You’re now a proud landowner and on your way to fulfilling your American dream; your own house!
But before you break the ground and start pouring the foundation, you need to take a few considerations into account!
We list some things that can help you build the house of your dreams, make it a rewarding experience for you, and cut down on any future regrets!
Before you even buy the land, consider the location that it boasts of. Is the land located in a populated area? Or is it located on a not-so-popular site?
Does the land have access to all the basic amenities and facilities? Not having access to basic facilities such as the sewage system, gas, and electricity grids can delay your plans of building a home.
If your land has access to all the required amenities and is surrounded by a developed infrastructure, we suggest you meet up with your builder right away!
Your contractor will be tasked with the responsibility of supervising sub-contractors. Make sure that you opt for a reliable and competent contractor who can get the job done.
Ask around for referrals and read contractor reviews online. Once you find the perfect contractor, avoid paying a hefty advance even before the construction phase has begun. This simple consideration can protect you from scammers and ensure that your house plan is in the right hands!
Don’t Forget the Zoning Codes!
When it comes to designing your house plan, don’t forget to consider the government regulations!
Draw up a construction plan that’s in line with your jurisdiction’s zoning and building codes. While zoning codes dictate the property development standards in a zone, the building codes are meant to deal with the safety and technical aspects of the building structure itself.
To avoid derailing your project or getting hefty fines, ensure that you work out a house plan that considers your jurisdiction’s zoning and building codes.
Work out a budget
Now that your construction plan has been approved and a contractor has been secured, it’s time to work on the budget. Make a checklist of all the materials and items that will be required to build your home. From labor expenses to material costs, list each and everything in your budget.
Apart from the building budget, you’ll need to work out a furnishing and a finishing budget to turn your dream house into a reality. The average house can cost anywhere between $155-$200 per square foot or even more if you’re opting for a more luxurious home design.
Consider applying for a construction loan with a reliable private lending firm such as Commercial Private Equity. Make sure you list the required budget, attach your construction plan, and get an appraisal to improve your prospects of securing a loan.
You never know what the future holds! It’s safe to design a space that’s ready to accommodate your expanding family or tenants for a rental or makes for the most eligible house for sale on the block. To design such a home, you’ll need to get in touch with a real estate agent and discuss your plan of selling or renting out your space.
A real estate agent can help you plan your construction so that it’s more appealing to potential homebuyers. Functional kitchen and bathroom spaces, more storage areas, and spacious floor plans are some things that you can consider before laying the foundations of your house.
Commercial Private Equity can help build the house of your dreams!
At our private lending firm, we facilitate our clients by extending our hard money and construction loans. Whether you’re purchasing raw land, seeking permits, or have started to work on your house’s foundation, our loan programs can help you design and build your own home from scratch.