Building a house from the ground up is a wild ride, from heart-pounding choices to permit challenges that rob you of time. So, considering all key influencing factors is crucial to creating a masterpiece that becomes the envy of the neighborhood. Wondering what to do? Let’s check out 11 key factors to keep in mind when building your dream home.
1. Budget
The average budget required to build a house is $300,000, excluding the cost of land. However, your home-build price will be determined by how much you can afford and where you’re building your house.
But before you begin building, you have to ensure you have enough money on hand and know what you’ll use it for. That’s because it would be financially disastrous to begin constructing a house with a poorly planned budget and realize it halfway through.
Plus, poor budget planning can cause you to run out of money before your home-build is complete. And getting loans at that time can be a pickle. So, consider keeping a 5 to 10% contingency fund to dip into in case of any unexpected costs.
Click here to understand the cost of building vs buying a home before you execute your plan.
2. Location
Buyer profiling research indicates 49% of buyers assess the quality of a neighborhood before deciding on a house location.
So, if you plan to ever sell your home, you should take a look at nearby schools, healthcare facilities, and other amenities when deciding where to build your dream home.
3. Design and Layout
Your house plan and layout significantly impact the functionality and aesthetic appeal of your home. You can’t live with five people in a house with two bedrooms, can you? So, ask yourself these questions before hopping on the home-build train:
- How many people will be living in this house? Adjust your bedroom number accordingly. (For every additional bedroom, your resale value goes up by $30,000 to $50,000.)
- What kind of interior design do you prefer? Here are some of the best trends for 2023.
- Do you want a basement? Can you afford it?
- Do you need a garage? If so, how big do you need it to be? This depends on your vehicular needs and lot space.
4. Contractors
Research attributes 40% of the cost of a new building to low-quality resources used during construction.
So, practice quality construction by researching and selecting a reliable and reputable contractor. This will help you ensure material isn’t wasted, you meet building and zoning codes, and you use the right construction techniques, such as green or LEED-credentialed.
5. Outdoor Spaces
Want to have an outdoor space to make the most of the sunny weather in your area? You’re not alone. According to the American Society of Landscape Architects (ASLA), landscaping adds approximately 15 to 20% value to your house at resale.
So, go for a patio, deck, or garden if possible. But make sure you incorporate the space into your housing plan to not overspend or run out of material midway.
6. Storage Space
Storage is always at a premium in every house — because where are you going to stuff all your pots, pans, clothes, shows, books, and tools?
So, take advantage of every block of your house to the maximum. You can do that by setting up built-in cabinets, closet storage space, multi-purpose stairs, and other smart storage solutions.
7. Wiring and Outlet Placement
Strategically placed outlets are a crucial part of your new home design. It’s a pain to use awkwardly-placed outlets, such as those behind appliances. So, make sure you place outlets where you need them.
Plus, go for floor outlets, charging stations, and drawer outlets to avoid cords cluttering up your room, which can be visually unappealing.
