Building your own home comes with a variety of benefits. Not only can you finally live in your dream home, but you also get to include special features and the latest technology available.
However, since this is such a major personal and financial life decision, choosing to build a home should not be undertaken on a whim. Long before you begin the homebuilding process, there are several questions you need to ask yourself.
- Can I afford it?
Much like any major financial decision, you should always calculate as much of the cost to determine if you can afford something. In the case of building your own home, the price tag can not only be substantial, but it can fluctuate during the construction process. For instance, you might estimate building the house using the current going rate for the cost of lumber. However, a delay in construction can mean framing costs will rise.
In addition, there are countless other fees involved during the homebuilding phase that new homeowners will need to account for early on in the process. This shouldn't discourage individuals from building their own home, rather it should just be a reminder to carefully calculate and consider all the potential costs involved in the project.
When you make the choice to build your home, be sure to carefully calculate your budget to ensure you can afford it.
- Where am I going to build it?
Choosing a location is crucial to ensuring the neighborhood where you build your dream house conforms to your wishes. With so many different factors to weigh - school districts, neighbors, infrastructure and more - it can be a wise move to consider building a home in a master planned community. Buying land in a Texas master planned community and building your own home on the plot provides many benefits and advantages for the residents. Aside from great amenities like regularly social gatherings and abundant green spaces, master planned communities also offer ideal luxuries in terms of home types and a pre-existing community of like-minded folks.
When building your dream home, be sure to include room for any future arrivals.
- What are my short- and long-term needs?
When it comes times to building your dream home, you don't want to miss out on the features and designs that satisfy all your needs. This covers not only immediate needs, such as building a place big enough to store your memorabilia collection or guaranteeing the kitchen has the necessary space to cook up big meals, but it also includes long-term needs. For example, you might want to build your dream house now while you're single. However, things can change in a few years if you decide to get married and have kids, in which case you'll need a bigger home. Similarly, if you're planning on building your dream house now, but in a few short years you'll be an empty nester, consider constructing a smaller dwelling. Either way, you don't want to build your dream house to current specifications, only to have to either move or remodel the place in a few short years.
- What kind of energy-saving technology can I include?
This is one of the factors that individuals usually fail to consider during the homebuilding process. However, despite the current lull in oil prices, energy costs will only continue to rise in the future, so it makes sense for individuals to keep this facet in mind when constructing a new home. By incorporating energy-saving technology during the construction phase, homeowners can significantly lower energy rates over the long term. This is especially crucial if you plan on building a large house. The bigger the house, the more overall energy consumption will be needed to keep the home bright and warm. According to HousePlanningHelp.org, you can potentially save up to 90 percent on your heating bills using new standards on the market. Seeing as how the primary factor people consider when purchasing a car is its fuel economy, it makes sense to at least consider energy-efficient features to include when building your new home.
- How long will it take?
Building a house from scratch is a long and arduous process. Despite advances in construction technology, it still takes a considerable amount of time to fully construct a residential dwelling, no matter what size it is. According to Money Crashers, it can take three to six months to build even the most basic, no-frills home. Larger houses that are more highly customized can take 18 months or longer before the homeowners can move in. This requires patience and careful planning so you don't find yourself in between homes.
This list is not designed to be exhaustive, rather it should get you started on the right track toward asking the appropriate questions during the homebuilding process. It isn't something you want to rush into, but at the same time, it's not something you want to push off, especially if you're seriously considering it.
To find out more information on buying land in Texas to build a house in a master planned community, contact SouthStar Communities for all your educational needs. You can also download our newest custom home building guide.
Building your own home can be a complex process, but it can also be an extremely rewarding project too.