Building a new home is both exciting and expensive. Novice home buyers often think that purchasing a new home is smarter and more cost efficient that buying a used home. However, it is important to note that a new house’s maintenance costs should be considered before consulting one of your city’s esteemed luxury builders. It is imperative that the construction materials, appliances, and general infrastructure of your new home is up-to-date and energy efficient. The floor plan and included amenities should match the expectations of both your personal budget and your family’s needs. The appeal of a newly constructed home is the fact that the house is built in the owner’s image and not based solely on the construction skills of local luxury builders. There are several factors to consider when building a new home. You only get one chance to build your perfect dream home, so it is important to get it right the first time.
Budget
The most important factor to consider before giving your hard-earned cash to luxury builders is the overall cost of building the new home. Note that the overall cost of the home is a lot different than then upfront cost. After building a house, one must remember that the cost of upkeep. Most people forget to calculate the overall cost of maintaining a new home. Square-foot pricing is the most popular method of estimating construction costs. To determine the square-foot pricing of your home, consult your luxury builder and compare the price to a similar house in the area. Also, it is important to factor in the cost of the land. Another factor to calculate is the floor plan. Some rooms are more expensive to build than others. For example, a bedroom is much cheaper to construct per square foot than a kitchen. A bedroom’s finish includes a carpet and a paint job. A kitchen is more complex to construct if you include all the appliances and amenities required. The more complex the design, the more expensive it will be to implement the design. After building a home from scratch, calculate the cost of implementing missing necessities and future upgrades.
Resale Value
After laying out the initial floor plan, one must consider how long he or she plans on living in the new house. Oftentimes, the first home your purchase is not the last home you live in. If you plan on selling your home in the future, you should consider how much you can make in the current market. Purchasing a home should be seen as an investment. Unlike cars, a house should appreciate in value. It is important not to add expensive upgrades to your home if it will make the house’s value much more than similar homes in the neighborhood. For example, you do not want to spend an extra $100,000 on upgrades if you live in a neighborhood where the average cost-per-home is only about $200,000. The features you install must appeal to future owners of home. If a particular amenity seems useless, a potential home buyer will consider other options before purchasing your house. Conversely, maintaining your home after purchase is just as important. Messy walls, mold, and termite damage can depreciate the value of an expensive home very quickly. Protect your investment by maintaining its resale value.
Energy Efficiency
It is important to maximize the cost effectiveness of your new home by making sure it is energy efficient. Luxury builders often forget to include energy efficient additions like insulation. Extra insulation is not the only way to make your home more energy efficient. Thicker windows will save you thousands of dollars per year on heating. Homeowners often forget the fact that most of the heat leaves your house via windows. Thick, insulated windows keeps the entire house heated without increasing gas bills. Energy-efficient HVAC systems and water-saving faucets and toilets are not optional for those wishing to save money on monthly utility bills. Energy Star offers great advise and resources for individuals wishing to maximize the energy efficiency of their home at http://www.energystar.gov.
Builder’s Reputation
Unless you have the expertise, you will most likely consult a builder to construct your home for you. Unfortunately, not all builders are created equal. Because building a home is a costly investment, it is important to research the individual working on your home. The National Association of Home Builders, or NAHB, provides a comprehensive database of quality designers and architects. Do not hire an architect without doing research. Once the house is built and the check is signed, there is little one can do to reverse any unforeseen problems of an incompetent builder.
Overall, building a new home is a rewarding experience for those wishing to live in a home built in their image. Instead of buying a pre-built house, a new home will meet your demands and expectations to perfection as long as you have the budget.
Cameron Wilkie owns and operates Cambuild, a leading a leading luxury home builder in Perth, Australia.
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