5 Considerations Before Building Your New Home

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Blog By: Holmes Approved Homes

 

Have you made the decision to build a new home instead of buying a previously owned home? Your new build is a big decision and comes with a different set of decisions to make and questions to ask versus house shopping in already built homes.

It’s an exciting process – you have the chance to design a home that meets your needs, and at the end of the day, you can have a home that’s truly built for you, instead of searching for the elusive one that ticks all the boxes you need.

That’s where we come in, we can help you plan the perfect build for your new home.

1. What’s Your Budget?

First, you need to determine how much you’re willing to spend before you build, and find a builder who is able to meet your needs within that budget.

Mike’s Tip: Always allocate 20-25% of your total budget for unplanned contingencies or changes you need to make. If something comes up during the building process, you want to know you’ve got a cushion to make it right.

Speak with your bank to learn what your financing options are – and see what you can truly afford.

2. What’s Important to You?

You’ve set your budget, now it’s time to prioritize. What’s important now, and what you can upgrade later on? Hardwood floors may not be necessary right away, if it means sacrificing a more expensive finish to get the square footage you need for your family.

Flooring, finishes, pools, basements and decks can all be upgraded in the future, but it’s a lot harder to add square footage when the building envelope is closed off! Get the layout and square footage you want first – and worry about finishes after (though there’s once exception we’ll mention later on).

Emerald Park Homes- Holmes Approved Homes - 5 Considerations Before Building Your New Home Kitchen

Emerald Park Homes Ltd. uses quality craftsmanship to build the kitchen of your dreams.

3. What Does the Future Hold?

You’re building for today – but what are your plans for your home? Are you building a forever home? Is this a starter home? Or is this the home you plan to raise your family in (and then downsize after the kids move out)?

Is the location you’re building the home going to suit your needs? Building in an established neighbourhood means you’ll likely be near schools, community centres, and grocery stores. If you’re a young couple starting out, you may not have that concern, so a new build in a new subdivision might make more sense.

4. What Can you Splurge On?

A home is the biggest purchase most of us will ever make. And while, for most of us, we may not be able to afford the biggest and best of everything – at the end of the day, you still want a house that feels like home. If you can, find something you can splurge on. Maybe that’s the kitchen appliances, or maybe it’s a really great garage.

Be realistic with your budget and what you can afford – but if you can find something you can go all out on (and you can safely finance it), go for it.

5. Who’s Your Builder Team?

Have you found a home builder you can trust? How do you know you’ve found a good one? It starts with research. Look up online reviews for the builder before you commit to building with them. Do you see any concerns about a builder come up during the search? Ask the builder about them directly.

Always ask to see examples of a builder’s work. Many builders have show homes and model homes that you can walk through to get a feel for their quality and craftsmanship. If you can, ask the builder to provide homeowner references of their previous clients. Speaking directly to previous clients is a great way to find out what it’s like to directly work with a builder. Find out how the builder responded to concerns, and how quickly.

Finally, find out what kind of warranties and services are provided to you after the build is complete. How long do those warranties last?

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