, you would typically get a construction-to-permanent loan. A construction-to-permanent loan covers the construction of your home, and then converts to a regular mortgage once you’re ready to move in. Typically, interest on this kind of loan is about 4%. With such a low interest rate it would be beneficial to just pile on some of your expenses into the construction loan. Instead of charging your credit card after the fact with purchases like washer and dryer, kitchenware, bathroom hardware, solar units, etc.– factor it into your loan. This way you’ll pay less interest on things you’d have to buy later on a credit card that has an 18% interest rate or more.
Failing to customize.
One of the best parts of building your home from the ground up is that it gives you the opportunity to really customize the home to meet your needs. Instead of buying specialized furniture pieces after the home is built, consider having your builder actually build them into the home itself. This could include a custom built kitchen nook, or a bay window with built-in seating. You’ll save money building them right into your home as opposed to spending a ton of money on custom built furniture later.
Creating a floor plan that would never sell in the future.
If you’re going through the trouble of building a house, you should absolutely tailor it to your needs and taste. However, it’s important to consider that one day you very well may sell the home, so it should not just be appealing to only your family but other families as well. An easy way to test if your home would be marketable to a wide audience is to ask yourself, “Could you sell this home tomorrow?” There should be enough bedrooms to accommodate any single family of varying sizes, such as having a substantial kitchen, living room area, family area, etc. So while you’re having fun with designing your home, be careful not to stray too far away from the norm. If you’re unsure of any of your home design plans, get a second opinion from your architect– he or she can give you some clarity of the upsides and downsides to your plans.
Forgetting to prepare for delays.
No matter how hard you try to avoid it, life always manages to throw you curve balls. It would be unreasonable to assume construction will go uninterrupted from beginning to end. Instead of stressing out from unforeseen delays due to weather conditions, illnesses, and accidents– expect them to begin with. While there’s no way to completely predict these occurrences, you can always push out the expected end date with your builder by a few weeks, or even months.
Have you ever built a home from the ground up before? What problems did you come across? Let us know in the comments below.