Don’t let anything discourage you from building a custom home. If you’ve already, you’ll eventually be hearing the opinions of your relatives and friends about building a house. Some of it will be positive while others will be negative.
Building a custom home isn’t that difficult as long as you have a well prepared plan. This will reduce, if not get rid, the obstacles, and other concerns that comes along with home building.
6 Questions To Answer Before Building A Custom Home
- Where do you want to build your custom home?
Location is extremely important when it comes to building a custom home Myrtle Beach. You can build a bad wall and tear it down to build a new one but you can’t move or choose another property. You need to be careful when buying a property.
- Are utilities available to your lot?
If you plan to build in a remote location, it’s possible that the utilities are not readily available. In that case, you’ll have to use propane, septic tank, generator, etc. So, make sure you know how deep you have to dig for a well. You wouldn’t want to end up finding out later that a well isn’t possible.
- What is your credit rating?
A lot of owners take out a single loan to purchase the land and another one to build a home. In case your FICO score isn’t high enough, you might not be able to get a loan. So, it’s best to get pre-approved for these two kinds of loans first.
- What is your ability to supervise?
Do you feel uncomfortable with supervising contractors and subcontractors? If yes then you may want to consider hiring a project supervisor. Always remember that you should only hire licensed contractors. This will give you higher chances of having a building project with less issues along the way.
- Do you have enough financial resources?
You should have a 10-15% buffer for your expenses. This extra cushion will keep you peace of mind knowing that you still have cash left in case an emergency comes up.
- Can you get the needed insurance?
It’s important to manage personal risk and liability especially when it comes to building a home. Discuss personal liability, worker’s compensation, fire, theft, and the cost to rebuild with your insurance agent.
Other Important Considerations When Building A Custom Home
- Hire an architect or you can go for a standard building template.
You need an architect to draw up a blueprint for your custom home. So, you need to know what kind of home you want by sketching it out. If you are on a tight budget, you can go for a standard building floor plan.
- Buy your materials ahead of time.
Consider using a few empty garages for materials or you can also rent out a storage unit. Start buying the materials needed to build your home at least 3 months in advance. Doing so will give you time to shop around and avoid missing a crucial item because you’re in a rush.
- Create a building calendar.
Talk to your custom home builder and find out how much time is needed to build your home. This will give you an idea if everything is moving as scheduled.