A house is permanent, it is a status symbol. It is protection and security. “Home Sweet Home”. The beauty of the house lies not only in the hours spent designing and imagining their castle and making sure every brick is in place, but above all, in all the beautiful lives they have lived. Home is where your story begins that is a reason one needs a guide to building the house of your dreams.
As expected, almost everyone, after saving a substantial sum of money, chooses to invest it in the construction or purchase of a house. We understand, why need your guide to building the house of your dreams. You can transform a home into your home, a sanctuary for your parents, a place of love and dreams for your spouse, and a children’s playground for your children. You can turn it into a secondary income by renting it out. The possibilities are many.
Although housing units in a gated community offer a host of services and facilities, they are not custom built. Therefore, many people prefer independent home construction as it allows them to customize their abode to their preferences and conveniences. However, housing development comes with challenges. It not only requires immense patience but also detailed construction estimates to avoid mismanagement of funds. Owners are often unaware or careless about the cost of development. As a result, various challenges arise, ranging from increasing costs to lower build quality.
You are planning to build your house
- Buying the land.
- Title deed – A title deed is a document that details the owner’s name of the property.
- Encumbrance certificate – You should ask for an encumbrance certificate
- Ownership structure – You should look at the ownership structure of the property.
Building your own independent home is a dream that many of us want to live. The thrill of having your land, building a structure according to your needs, and designing it sounds very attractive. Painstaking work is required to make this dream a reality.
Building your dream home consists of two main steps. The first is to acquire the land in a good location and the second is to get the contractor and build the house. Both steps require due diligence in minute details and careful planning.
The decision between building and buying is not just about cost. Ultimately, the decision has more to do with the type of home and home buying experience you’re looking for. A consolidated home may have the advantage of being located closer to transportation and services. It can have the character and charm that comes from a long history. A newly built home can allow you to adapt the distribution and design to your needs and tastes. While the cost of building versus buying is easily quantifiable, the true value of the two options is up to you. Cost is one thing, but there are more issues to consider when deciding whether to build or buy a home.
While building an independent home can be a very exciting and satisfying experience, there are important points to keep in mind.
- Gather information: This is the most important step. Homeowners should do as much research on the subject as possible. The cost of building a house varies greatly depending on the location, raw material, structure, and design of the house. You must also keep track of the prices of raw materials, labour, and design.
- Find the right price to build a house – Find the right price to build a house. This can be in rupees per square foot. For example, in an area like Hyderabad, construction can cost between Rs 1,500 and Rs 2,500 per square foot. Know the right cost for your type of home at your location.
- Select the contractor: Selecting a good contractor is the most important task of the entire project. A contractor is like a project manager. Get quotes from multiple contractors and compare services. The price is only a part of the complete end-to-end services provided by the contractor. You need to look at the contractor’s records, some structures he built, the quality of material provided by him, any references you can get from his contacts. If the contractor is building a facility, visit the site and look around. You can get a clear picture of work quality, material management, and resource utilization simply by looking around the site and observing the workers working on the site.
- Take an active part in the construction activity: For you, it is the house you intend to live in for life, for the builder, it is just another project. So, get involved and make sure things like proper foundation size and structure, all structural components are properly designed; otherwise, it would be impossible to change something at a later stage.
- Supervise and track the expenses – This is extremely important. Remember that building a house takes a lot of money. Even a 10 to 20 percent difference will burn a hole in your pocket. Ask questions about the amount of concrete, steel, deadlines, and resources needed to complete the job.
- Complete the works on time – The cost of construction delays is very high. Delays cost you in two ways. Possession is postponed and therefore your rental expenses continue. Second, delays always require you to redo some work before starting over. In this situation, it is also important to understand the seasonal factor that affects the availability of labour. Typically, during the holiday season, most workers return to their home state. Workers invariably take more vacation time than you want. This hinders your progress. Therefore, it is necessary to take this into account when planning the construction of your own house.
- Consider the impact of Covid-19 on construction costs – If media reports are to be believed, the pandemic has increased construction costs in India. Rising fuel prices, shortages of construction workers, and expensive crucial input materials such as steel, concrete, stone, plywood, etc. have contributed to an increase of up to 25% in the average construction cost. With crude oil rising to $ 80 per barrel, the cost of transportation will be a key factor in increasing construction costs in India.
- Advantages: When you build a house, you can customize it according to your preferences and you can choose materials and accessories that suit your needs. Some lenders offer home construction loans that allow you to obtain financing in stages, rather than a lump sum. Plus, you don’t have to worry about broken pipes, cables, and old appliances for a while.
- Disadvantages: Building a home can take a lot longer than moving to an already built home. Although several builders offer fixed-price contracts with construction time guarantees, be aware that some council approvals can take time depending on what you have in mind. Unexpected delays due to bad weather should also be kept in mind. Choosing a good contractor requires some research because a faulty or improperly constructed section can take more time and money to repair. If you are planning on having a garden, it may take years for the trees to fully mature.
Finally, building your own home is certainly an overwhelming task. It requires dedication, due diligence, meticulous cost planning and monitoring, and awareness of the evolution of commodity prices. However, once you have completed your job and entered your dream home, it will be worth all these efforts.