Are you Ready to Build a New Home? Top 5 Things to Consider
Building a home is one of the biggest and life-changing actions you will ever take. That’s why it takes a great deal of thought and planning. Before you begin taking action, it’s essential to make sure you’ve done all of the necessary research and considered every relevant detail. Here are five key questions to ask yourself before getting started.
1. Where do You Want to Live?
While this may sound like an easy question to answer, it’s easy to overlook key elements that could affect your happiness and quality of life. Make sure you consider the neighborhood before you build a home. Some people like to be near the beach, have more land or near downtown. Check out statistics on crime and if you have kids, you’ll want to research the local schools. It’s a good idea to spend time in the area both during the day and at night so you have an idea of what life is like there at different times.
2. What is Your Price Range?
Before you get started, make sure you understand what your total costs will be. This may include purchasing property, building costs, systems such as plumbing and electricity and any costly features you want in or around your home. Review all of your assets and consider your current and projected income. Make an appointment with a bank to find out what type of loan for which you can be pre-qualified. Don’t make the mistake of overextending yourself, as you always want to leave yourself some breathing room financially for emergencies or for items you may want to purchase later on.
3. How Much Room do You Need?
Space is one of the most crucial factors to consider when buying or building a home. You want sufficient square feet and bedrooms so that you are comfortable. Make sure there’s enough space for your whole family as well as storage space. When calculating the space you need, consider the current size of your family as well as your future needs. For example, do you plan to have more kids? Do you need room for visiting relatives?
4. Must Have or Nice to Have?
When deciding what to include in your home, it’s helpful to make a “must have” list as well as a “nice to have” list. For example, if you or your spouse works from home, an office might be on your must have list. A guest room for visiting friends or relatives, on the other hand, might be nice to have but not essential. Which items you put on each list will, of course, depend on your particular lifestyle and preferences.
5. Do Now or Do Later?
Two more lists you should make are “do now” and “do later.” For example, if you want tile flooring throughout your home, you may as well do that right away. It won’t make that much difference in your mortgage. If you do this later, however, it will be a very costly out-of-pocket expense. On the other hand, it’s often preferable to wait to do upgrades on things like kitchen hardware or lighting fixtures.
These are a few of the key points to keep in mind when you want to build a home. Remember that the decisions you make now will have an impact on your life for years to come. That’s why it’s so important to do your research and calculations before you get started on this exciting endeavor.
For more information about building a new home in Tampa Bay, contact Covenant Homes.