A house is the most important thing for man to live, if you don’t like driving all day to look for the house, how about building a house, which is another way for you.
It is a challenging job for a normal man to build a house and it requires plenty of planning and coordination between different parties, so we must do a lot of prepare before building a house. There is nobody who loves spending endless weekends driving around and looking at houses, if you are the same person, it is a great option for you to choose this way of building a house by yourself.
As we all know that this kind of job is not easy for us, not only the money, but also the labor, you will pay for much more to create it. Because of this, you need enough savings to cover the costs. In case that building a house will go over your budget, there also need a cushion.
Here comes some points of building a house.
- It is the exception that some people will pay the entire cost of buildong a house by cash, which is not the rule. However, it is a great choice of building a house if you use the cash because of the financing costs, in this way, it will save some money for you. The size, complexity of the home and how desirable the area you want to live in, these are all the things you need to care about, and these things will depend your payment of building a house. In many markets of houses, you may pay at least $90 to $150 per square foot, which is not a small budget.
- From your bank or credit union, you can still get financing when you are building your own home. There is a designed specifically type of loan for people who are building their own homes, it is a construction-to-permanent loan. There is another way if you don’t get this type of loan, taking out separate construction and mortgage loans will be the method when you do not get that special loan. It will depend on your credit score and income so that you can get this loan for standard down payment which is 20 percent of the home’s total cost, or you may be able to negotiate to get a lower down payment.
- There is nothing happening as what youplanned, and building a house is not an exception. Maybe you think that the new bathroom is not suit for your house style, or maybe you think the color of TV background wall is not bright enough. These kinds of situations are normal on building a house, so you may need a cushion to your budget so that you can cover your expenses when you end up going over budget. Generally, the cushion is equal to 10 percent to 20 percent of the total project cost of building a house.
- It is necessary for you to pay homeowners insurance and property taxes. These costs will be known before you commit to buy. Different states have different local regulations, a building permit, builder’s insurance and taxes on the items purchased to build your home, these are all the beyond cost you may pay.
5. Most of people can cover the mortgage with their salary, but if you can not do that easily, don’t worry about that, you just need to save up enough money to cover the mortgage for several years. In your emergency fund, 6 to 12 months’ worth of living expenses will be a nice option for you, if you do not have enough money. In this way, it can make sure that if you lose your job, before you find one, you can also make your mortgage payments for several months so thatyou can keep building a house which is your dream.
There is nothing easy for human to do, since we are human, we must do our best to make our dream come true. Building a house is one of them. Buying a house is much easier, only if you have enough money, but you can not find the fun and achievement of building a house by yourself. Everyone has a dream of owning your own house when we are young, now we are growing up, why don’t we try harder to make our dream come true? Life is struggle, so we need a bay for ourselves to have a rest, and the house is. We can have dinner in that, we can sleep in that, we can have fun in that, what’s more, we can get together in that, there is nothing more important than family.