Building a new home is like playing a round of golf. It’s fraught with sand pits and hazards. But, if you play strategically and with great care and patience, you have a chance to taste victory.
Many people undertaking the new home build process for the first time rush into it with abandon. But while enthusiasm takes you far in many endeavors, it has no place in the home construction process. Those who fail to realize this wind up finding themselves frustrated by the waste of their time, money, and patience.
If you’re considering a new construction home, don’t be discouraged by that. Instead, consider taking away some lessons from the mistakes made by those who you’ve let play through.
Mistake #1 – Hiring the wrong contractor
The first and foremost mistake some people make is hiring the wrong general contractor (GC). Your GC is your mentor, your “pro,” who will guide you throughout every phase of construction. From surveying your lot to pulling permits to dealing with a myriad of inspections, the GC will keep your build on track.
But what makes a good GC?
The answer is surprisingly simple—a good old-fashioned eye towards customer service. From giving clients gently guidance and honest opinions to running interference with the utility company to delivering the keys to the owner as promised, the customer should always come first.
If you have even a glimmer of a doubt about the customer service you’ll receive from a GC, find another one. Hints of hazards ahead included unreturned telephone calls, rude or short answers when you ask questions and a lack of interest in your choices.
Mistake #2 – Under-budgeting
Cost overruns are not out of the ordinary on job sites. Unexpected problems arise, county fees escalate, or material shortages happen; each of these factors can skyrocket costs.
The truth is that many people navigating their first build underestimate those uncontrollable factors. When you put all your budget into the build, you don’t allow for those overages. That lack of funding leaves many first-timers scrambling to find those additional funds.
Always plan for a 10% to 15% cost overrun on your build.
Mistake #3 – Lack of commitment to the plans
Once you’ve chosen the floor plan for your dream home, stick with it. Changing your mind and making significant changes midway through construction leads to lost time, lost materials, and lost money.
It’s a great idea to have your blueprints created and mull over them for a while before you make a final commitment. Ask your spouse for input and consider their wishes—compromise is always an integral part of the program.
When if doubt about how things can be changed—or if they can—should be discussed with your GC before building commences. This forthrightness allows the GC to consult an engineer and submit the proper plans to your municipality in advance.
Mistake #4 – Passing up the right upgrades
Some people building homes quickly grow concerned over the price tags that they see early in the process. As a result, they pivot away from upgrades and stick with builder grade materials.
Yes, you should practice fiscal sobriety when you’re building a new home. However, don’t be so short-sighted that you skip upgrades that add genuine value to your home and your lifestyle.
Some of those smart upgrades that you’ll enjoy for years to come include solid surface kitchen and bathroom countertops, luxurious floors, an upgraded shower or soaker tub in the master bathroom, energy saving appliances, and a huge deck to pass the long days of summer.
Being thrifty is fantastic, but don’t underdeliver on your dream of a new home.
Mistake #5 – Failing to plan for resale
One of the most significant errors that a first-time builder can make is failing to prepare for the long-distant future resale of the property.
When you’re building, it’s difficult to imagine that you would ever want to leave this place. After all, you planned every square inch of space, worked overtime to fund the extras, and carefully selected every last detail.
But the day will come to sell. Whether that time arrives in two years or thirty-two years, you will list your home.
Having thought out your floor plan well will go far with those seeking a new home--ditto for those upgrades you so lovingly implemented.
But have you thought about maintenance and upkeep? As you go through selecting materials, be sure to choose low-maintenance, high-quality items that will last for many years. The better you maintain your home during the time you spend there, the more money you will receive from the sale.
Takeaway
Building a new home is challenging and frustrating—kind of like the game of golf. But, also like that sport, the more you put into that challenge, the better feeling the reward is at the end of the round.
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