If you’ve just decided to build a new home for your family, then you may be feeling rather overwhelmed at this point. Part of you may want to jump right in and get started, but another part might want to run as fast as you can in the opposite direction. You can fight the panic by following a few steps to prepare for the process of building your new home.
Set Your Budget
Your very first task as you start your preparations for your new house is to set your budget. Home building is expensive, so you need to know exactly how much you can afford. Make a list of all your current assets and sources of income and another list of your current expenses. Take into account how much you might bring in from the sale of your current home, and then determine how much you can reasonably borrow on a new mortgage and spend on the construction of your new home. Remember that overruns are common, so work them into your budget.
Separate Needs and Wants
At this point, you will probably notice that your budget will demand you to separate your needs from your wants. Again, make some lists. One should include everything you must have in a new home. You should think about the numbers of bedrooms and bathrooms, square footage, garage space, kitchen layout and recreational space. Another list should prioritize your wants so you can include some of these if you have extra funds.
Gather Your Team
With this preliminary work in place, you’ll be ready to gather your team. Talk to your lender. Hire a contractor. Work with an architect or a structural engineering firm Denver CO. Be sure to do your research first, reading reviews and making sure you are working with reputable, high quality businesses.
When you have followed these preparatory steps, you might feel more like diving into your building project and getting ready to enjoy your new home.
