For many people, their ultimate goal is to build their own dream home. However, some people let their expectations get out of control. While you may be bringing a dream to life, you still need to stay centered in reality. Below are five things you should expect when building your dream home.
1. The Mortgage Will Likely Be Significant
Building a custom house to your own specifications obviously involves much more expense than simply purchasing one that was already constructed. This will be reflected in the mortgage you purchase. If you want to bring down your monthly payment, you will probably have to purchase a longer term mortgage. Discuss the different finance options available to you with a company like The Mortgage Centre.
2. You Will Likely Go Over-Budget by 10 Percent
While you may have negotiated your budget with the contractor beforehand, you need to keep in mind that most projects of this kind go slightly over budget. For example, you may suddenly decide you want to add some kind of change during the construction process. Factoring in an extra 10 percent allows for that kind of wiggle room.
3. You Will Have to Create a Floor Plan
Dream homes are usually extremely specific ideas people have. You shouldn’t expect a contractor to understand exactly what you have imagined by simply explaining it. Instead, create a detailed floor plan than you can show the contractor. There are resources online for creating floor plans.
4. You May Not Be Able to Build Everywhere
Unfortunately, certain elaborate home designs are not feasible in certain locations. For example, the lot of land you have in mind may not be stable enough to support a house as large as your dream design. The infrastructure to supply the amount of electricity and running water needed may also not be available. There are also likely ordinances that will determine where and how you can build.
5. You Will Be Forced to Compromise
While you may have dreamed up extremely elaborate plans that you then put to paper, it’s likely that not every design or feature you want is going to be possible. This is especially the case if you have a fixed budget. Be prepared to make compromises when you meet with the contractor.
Overall, a dream home isn’t going to build itself. While it is possible to get a house built close to your specifications, it is still going to have to be constructed in the confines of what is possible and doable in reality.