If your home is where your heart is, then you wanna make sure an extra care is given when building it, that you watch over your home, the construction company that does the works, the subcontractors, materials, etc., carefully. The end result of your home is going to be a big deal, so you want to be sure to know what to watch for, and look out for. Consider the following:
Research your community
You are going to love your home, but you also need to love where it is built. With home building, location is everything. So, watch to make sure you do not get taken advantage of, and that no one convinces you to build somewhere that is not ideal. Make sure that the community you are moving into is one that suits your lifestyle. Check out the neighbors, will you be able to handle living near them for several years? Can you have pets? Does the community have the cultural activities you enjoy? Is it affordable? You may want to live there, but if you can’t afford the monthly dues, mortgage, etc. that comes with living in that community, it is best to avoid it.
Your budget
Even though you want the biggest and best home, you need to focus on getting the biggest and best home you can afford. One huge mistake people make when building is not keeping track of their budget very closely, and because of it, they never can afford to finish their home, or lose it to the bank. So, watch your budget, and plan for unexpected costs.
The materials being used
Whether you are owner building and hiring your own sub contractors, or have hired a builder to do it for you, you will want to watch and make sure the materials you expect, and have paid for are what is being used. There is a big difference between cheap material, inexpensive material and great material. So, know the differences, and be sure that your contractors and subs are using high quality, and what you paid for.
Choosing a contractor
This is something you really need to make sure you avoid mistakes doing. So watch out for sleeze balls. Find a contractor who has a great reputation, and who can give you an honest price quote. Get at least three bids for the same job to ensure you are not over paying. Make sure that the contractor you hire is someone you can get a long with. It is a long process, so making sure you can deal with the person for the whole process is huge.
You want to watch out for other things as well, such as:
Shoddy work
Subs showing up late, leaving early, or not staying on schedule (this can cost you a ton in the long run).
Making sure you meet your dates for payment so you do not have a lot of interest to pay in addition to your home loan.
Getting good rates on your construction loan, as well as your permanent financing.
If you can watch out for common mistakes people make, such as paying for jobs before they are done, you will be able to save money, make money, and have a pleasant home building experience.
So, never pay a contractor or sub for work they have not yet done.
Make sure you enforce safety on site so you do not get stuck with hospital bills for someone working on your house.
Plan ahead, and be sure to evaluate where you are on a time line, and buget.
