Having your own custom home built used to be something only a small handful of people could really do. Nowadays, however, it's something that's become increasingly attainable and, if you do it right, can even save you money over buying an existing property.
Doing it right is the key thing, though, and making mistakes can end up being extremely costly, possibly even putting your dreams in jeopardy.
It's absolutely vital that you take the time to draw up a realistic, thorough budget before you even think about getting started. And to do that, you need to know what to include and make sure you're not forgetting anything important. These are the essential points to consider when you're working out your costs.
Buying a plot
Your first step should be to find some suitable plots and look at how much it's likely to cost you if you buy one. You might be surprised at the cost – either positively or negatively – and this could really shape your expectations and the rest of your budget.
Remember to look at things like building permissions and how likely you are to get them easily if the land doesn't already have permits in place.
The internet has made it easier to find a good designer, and there are plenty of websites with companies showing off their portfolios to give you an idea of what they can do. Contact any that offer no-obligation quotes and find out what sort of money you're looking at.
You might want to work out the cost of materials in conjunction with designers, builders, or both. They'll have a better idea of everything you need and plenty of experience to guide you.
There are a few ways to do the actual building, which can have a big impact on what it costs you.
You might have the skills to do some of the work yourself, which cuts out some of the expense. Otherwise, you can hire individual companies and tradespeople or find a team that can do everything, with the latter sometimes working out cheaper. There are even companies that will handle the whole project from design to completion, which simplifies budgeting and helps you get the project off the ground quicker.
The legal stuff
Tax, permits, and insurance are all legal concerns that will add money to your project. It's essential to get insurance that covers the whole build, in case any problems occur.
No matter how well you plan, things can always go wrong and end up costing you more. Add at least 10 percent to your budget, more if you can afford it, so you have some extra cash behind you if you need it. That way, you're less likely to feel the burn of any nasty surprises.