Building Your First Home: Things You Need to Know About

Written by  //  March 23, 2015  //  Home Construction  //  Comments Off on Building Your First Home: Things You Need to Know About

Building your first home can be an exciting and sometimes overwhelming moment for you. But to your contractor, it is a routine activity. Therefore, you need to be an active participant in the process in order to get finally “your” dream home. You should not be a passive participant because there are many decisions to make. If you cannot make the decisions, your builder will be forced to make them, and your home may not turn out the way you envisioned it. Or, it may end up costing more than you thought. Here are five things you need to know before embarking on building your first home.

Know Your Figures

Before you start building, you need to run estimates to determine if you can afford the building costs. Most building plans have a “cost to build” tool to give you an accurate estimate depending on the location where you want to build. It includes the cost of construction, tax benefits, and down-payments. If you can afford the process, you need to purchase the plan then head to a financial institution to arrange for the financing of your construction. You need to know that construction financing differs from the regular mortgage financing. You may need a home building credit to pay the subcontractors and suppliers. Afterwards, you will need a residential mortgage to pay off the construction credit.

Check Your Contractor’s Reputation

There are many builders that can offer to build for you, but you need to check out for those with a good reputation. You may find this information online or get recommendations from friends and family. Check if they are reputed for quality work and punctuality. It is recommended to use builders who are members of the National Association of Home Builders (NAHB) like the builders at K Gordon Construction.

Think Green

Do a research to maximize energy efficiency. Your architect or builder can help to ensure that your windows are facing south so that the house can receive as much sunshine as possible to heat the home. You also need to place areas such as the laundries, bathrooms and garages facing South with smaller windows to reduce heat loss in the house. You need to choose insulators and HVAC well and also use energy efficient appliances such as water faucets and toilets to save on water and electricity bills.

Think of Resale as an Option

However much you like your new home, it may not be the last one you will ever construct. Thus, you need to be mindful of its resale value. Avoid too many upgrades that will overprice the house in the surrounding neighborhood. You need to avoid extremities by not choosing things that are out of the ordinary. Ask yourself whether the fittings you install will appeal to others.

Remember the “Punch”

Part of the final phase of building is the “punch list.” A punch list is created at the end of construction and it shows what still needs to be done or what repairs and improvements are required. You and your constructor will prepare the punch list in the week prior to closing the construction as you do the final walk-through. Therefore, you need to take notes every time you visit the building site or make a walk-through. There are two categories of problems you will find, and these are: reasonable flaws and unreasonable defects. The reasonable flaws are minor problems that do not affect the quality of the house, while unreasonable flaws have to be fixed since they influence the quality of the home. If the unreasonable flaws are corrected, the house is livable and can be occupied. Therefore, before occupying the house, verify that the items on the punch list are corrected. You may have to involve a real estate agent who is not emotionally attached to your house and one who can identify flaws and tell you openly.

Building a new house is an activity that you need to venture into when you are fully prepared so that you can avoid the pitfalls and mistakes that most people make. If you follow these guidelines, you will enjoy the building process.

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