If you want to build your own house, do not let the upsets in the economy recently put you off from creating your own dream home. With some research and careful planning you can use this time to your advantage and build your own custom designed house. Everyone has a dream house they think about building one day and this is actually a great time to start putting those plans into practice. Here are some things to think about when designing your dream house.
Why You Should Build Your Own Custom Designed Dream House
The housing market has definitely gone through some changes or fluctuations but in actual fact now is a great time to get a very low interest rate home loan. Those companies handing out loans to anybody are being scrutinized now, and respectable places need people with good credit to lend to. This could be you and it means you could work out a pretty great deal. With the right financial backing you can now look at customizing a house plan for your dream home.
Low interest rate means you have the option of designing your own home
Choosing a style
The top reason people will design their own house, or take a plan and then customize it, is so that their house is exactly what they want and need. The floor plan is specific to them as well as the style and materials used. You can be more traditional if that suits your style or you can be a lot more creative. There are plenty of different styles to consider and by thinking out of the box you can actually save money. Possible options include an earthen home, a straw bale home, stone, cordwood, converting a barn just to name a small few. You have a lot more input and creative freedom when designing your dream house and you can add in particular features you have always wanted to have.
There is no point in waiting in the hope that building material prices are going to drop, as there is no sign of that right now. But what is probable is that gas prices will rise, which will push up material prices, so really buying now rather than later makes more sense. Cost of materials really depends on the style of home you have chosen, but can be a lot less than you might be presuming. For example of you went with something like the straw bale home this actually costs 75% less than a traditional to build! It is actually more durable not less too. Your energy bills will be less as it takes less energy to heat, and needs less air conditioning to keep cool. Plus a straw bale house needs less general maintenance than a traditional home so it saves you money long term as well as for the build.
You need a plan
Finding the workers
With many people too afraid of the unknown a lot of construction has stopped right now, which means there are a lot of experienced construction crews looking for work. It is the perfect time to find a great contractor you can trust to build your dream home. Plus they are less rushed right now since they have less jobs lined up, so they won’t take short cuts with your build just to get onto the next job. Ask around and you may be able to work out a deal that saves you money.
You need workers to turn your dream house into a reality
5 Steps To Building Your Dream House
- 1) Budget
- 2) Property
- 3) House plans
- 4) Builder bids
- 5) Contract
1) It is very important you set yourself a budget for the whole project and try to keep to that budget. It is a good idea to have a reserve amount in case of surprises, but ideally if you plan carefully there should not be any. Try not to make changes halfway through the build, stick to your plan and it is far easier to stick to your budget. Make sure in your contract there is some sort of cost guarantee.
2) You need a piece of real estate where you are going to build your house. Before you will be able to get a loan for construction you need to have the property you are going to build on. Some lenders will allow you to convert your loan to a mortgage later once the house is done, this could be a way to save some money later on.
3) Write down the kind of features you want in your home and have some sketches of what you want the floor plan to look like. Now you can either take these to a professional architectural drafter, or house designer and pay them to draw up proper house plans for you, or teach yourself how to do it. The latter obviously saves you money but you need to do some research and get it right. They need to be properly done for the contractor to understand and follow correctly.
4) Now you can contract various builders or place an advert in the local paper, give them copies of your blueprints and have them place a bid. Make sure you collect several bids and that the builder you opt for is reputable and experienced.
5) If for whatever reason changes are made during the project to the original plans, make sure you and the contractor initials each set so that you know both of you are working from the same page. That also means there will not be any sudden extra costs added to your final bill that you did not see coming.
Word Of Advice
As eager as you are to get into your dream home, don’t be tempted to rush everything or skip something. Do it methodically and carefully and you will end up with a dream home you can love for a long time.