For many people, building their dream house is unarguably one of the most exciting experiences in life. But then again, it’s one of the most difficult, expensive, and time-consuming tasks out there. In addition to this, there are several obligations and responsibilities that come with building a home. But nothing beats the feeling of having a space that you can truly call your own and this is what most of us dream about. Sometimes size and style may not really matter, but hey, we are talking about your dream house!
When done right, constructing or buying a house is one of those financial risk-free decisions a person can make. Let’s take a minute and forget about all the expenses, time, and complications involved in the house-building process. Owning a home comes with multiple benefits. It definitely saves you a considerable amount of money if you’re moving from renting to your own house, not forgetting that real property appreciates in value, and it is something that you can tap into if you ever get stuck financially. You also gain the title of a homeowner and you can wear it with pride, especially considering you won’t need to worry about a landlord knocking on your door at the end of the month or whenever there’s something wrong! But before your dream becomes a reality, as with the journey of a thousand miles, you’ll need to start from somewhere. Here are three steps you should take to turn your “dream house” dream into reality.
Before embarking on the house building process, it’s imperative to have a well-structured plan. You need to objectively set some goals and establish a streamlined way of achieving them. As earlier mentioned, as much as it’s an exciting undertaking, it can also be quite complicated and expensive. A solid plan will help in preparing you for the unexpected. So many things can go wrong without a plan. The plans you make will have an impact on the safety, comfort, and future needs of your family. It may take you months to build your house, but it takes years to come up with a good plan. Here are some factors that determine a good house plan.
- Family size
- Governing laws
To make this happen, it’s important to have a site plan that is as per the home design of your choice. However, the above applies if your dream is to construct and not to buy. For those who would wish to buy, it’s important to have an already mapped-out house design to make your house selection process easier. In most cases, finances can limit your investment power and you end up buying a smaller house than expected. This shouldn’t deter you from making that purchase as you can always redevelop or redesign. For instance, you have the option of adding an Accessory Dwelling Unit (ADU) on your lot if you are limited on space. Stanley Acton from ActonADU.com explains that an ADU can be a separate building on your property, added on to your home, built in your basement, or even built over a garage. This will definitely solve space issues and in addition to this, you’ll have added value to your property.
Owning a house is a costly undertaking that requires you to be in your best financial shape. It’s important to have an estimated budget ready. You cannot be too certain of prices and costs. Now, whether buying or constructing, when it comes to the financial bit of it, there are no shortcuts. There are two ways to finance your dream of owning a house and they include self-financing and mortgages. In self-financing, it means that, over a considerable period of time, you’ve saved up enough to either buy or construct. It may take you years of hard work to achieve this, but with, a goal, a plan, determination, and discipline, nothing is impossible. On the other hand, most people will opt for a mortgage because, well, let’s face it, houses are expensive. In a nutshell, a mortgage allows you to pay for your house at the current price using tomorrow’s money. If you’re considering taking on a mortgage, you’ll need to consider the following:
- Proof of income
- A good debt-to-income ratio
- Your credit score
- Down payment
A mortgage is one of the most viable options you have to own a house. But then again, before deciding on the mortgage plan, ensure to research the various mortgage options available in the market today.
You’ve come a long way and now it’s time for your dream of owning a house to become a reality. The road to home ownership is not as easy as it sounds. It’s one of the many undertakings you cannot afford to do things wrong. This is why at some point, you’ll require a professional approach. Before buying a house, it’s important to consult with a mortgage broker, a real estate agent and a home inspector. For those who would wish to construct, expert advice from an experienced architect and a civil engineer will come in handy. Even with ready finances, you’ll still require the resources (human skills) to make your dream a reality, and what better way than from resourceful experts?
Now, every construction project is different and unique all depending on the complexity and the preparations done beforehand. While this is true, the experience gained out of it will help to broaden your perspectives on home ownership. But as you can see, it’s not a conceptual idea, it’s a dream come true.