The 10 Essential Considerations About Building Your Home That You Haven’t Thought About - Pearl Financial

The 10 Essential Considerations About Building Your Home That You Haven’t Thought About

By Shane | Building

Nov 21

You’re going to build your dream home and you’ve thought it all through- or so you’ve thought. You know exactly what you need and want to have in your home, but have you really thought the whole thing through? 

Building your home is an overwhelming experience and should be enjoyed thoroughly, but the overwhelming feeling can quickly turn to frustration if we don’t know all the ins and outs of building a new home. Don’t learn the hard way- do your research first. Equip yourself with as much information as possible. Here are the 10 essential things you may want to consider.

  1. Building your home is not for the uncertain and unsteady. It is associated with a lot of stress and worry over money and building a home could be summed up into one word- expensive. The better prepared you not just only financially, but also emotionally, the better off you will be when it comes to building your home.
  1. Building your home is exciting and at times an overwhelming experience. However, for your builder, it is very routine. You need to actively participate in all aspects of the home building process to ensure you end up with your dream home.
  1. Building your new home should not be a laid-back project because there are so many decisions that you must make. If you are incapable and unwilling to make these decisions, your builder will be obliged to make them and run the risk that your newly built home won’t turn out the way you thought it would have been.
  1. We all know that it’s overwhelming, but you may want to estimate your figures first. Run some numbers to determine whether you can afford to finish building the home you want. Keep in mind, if anything unexpected pops up during building, additional costs may be incurred.
  1. You may want to check the reputation of the builder. There are a lot of builders out there but they are not all created equal. Do your own research to find out which builders have the best reputation.
  1. Build with resale in mind. Don’t add so many upgrades that you’ll overprice your home for the neighbourhood. You should be knowledgeable of its potential resale value.
  1. Arrange your heating and air conditioning system. Make sure you do research to maximise energy-efficiency in the design of your new home.
  1. Quote before you commit. Getting a few quotes from various builders will give you an indication of the likely cost of building. Use this as part of the research process to ensure that you can afford to build the home that you intend to.
  1. Unless you have plans on building a very large home, space planning and design are important. Spacious storage is needed, but you may also want to pay attention to where you’ll place your storage space.
  1. Check the inclusions. We have heard of people building their home, only to realise that the doors were not included. Check all the inclusions in your building package to make sure that there will be no surprises when the build is done.

In building your own home, you must take your lifestyle and habits into consideration. The house is yours! Think forward, try to foresee where you will be and what you will need from your home. You’re the only one who best knows your family and your family’s lifestyle and needs.

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About the Author

Shane specialises in helping Gen Y professionals and business owners make an impact by accumulating more assets, generating more income, and having more time to enjoy life. He has a Master of Applied Finance, an MBA, and a Master of Financial Planning. He is also a terrible golfer.

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