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The 4 Steps Every Potential Property Owner Should Follow Before Construction
Getting your property construction is the real success beside getting to being the owner of one. Here are few things to keep in mind before going ahead with construction. Read ON!
For those of us that played with LEGOs when we were younger, putting the finishing touches on our castle, car or ninja fort was one of the greatest feelings. You carefully followed all the instructions, put the right pieces everywhere and now you are rewarded with a fantastic looking new toy.
The building of a house is no different in many regards. You have to make the foundation first, put up the walls, install plumbing and electrical, put on the roof and so on and so forth.
But, there are plenty of steps to take before you break ground and you won’t find those with any LEGO construction set.
Make a Budget
What a surprise, that the first thing you have to do when building on the property is making a budget. The finances are no joke, and while you don’t have to know them like the back of your hand, it always helps to have the general numbers floating in your head.
You’re going to have to estimate how much your new construction costs, whether that be a house or something entirely different.
You might need to take out a loan for the building or a mortgage before you get started and that all depends on your personal finances and other factors.
Additionally, you’ll have to budget out how much you are willing to pay the architect, designer, and contractor. More than likely, all of these people will bid on the cost of their services and you’ll have to meet with each one to not only ensure you both share the same vision but also a chance to negotiate with each person.
If you don’t already own the land, purchasing a lot will also have to be factored into the budget before construction starts. Speaking of land.
Finding the Property
If you already own property then you can go ahead and skip this step unless you’re really itching to find a new lot somewhere around.
In order to find the perfect property, you’ll need to speak with realtors in the area who can help narrow down some choices. Realtors come in many different shapes and sizes. If you are looking at building rental property, find a realtor who has expertise in the area. If you’re looking at building a commercial property, some realtors have more experience there. The list can go on and on for other, potential realtors depending on your needs.
Finding the right area is going to help determine your property plans. While you may have had a vision of a house with a great yard, there just may not be any available lots with that kind of specifications. Don’t commit to a house plan before you have a property set.
Determine Your Level of Control
As stated above, many building professionals may line up their own plans and teams, but the final word is for you to decide.
While contractors may come with their own employees behind them, you may have your mindset on hiring other people. This is something you’ll have to decide early and be let known. You can either be someone who is hands-off and let everyone go about their business, or be more and more involved.
When it comes to the house plan, you’re going to want to have your say naturally, but how much are you willing to bend on certain plans? Will you be going to the site every week or try to be there on a more regular basis?
Remember that almost everything is a negotiation and both sides will have to have a little give and take on their plans.
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Cover Your Property
There’s insurance for just about everything these days and building a house is no different. Although it doesn't have insurance in the title, contractor surety bonds are a way to make sure that your property is completed. It’s a must for anyone who wants to stay covered and insured.This type of bond is a three-way agreement between your contractor, a guarantor and you. What happens is a financial entity ensures that your contractor will complete the construction according to the contract and finalized negotiations.
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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 19th August 2019.