In: Real Estate

3 Fatal Mistakes People Make When Building Their Own Home

When you’re investing in property, finding a great house in the perfect location is essential. Whether you’re going to renovate it and sell it on or rent it out, you need to get those two basics right. If you don’t, you’re not going to make any money out of the place. But what if you can’t find the perfect house? You could always consider building one instead. You’ve got complete control over the design of the house so you can create something truly unique. Location might be an issue but if you search around enough, you should be able to find a good piece of land to build on. It’ll be a long and stressful project but the results will be worth it because you’ll be able to get a larger return on your investment. However, you’re never going to see that return if you get things wrong. When you’re building your own house, make sure that you don’t make any of these common mistakes.

 

Don’t Be Your Own General Contractor

People often think that they can save money by being their own general contractor instead of hiring one. They’ll just source all of the plumbers and electricians etc. on their own and save having to pay a contractor. Unfortunately, that’s not going to work and it’s going to cause you serious problems with the build. The thing is, home builders have a good relationship with all of the subcontractors because they work with them on a regular basis. That means the subcontractors are going to prioritize work that they do for the general contractors. If you’re hiring them yourself, they’re not going to turn up if they have other work to do for a general contractor. Ruining their relationship with you doesn’t matter too much because they’re not likely to work for you again. But ruining their relationship with a general contractor does matter because that’s where they get most of their work from. So, if you’re going direct to subcontractors, you’re always going to be bottom of their list of priorities and that’s really going to slow the build down.

Compromising On Location

Everybody knows the importance of location when buying or building homes for profit. But people often make the mistake of compromising when they’re building their own place. They think that, because they’re designing a unique and interesting house with so many amazing features, people won’t worry as much about the location. But no matter how good the house is, location almost always comes first for people. Find a plot of land in a good location before thinking about anything else.

 

Buying Cheap Plans

The plans for the house serve as a guide for contractors to work from. If they’re not very good, you’re probably not going to end up with the house that you imagined. People often try to save money by getting cheap plans but it’ll end up costing you more in the long run. Bad plans mean more mistakes and mistakes always cost money. Invest a bit more in the first place and the build will be a lot less stressful.

 

Building your own house is always going to be a massive struggle but it’ll be a whole lot harder if you’re making these mistakes.