The process of building a home can sweep you up into a whirlwind of all sorts of possibilities. Designing fun layouts, choosing colors or unique structures are all a great part of the process. While building a home is absolutely rewarding, it’s important to keep a good head on your shoulders. Be aware of these common building mistakes as you begin the building process.
Building Too Big or Too Small
A brand new home is one you will be able to enjoy for years to come. In the same way, think about what your life will look like 10-15 years down the line. Will you need more bedrooms or will you be looking to downsize? While it may seem easier to build bigger as a precaution, be aware of the upkeep of maintaining a larger home. Will you really need a home office if you don’t work at home? Put extra care into choosing a home size that works for you, now and in the future.
Not Managing Your Mortgage
You may be excited about that last-minute upgrade, but how will it affect the cost of your home? Adjusting the price of your home can make you mortgage more or less difficult to handle over the next 15-30 years. Additionally, any other big purchases made during the construction process (like that new furniture set you’re eyeing) can impact your mortgage eligibility. Ideally, they’re looking for an income-to-debt ratio of under 43%. So even if you think you can afford something, your mortgage company may disagree.
Not Prioritizing Amenities
Some buyers want the best of the best, while others are looking to save money. The ideal route when building is to fall somewhere in the middle. Pick just a few amenities that really matter to you, like awesome hardwood floors or a gas stove, and poor your heart into them. You can always update others later.
Not Paying Attention to Resale Value
Everyone wants a home that’s unique to them, and building a home really lets you make something that’s yours. But be aware of how your layout will appeal to potential buyers down the road. Quirks are great, but your home should still be functional. Before you start building, make sure your home still appeals to the eyes of potential buyers.