You’ve decided to take the plunge and create your very own perfect dream house, not only is this a big thing to go through, but it also means that you will be able to get exactly what you want how you want it.
Not everyone will have the opportunity to design a custom home, but now that you are on this path you may need some help with the design process of your new house and how you can stick to a realistic budget that won’t send you over the edge.
Today, we will discuss what steps you will need to take when you are designing your dream home, as well as what you will need to factor into your budget, e.g. hiring a construction team, speaking to interior designers, consulting with a landscape architect, working with a real estate attorney, and so on.
How Much Will it Cost to Build a Dream Home?
Before you start calling around and finding out the square footage of the place you want to build on, you are going to need to think about how much the overall cost will be so you can manage expectations and not get ahead of yourself. The best way to get an estimate would be to talk to a custom home builder near you. They’ll listen to your ideas, make up a plan, and get back to you with a cost.
On the more general side, if we look at the survey done by the National Association of Home Builders (NAHB), they state the average cost that a home builder will be looking at paying to construct a single-family home is around $296,652.
There Are Some Factors to Consider
Whilst this seems to be very specific, this is not entirely true, as it will depend on a few factors, for example, the size (square foot) and quality have to be taken into account, as well as if you already have an existing home that you are tearing down and building back up again.
It should cost typically up to $200 per square foot for a home, however, if it is a luxury build, then that will climb up to around $500 per square foot.
This doesn’t bring in the cost of your lot purchase (if required) for building your dream home, so you will need to think about that as well because the location will also add to the overall cost.
Steps to Building Your Dream Home
If you have a clear understanding of your budget and the specific features you want to incorporate into your new house, such as the desired number of bedrooms, architectural style, and preferred interior designer, you are on your way to creating your own dream home.
Once you have developed a well-crafted home design that encompasses your vision, you can then collaborate with Lambie custom homes builder (or a similar firm) to transform your plans into reality.
Decide on Your Budget
The budget for your future home is important as with every single choice you will have to take this into account and make sure you are sticking to it, or ideally going under budget.
You may want to hire a project manager that can help oversee everything and make sure that things are going the right way.
Think of The Square Footage and Materials
You need to know how much room you will want to have and what kind of materials you would like to use, from average to luxury, each one will send up your price the bigger the square footage.
Materials and labor will be about three-quarters of your budget, whilst the rest of your money will be put toward taxes, fees, landscaping, and furniture.
If you have particular materials in mind, e.g. you really want a timber frame exterior or brick exterior, then include them in your planning stage so you can go over them with your home builder.
Create a Rough List
As long as you know roughly what money you will need, you can then start allocating funds once you pull the rest of the things that you require to build your dream house.
A home construction team will tell you what each of your items will cost and get your approval before moving forward with any purchases to make sure that it is good for you.
Be Flexible on What You Want
You need to manage expectations when it comes to building a home.
If you want a crystal chandelier in the dining room but it takes up over half your furniture budget, then is it worth it?
That may be an extreme example, but for your own home, you are going to need to scale back what you wanted to go for when making the initial design as things will change, budgets will shift and you may find priorities elsewhere.
Speak to Custom Builders and Interior Designers
These professionals know what they are doing, and they can help you with setting your home as you want it.
They check trends constantly and know what to look out for, they know how to maximize natural light in small spaces and will give you a breakdown of the best fixtures, but they will also tell you what ideas you have are not worth it and how you can adapt.
Listen to them, they are not trying to be difficult, they want you to have the home you have dreamed of and work with your overall vision.
Not sure where to find such professionals? Finding a local custom home builder and an interior designer could be easy if you seek recommendations from your friends and family or conduct an online search. Irrespective of the method of finding these professionals, it is crucial to learn what their previous clients are saying about them. This will give you further insight into their quality of work.
Find a Lender
You might need a lender when it comes to your dream home.
When you buy an existing home all you need is a traditional mortgage to finance it, but building one will require you to get a construction loan/construction loans.
It can help you with the building process as well as the purchase of the land.
There are two options when it comes to going down this route –
- Convert the construction loan to a traditional mortgage once the construction is completed.
- Pay off the construction loan by the time the house is completed.
The first option seems to be the most popular, but it is up to what you think would be best for your home and the money you have.
Bring Together a Construction Team
You want to make sure that for your new home, you have the right team assembled to work through the construction process and make your home look the way you want it to look. This is to ensure that the construction is done in accordance with the ideas you have laid down post discussion with a designer.
Suppose you would like to construct something like a sunroom, you’d have to call professionals that construct Florida Rooms in Tulsa, OK, if that’s where you’re at. Similarly, if you want to change the landscape of what is going to be your backyard, you should have dedicated professionals for the job. Your construction team will normally have home designers that they work closely with, so you can either use what they have or, you might want to bring your own in if you feel better about doing that.
Go Online
You can check out the construction team’s portfolios online and see what work they do, as well as the designers they use so you can get a feel of what they can provide for you, this will help a great deal when you make your decision.
Do You Need a Landscape Architect?
If you need help with architectural design, and your budget allows it, you may want to hire a landscape architect, you can ask your construction team for some help as they may have someone they could recommend to you.
Find The Right Lot
You need to find and buy a lot that you want to live on.
This is your home, probably the only home you will ever have, so you need to make sure that the location you pick is right for you and will be what you have exactly been looking for.
You don’t have to buy your lot before you hire your construction team, in fact, they may be able to help you out with finding the best one for your budget, making sure that you don’t have to go at it alone.
Look at The History
Vet the place you are looking at carefully.
Check out the history of the lot and compare property prices to help you with deciding on your offer.
Your real estate agent will help you with finding one as well and help you with facilitating your purchase.
Create a Timeline
Going through the construction process, you need to make a timeline that you can plan out each stage to make sure that you are meeting deadlines and keeping to a schedule.
It keeps everyone on track and gives them a breakdown of what they need to do and when to do it by so they are not in the dark about times and dates, they have something to work toward.
How Long Can a House Take to Build?
On average, it can take around 8 to 12 months to build a house, however, if you are designing one that is bigger or has additional features then this will extend the time, as will illness or bad weather.
Get Involved With The Construction Process
Don’t just sit on the sidelines, it is important that you get involved and you are able to see what is going on which will help you make decisions or see if there is anything you want to change.
Stay in touch with the team as well as the project manager so that you can create an open line of communication and avoid common mistakes that can set things back.
Keep invoices, letters, emails, texts, etc., on your laptop just in case something needs to be double-checked or there is an issue you have to deal with.
Decide Where to Store Your Things
It is an odd time moving from your old house into your new house, you will need to transfer a few things over, and if you can’t keep it in your old house and you can’t move it into your new one yet, then you will need to find storage solutions.
You may find that the day you planned on moving everything over had to be set back, and you can’t keep it where you used to live, so getting a storage container is important.
You may also need to go into temporary housing depending on what is going on and if there are any delays for whatever reason.
Conclusion
After going through all of that, you are now ready to move into your new home and start fresh.
Knowing exactly how to design your dream home is not particularly easy, there is so much you have to consider before moving from step to step, but if you are determined to keep at it and get it done, then you will be in your own piece of paradise soon.