Do you have a dream to build your own home, with everything exactly as you pictured it in your head? You aren’t alone. The industry of custom home building is booming, due to the fact that more and more people are waking up to the concept of no-compromise. Instead of buying a home designed by someone else which isn’t exactly to your taste, why not build one from scratch? Of course, there are strings attached to this idealistic scenario. In this blog, you’ll find out the three main things to consider before you dive headfirst into a custom home build.

Budgeting Issues

Budgeting can be quite a feat when it comes to custom building your home. That’s because although the best laid plans of house builders can be perfectly scheduled, things come up during construction which can’t be planned for. That’s why, when you are planning to build your own home, it is vital that you create a contingency plan for any extra bills or extensions which may arise. You never know what might be around the corner, so when it comes to building a custom home, you need to be financially prepared for anything that happens.

In order to plan a budget for your custom build, speak with a contractor and architect about financially planning for such an event. These will help you to plan extra budgeting which will cover any surprising bills that arise.

Time Planning

If you are looking into building your own house, patience is absolutely essential. When it comes down to it, there are multiple stages to building a home which can take over a year – sometimes more. Between planning permission, architectural designs, hiring a contractor, and actually undergoing construction, patience is necessary. If you are considering selling up your current home in order to complete a custom build, you will need to rent a property to live in in the meantime. This should be on a flexible contract, in order to make sure you can stay as long as construction takes in the end.

Resale Value

When building your own home, most people simply think about their perfect design ideas which will match their personality. However, it is vital that you keep in mind the resale value of the home you are building. If your situation changes, you may want to sell the home down the line. The home itself is not enough; you must take into consideration:

  • The location. Is it up and coming? Are there good schools and roads nearby? Even if these things do not apply to your situation, it is essential that you keep these aspects in mind, in order to sell your home down the line.
  • The design. If the design is a little too “unique” or “zany” it may not contribute well to your home’s resale value.

In conclusion, building a custom home is an awesome project which simply requires more planning and consideration than buying a pre-built home.

Greg Kononenko
Greg Kononenko

My name is Greg Kononenko and I am a full-time online blogger and owner of Dad's Hustle. I'm a dad, and my passion is to help other mums and dads to start their own "hustle" and improve the financial future of their families.

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