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CYNDI BEAULIEU
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Realize the dream!Have you been dreaming for years about building your own home but are afraid to take that first step? Like any project, if you do your homework, you can avoid costly mistakes. When building your own home, you can either hire a general contractor to oversee the entire construction of your home or be your own contractor and coordinate the various sub-trades yourself. If you have never built a home before, it is highly recommended that you rely on a professional contractor. Although it will cost you about 10% more you no doubt will be happier with the results. Make sure you get at least three quotes from builders in your area, check their references, and talk to your local building inspector. (See New Home Warranty in next section.) The first step before you order a set of house plans is to find the right building lot. Site conditions and characteristics of the lot, such as slope, are vital to what type of plan can fit on a particular lot. For instance, with a standard 60 x 120' lot with side yard set backs at 10', the widest home you would be able to put on that lot is 40'. The location and depths of sewer connections must also be considered for plumbing positions. Construction costs can run from about $140 per square foot. The areas that can push costs upward in a hurry are complicated roof lines, expensive cabinets, types of siding, plumbing fixtures, etc. When pricing out your new home, it is important to have budgets worked out for:
Once you have determined how much you are going to spend in a certain area be sure to stick to it. If you exceed your budget in one area, you must be willing to give up something in another or you will find yourself over your head in no time! Banks and credit unions offer construction mortgages for building your own home. Funds are advanced based on completion of phases through the construction. An appraiser will come to the construction site to ensure that a certain percentage of work has been completed and then advance funds based on that work completed. Building your own home is obviously more complex than purchasing one but the rewards can be greater as well. The satisfaction of customizing your own home with unique features that reflect your taste and style will make the project worth while.
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