There is no better form of personal or financial independence than home ownership. Choosing to build a custom luxury home means having full control over the life you want. As exciting as the prospect of home ownership is, it’s important to go into it knowing that building a custom Luxury home is a marathon, not a sprint. To ensure your home building journey is stress-free, here are four things you can do now to prepare for common setbacks every home builder encounters.
Number 1: Site Surveys
Before you make the final decision to purchase a property, it’s always a good idea to commission an updated property survey. Instead of buying first and finding out later, a property survey will let you know exactly what you’re getting into, provide you with a boundary line certification, point out access points to utility lines located underground, and identify any hidden restrictions or agreements that exist on your properties title report.
Number 2: City Codes
Regardless of where you choose to build, meeting the requirements of the local Municipal Code as well as Building and Safety Codes is apart of the building process. Even if you are working with a construction company, having a working knowledge of building codes will go a long way to providing you the skills you’ll need to understand what’s going on at every step of the design process.
Number 3: Building Delays
One of, if not the most common setback that homeowners will encounter when building a new home’s construction delays. Even with careful planning, sometimes things just end up taking longer than expected. Aside from choosing a realistic timeframe, always prepare for a few delays. You don’t want to be stuck living in a hotel for a month or two, just because you didn’t plan ahead of time.
Number 4: Cost Overruns
Similar to building delays, cost overruns happen more than you might think. Also, they aren’t always caused by poor planning. Sometimes during the development phase, last minute changes are made, or certain unforeseeable issues arise. Regardless of the reasons, it’s always smart to set aside a ‘Contingency’ Fund of roughly 20% to 25% of your planned budget to cover potential extra costs.