Embarking upon a project to build a home is not an endeavor to be taken lightly. Rather, just like a mortgage may be the largest loan you ever take out, building a home may be the largest project you ever take on!
5 money saving tips when building a home
In this case, it just makes sense to learn from the mistakes and successes of those who have gone before you. In this post, learn key tips about what to avoid when building a home.
1. Read your construction contract with care
Choosing a construction contractor to work with is often the biggest determinant of whether your new home project comes in on time and on a budget or ends up spiraling out of control.
Many of the details that will determine which way your project will ultimately go can be found right in the initial construction contract that you sign.
As such, if you are not familiar with construction contracts or just aren’t sure what everything in the contract means, you may want to work with a real estate attorney to be sure the contract can protect you if things start to go south with your project.
2. Don’t make your hiring and buying decisions based on bid price alone
More should go into evaluating bids than just taking a look at the bottom line. In other words, the old adage about something seeming too good to be true holds just as fast here as it does in any other area of life.
Before accepting a bid, be sure the materials are high quality, the labor is legal and the provider has the resume and testimonials to back up their claims. Sometimes taking the lowest bidder can end up actually being more expensive if you don’t do your due diligence on the front end.
3. Keep in mind those pesky permits
In most areas, permits and construction go together like the moon and the stars. Failing to apply for permits for any new homes in Utah or other areas can cause delays of months to years.
So before you buy one plank or drive one nail, be sure you have your permits paid for and in place. This will help you sidestep costly delays in the building process.
4. Verify that your HVAC system is the right size and structure for your new home
No matter how carefully you plan out your dream home, you won’t feel at home if you are sweating in summer and freezing in winter. The key to avoiding both fates is to be sure to match your HVAC unit correctly with the square footage and layout of your home.
For example, if your home is split-level, you may want to have two separate control panels for the upstairs and the downstairs. You also want to make sure your ducts are insulated and your pipes are sealed to cut back on energy use and improve efficiency.
Otherwise, you may find your new home comes with skyrocketing energy bills you didn’t expect.
5. Build a home in a style that will be resale-friendly
Here, try to avoid plugging into the latest trends and consider instead how your new home might fare 5 or 20 years from now when you decide you want to sell it.
The closer you can stay to a classic look on the exterior and interior, the more luck you are likely to have when it goes on the market.
By noting down these tips on building a home, you will avoid common mistakes and position yourself for the most economical and speedy building process as well as the most success on the resale market.
You will also end up with a home you both love and trust, one that is built with extra care and wisdom.
How do you like these tips? Would you add any to these five? Let me know in the comments section below.