While building a new home is arguably the best way to get a home that is the best fit for you, it also has a reputation for being expensive. Higher costs are the price you pay for the privilege of customizing your home. Not all costs are necessary, though. Mistakes can end up costing you a lot more than you would have paid otherwise. So, how do you avoid them?
Choose the Right Builder
The first thing you need to avoid costly mistakes when building a new home is to choose the right builder. The right builder will have experience building the type of home you want. They will be eager to answer any questions. They’ll also have good reviews and references so you can learn more about what it’s like to work with them. Ideally, the right builder will also have awards and be recognized within the community as a quality builder. Don’t be afraid to shop around and research each builder you’re considering before you accept a bid.
Finalize the Design before Construction Starts
It’s normal to be a little unsure about different home design elements when beginning the new build process. It’s even normal to change your mind about what you want. If you want to avoid making costly mistakes, however, do everything you can to make any design changes prior to construction. It’s relatively easy to rearrange designs when they’re on paper. Once construction has begun, making changes will be both expensive and difficult. Expect to pay more for labor, supplies, and time. Avoid that by finalizing the design before construction begins and sticking with it.
Don’t Purchase Furnishings Too Early
The further along construction gets, the more excited you may become about your new home. The more excited you get, the easier it is to purchase expensive furniture and other home furnishings before construction is complete. This can be a problem for two reasons: First, it’s easier to make mistakes regarding the dimensions of the finished rooms and furnishings. Space may change unpredictably before construction is finished. Second, making such purchases on credit could impact your debt-to-income ratio, making you look less desirable as a borrower. That could negatively impact your mortgage and end up costing you more in the long run.
If you want to make building a new home more affordable, the best thing to do is avoid making costly mistakes. A lot of that boils down to research and careful planning. Perhaps the best advice that can be given to any homeowner interested in building a new home is this: Don’t rush.
