Building a new home can be one of the most exciting and rewarding tasks you undertake if you plan correctly, but it also comes as one of the biggest investments you’ll make in your life. Here are a few aspects to consider before you start working on building your home:
1. Your Lifestyle
By considering certain aspects of your life (relationships, career, interests, and age), you can determine a lot about what sort of home you’d like to build and where you should build it.
- If you’re in a relationship and plan on having kids, you’ll be adding playrooms and extra bedrooms to the plans of your home.
- If you plan on staying single but have a fond interest in sewing and art, you’ll be adding a hobby room that can accommodate both your sewing machines and easels to the design. Or, do you prefer going to the community center in your neighborhood?
- If your career will have you traveling across the country or abroad, is it worthwhile investing in a home? Answering difficult questions like this will help you determine whether a home is the choice you should make for your lifestyle.
2. Your Financial Situation
Closely related to your lifestyle, your financial status will be one of the determining factors approving your building plans. If you’re in a relationship, applying for a loan is a much easier process because of the two incomes that will be contributing to repayments. If you’re single the amount of funding you can procure will be significantly lessened. Knowing your financial status will help you determine a few things:
- The size, location and type of home you can build
- When you can begin constructing your home,
- and, whether or not you should build in the first place.
The last point provides valuable insights. If building a house means you have less space and are located further from the places you know and enjoy, should you start building? It might be more cost-effective upgrading your apartment, or the house you’re leasing!
3. Prepare for the Mishaps
In the end, if you find yourself in a position where you still want to embark on a home construction project, be patient. No matter what amount of planning you do, no matter what contractor you get, no matter where your house is set, you will find all sorts of things you want to change at the last minute and this is where the fun starts!