Many people dream of building their own home. For most of us that means hiring people that know how to build one. But having a home built can be complicated, even if you never pick up a hammer. Houses are quite often the most expensive thing you own, and mistakes can be financially devastating. If poor choices are made the potential value will be affected, as well as the budget for completion. Here are a few things you should consider before you make any commitments.

  • Location: Houses are hard to move, where you build is likely where that house is going to be. Location in real estate is closely tied to value. You should choose a location that works for you, whether for convenience or a view. Sometimes the best locations already have buildings on them. If you are considering an extension vs a knock down and rebuild in Canberra, you can locate contractors through an Internet search. If it is possible, a total knockdown and reconstruction will provide the most options.
  • Consider Future Needs: If you are building a retirement home, obviously you know what you like and what you need, and those things might not change. But if you are younger, you should consider how things might evolve. Typically, we need more room as time goes by. Hobbies, children, pets, all these things can put pressure on people to move or rebuild. Make sure you build bigger than what you currently need.
  • Builder: Choosing a builder is a difficult decision. Many people can build a house, but not everybody will build the house the way you imagine it. And then there is the issue of quality and good business practices. If you are searching for a builder, make sure you see examples of their work, and if possible, speak with former clients.
  • Financing: Building a home should be an enjoyable experience, but if you can’t afford it, you should wait until you can. Although there are a lot of financing options out there. Being cash poor in a new house is not living the dream. Take your time when considering the financing of the home. Get some expert advice and see what the real costs will be.

Building a new home should be a time of excitement and anticipation. You work hard and you deserve to have your dreams realized. Take your time and be realistic, and then when you know you are ready, the whole experience will be so much more enjoyable. Get it right the first time and your home will be an unending treasure.

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