Over the last three decades, housing prices have gone up astronomically. For example, in 2018, house prices went up 7.8 times the average yearly earnings in England and Wales. If you’re planning to enter into professional property development, or you simply wish to build the perfect dream home for your family, the learning curve is very steep and can never be underestimated.
When building your own home, you can make more additions and get more creative than simply buying an existing property. It is also one of the best investments you can make since you could always sell or rent it out to make some profit. But before you get into it, there are a few things to consider to ensure you enjoy every minute you spend inside. Here are the three of them.
Of course, the location should probably be the number-one factor among your considerations. The location of your house will also depend on many factors such as your lifestyle, job location, availability of land space, etc.
With that being said, the most important things to factor into the site of your house are — traffic level in the area and access to medical facilities or other social amenities that will benefit you and your family. Also, if the location is closer to vibration sources such as railway stations and construction sites, an acoustic survey by an accredited professional is a wise investment. Acoustic experts will conduct tests to find out if the vibration levels are safe for your home.
How much can you afford to spend on your dream house without emptying your bank account? Make a meaningful budget, and it will eliminate the risk of you getting stuck in mortgage debts. Ideally, try to cut your coat according to your cloth. A dream house doesn’t necessarily mean that it should be too large. Settle on an affordable size (square footage), and you can later build up from there whenever you want.
Mortgage Loan Financing
You can turn your dream home into a reality with flexible mortgage loan terms.is one of the providers in the US with competitive low rates, and as little as 5% down. You can also save $500 on your mortgage loan or refi processing fee—just for being a member.
You can plan all you want, but if you don’t hire the best building contractors to execute your project, your dream house may not come to fruition. So, first, think about hiring renowned architects in your zone to draw up a beautiful plan. Reputable builders will then erect your mansion or villa to your satisfaction.
The different types of builders you can look at include track builders, as well as semi-custom and custom builders. Custom builders may do just fine for more advanced building varieties. Take time to research the reputation of your potential builders by checking their online reviews, studying their completed projects, financial stability, and pricing.
Assuming you are sure of your design requirements, a conducive location, a good contractor, and an affordable price range — the last thing is to ensure that the initial construction phase kicks off in due time. Your mind will probably be full of excitement when the foundation is cast, and your dream house starts to take its shape.
The bottom line is that depending on the particular builder you choose, house-building can be a memorable experience. Hopefully, the above three factors can get you started on the right track when you finally decide to start building your dream home.