Many people dream of building their own home. The thought of having a space to call your own, that’s been designed and constructed to your exact specifications, could be considered ideal.

But of course, there are many factors to take into consideration such as financing, finding a suitable plot of land and employing a builder / architect you can trust.

Yello has been researching the subject and found three things you might want to consider.

Location, location, location

We all know that location is key when buying a house, so of course, it’s no different when you’re building one. Think about the area that you’d like to be in and consider whether it fits in with your lifestyle.

Does it have access to essential amenities like a supermarket, doctor or reputable school (if you have children)? Do you want to be within walking distance of a gym or church and how long will it take for you to commute to work?

Make sure you visit your preferred location at different times of the day to see what it’s really like, and carefully consider the pros and cons including issues such as noise, traffic and trees.

You could also ask a few people who already have homes nearby what the neighbourhood is like and whether they enjoy living there.

Financing

Before you find a plot of land and / or fall in love with a house design, find out if you can really afford it.

Talk to at least three different lending institutions to see how much you can borrow and find the best interest rate terms, but most of all, be realistic about your budget, and don’t stretch your finances beyond their limit.

You’ll also need a contingency fund which should be at least 10% of the total budget.

Don’t forget to consider furnishings and interior design as well as the building costs. Also think about how long you’ll be paying for a mortgage – this is a long-term commitment so don’t rush into a deal that you may regret.

Find a good builder / architect

If your home is really going to be a dream and not a nightmare, you need to find a contractor/architect you can trust.

Most house building projects take between six and 12 months to complete, so when you’re considering your options factor in their reputation, track record, financial stability, and past reviews.

Also, be sure to find out exactly what is included in the fee so that there are no surprises or misunderstandings.

According to the experts a good contractor/architect should take away some of the stress of house building, not add to it, so take your time to choose the right person for you and your project.

Sources: Forbes / The House Designers