With house prices on the rise<\/a> and available housing stock falling, more and more people are looking into other options.<\/p>\n\n\n\n While it can be tempting to , those looking for a forever home may like the sound of building their own home.<\/p>\n\n\n\n It can be the satisfying realization of a dearly held dream. Or it could turn in to a nightmarish money pit!<\/p>\n\n\n\n To ensure it’s the first, we’ve put together a few pointers to help you.<\/p>\n\n\n\n Here are 5 things you need to know when you build your own home.<\/p>\n\n\n\n\n\n Many a home builder has run into trouble by not taking proper care of the budget.<\/p>\n\n\n\n Your budget will likely be something that someone else dictates for you – often a . Your job is to make that budget work like your life depends on it.<\/p>\n\n\n\n Some tips include:<\/p>\n\n\n\n Which brings us to our next point…<\/p>\n\n\n\n The unexpected always happens with a home build – the exact cost to build a house is something very difficult to estimate at the outset.<\/p>\n\n\n\n Whether its something you find on the site that you have to overcome, or a utility hook-up or contractor’s bill that’s more than expected.<\/p>\n\n\n\n The rule is to set aside around 30% of your budget as contingency funds. Sound like a lot? You’ll probably end up using every penny.<\/p>\n\n\n\n Once you understand your budget, you can begin to look at the house you can achieve.<\/p>\n\n\n\n Be careful not to try this the other way round. If you set your heart on a particular type of house before knowing whether you can afford it, you could quickly end up in financial difficulties.<\/p>\n\n\n\n Once you’ve got your plot and have chosen your house design, you need to find a contractor with the expertise to bring it all together.<\/p>\n\n\n\n1. Finalize the Budget First<\/h2>\n\n\n\n
2. Set a Generous Contingency<\/h2>\n\n\n\n
3. Choose the Type of House You Want<\/h2>\n\n\n\n
4. Choose the Right Contractor<\/h2>\n\n\n\n