Five Regrets of Home Building No Homeowner Will Admit
Buying versus building a house is a dilemma that many people face when they are looking for their next home. There are perks to each choice. However, building a home comes with its unique challenges.
Before deciding to jump into a home building project a homeowner needs to know what they are getting into.
The Start is Not Quick
Many people imagine their decision will be followed by a flurry of builders working away at their dream home. This is far from the truth. The first step to building a home is to get the tentative design of the home approved by an architectural review committee. Second, a builder must provide a contract and finally a homeowner must have a construction loan from their bank.
These three steps can actually slow down the process by months and even verge on a year if there are major problems along the way. The time frame is completely at the mercy of the agencies involved. This can make it hard for a homeowner to know when to sell their current home if they plan on starting that process.
Added Expenses
There are so many expenses that a homeowner is going to incur in this process. Many of these expenses may be outside of the loan because they do not relate directly to building the home.
In many cases, the homeowner has already spent thousands of dollars on their home before a foundation is even put in. Buying land and getting everything sorted to build a house on it is not a cheap process.
No Amount of Prep will Help
Even though many people like to plan for the worst, it is hard to say what those situations will be. There are always situations that come up that no one could have guessed. If a project goes well a homeowner may avoid any major disasters but a good sum of money should be put away for these emergencies.
Splurging
There is no need to buy top dollar everything. Do not skimp on building materials. Take the advice of a trusted contractor seriously to avoid structural problems later.
However, building countertops, cabinets, sinks, fixtures, and appliances that are discontinued or out of style can be a great way to save a lot of money.
Poor Design
Sometimes a homeowner has it in their mind they need a certain design element. Maybe they love the idea of a long driveway or they simply must have a roaring fireplace in the living room. These added features can cost a lot of money.
Talking with a contractor about different design ideas can allow for some money to be saved. Of course, a homeowner wants their home to be exactly how they want it. However, they may not want to spend an extra fifty thousand dollars to do it.
Planning to build a home takes time and money. Building land, getting permits, hiring professionals, and dealing with emergencies is frustrating. A homeowner may wonder why they ever started the process to begin with. However, once homeowners get into their new home they are often happy they chose to go with their design. Even if it did take extra money and time.