Self-builds are becoming increasingly popular and it’s easy to see why. Building your own home gives you the freedom to create a home that meets all your dream specs. Each room can be built around your wants and needs. And in many cases it can be a lot cheaper than if you were to buy a house with the same features (especially if you take on some of the construction work yourself).
There are a few important steps you need to follow when building a home. Below is a basic guide which explains these steps so that you can get an idea of what is involved.
Set your budget
First you need to consider your budget. On average, self-builds in the US cost between $156,000 and $346,000, which doesn’t include the cost of land. A larger budget will allow you to build a bigger and more luxurious home, but it could mean having to secure a larger loan. It’s good to set your budget first so that you can keep your plans realistic.
Work how to fund your self-build
Some people are able to pay for a self-build in cash (usually by selling off a property with a paid off mortgage). However, most people have to take out loans to acquire land and fund the build. There are specialist land loans and self-build mortgages that you can take out for this purpose. Consider the down payments and make sure that you have the cash to pay for this.
Find the right plot of land
If you don’t already own land to build on, you’ll need to look for land for sale. This needs to be land that is in the right location and that you have legal permission to build upon. On top of this, it needs to be within your budget. For this reason, it’s worth spending a lot of time shopping for a plot of land. There are sites that advertise land specifically for building property on, which could be worth checking out.
Design your home
The next stage is the fun stage – the part where you get to design your home. Unless you’re a qualified architect, you’ll probably want to hire a professional to help design your home for you. There are companies that specialize in designing private homes for clients who can work with you to incorporate as many of your dream features as possible. Make sure to compare rates when choosing an architect.
Plan out your build
Once your home is designed, you need to plan out each stage of build, including setting deadlines. This will help you to know when to schedule certain contractors or order certain supplies. There are construction companies that can help you plan out this process.
Source supplies and contractors
The next stage involves sourcing all the building supplies and contractors that you need. You may be able to hire a private construction company to handle all of this for you. Alternatively, you can project manage each part yourself (this could be a lot more work, but could save you money). If you’ve got any construction skills, you could even plan to do some of the construction work yourself.
Build your home
When everything is planned out, you can finally start building your home. Average construction time for self-builds is 8 months. Unforeseen obstacles such as supply shortages or bad weather could cause delays so be prepared for the process to potentially take longer.
Image Credits: Avel Chuklanov