Things to Consider Before Building Your New Home
1. Arrange your finances:
In terms of financing, buying a house and building a house are a bit different. To build a house you will probably use a construction loan. Construction loans are paid out through progress payments to the builder at agreed stages of construction. Other than the loan, you’ll also need to consider additional costs like stamp duty, conveyancing fees and the initial deposit among others. It’s important that you work out all the costs before you commit to building a house.
2. Find a good home builder
With so many builders available, it can be difficult to make a choice. To make sure you’re getting the best builder there is, you can ask for recommendations from family and friends. Doing your own research can also help. You want to get a builder who you can trust, who does quality work on time.
3. Build with resale value in mind
You might be building your dream house, however, you also need to consider the possibility that you might rent the house, or sell it in the future. So you should be building your house with reselling it in mind. Be aware of the potential resale value, be sure to add features that will be appealing to many people, and don’t add too many upgrades that can potentially make your house too expensive for the neighbourhood.
4. Don’t forget to add “green design”
This is a great opportunity to add energy-efficient design into your new home. You can ask your builder to make sure that the windows or the main living areas face south as much as possible to allow the sun to heat your home during the cooler months, and cool it during the hotter months. This will not only reduce the carbon footprint, but it can also reduce your energy bills.
5. Plan your storage carefully
Ample storage is necessary. However, you don’t want to build too much storage to the point there’s no space for your furniture. Do you need a walk-in closet in the master bedroom more than having your own bathroom? Do you really need a coat closet? Or another closet in the foyer? If so, carefully plan your storage so you maximise the space in your new home.