Building your own house can seem so complicated if you don’t have a
precise plan to follow. It will be beneficial when you hire a home architect and
home builder company to help you settle the plan and all the operations
governing the building of your dwelling place. However, some helpful tips can
get you through in initiating a plan for building your own. Here are the things
that you need.
Buy a land where you will build
your house.
It is necessary to secure a lot from where you will build your house.
You may pay cash for the lot or get a land loan from a bank. Buying the land
through land loan will help you get the lot from the market before anyone else
attempts to purchase it. This will also allow you to think of several house
plans and to submit it to your county for approval on building permit.
Create a house plan or consult
the help of a house architect.
This plan will help you customize all the features that you need to be
incorporated in your dwelling place. There are several resources in the
internet but you may also choose to hire a McleanVA residential architect to help you lay out all the characteristics of the
house that you want.
To hire or not to hire home
builder?
The main thing about an owner-builder is that you can save lot of
money. However, if you are not an experienced builder, then choosing to hire Great Falls VA builders is an excellent
alternative. There are dangers of being an owner-builder if you don’t have the
needed skills and these are: construction cost overruns, depleting your
personal savings, loan extension penalties, and foreclosure.
Budget your finances.
Central to any expenses is budgeting. You need to secure the effectiveness
of your expenses on your house construction. If possible, make a breakdown of
each particular cost of construction to keep track of the expenses. This will
help you to financially prepare for other things in the length of your house
construction.
Secure construction insurance.
Basically, there are three types of insurance needed to build:
Course of construction
insurance. This is an all-risk policy that includes vandalism, replacement
cost, builder’s risk, extended coverage, and fire.
General liability insurance.This
is a comprehensive general policy or a form of liability endorsement. The
minimum amount for each occurrence is $300,000. If the builder provides the
insurance, a general policy of $1,000,000 is required.
Workman’s Compensation
Insurance. This will work if your builder has employees in helping you to
construct you house. This requirement is set by the bank so make sure that you
hire the reputable builder with insurance.