Building your forever home is a milestone that not everyone can achieve during their lifetime. It’s an exhilarating feeling, yet it’s one daunting task that cannot be disregarded. Hence, intense planning usually happens during these instances. And without it, you seriously have a chance of failing.
However, to avoid that from happening to basically anyone, we answered some of the commonly asked questions when building a forever home to minimize the confusion and let you get started right away.
Question #1: Can I build my own home?
Definitely. Most states don’t really care about contractors and whatnot if you’re the only one who intends to build a home. This means you plan your stuff, finalize a floor plan and layout the interior canvass for materials, and get building! This is usually the case for some people who don’t really need a lot or don’t have that much of a workspace to deal with. It’s perfect for some people who want a minimalist home or maybe a yurt even.
Question #2: What if I can’t do it by myself?
Of course, not everyone has the skill, patience, time, and mindset to be a builder and that’s not something to be ashamed about. In these cases, people hire professional contractors to do the job for them. When I say professional, these are the guys who have the experience and technical knowledge with regard to planning and executing the house that you want.
Although, that’s not easier said than done. These guys must be licensed contractors from Utah or basically any state that they are servicing. Plus they have to update the license for a certain period of time. This assures that they can stay on top of their game and deliver the best service there can be for their clients (just like you).
Question #3: How much would it cost me?
It depends. Let’s say for example you’re looking to build a forever home in Salt Lake City in Utah, the median price of single-family homes in 2019 was at about $380,000. So this can be more or less depending on how big your family is, how large the home is, the design of your house, and the amenities included in it. It also would depend on the final price of the loan if you’re getting a mortgage for it. One way for you to stay within budget is by intensely planning and making sure to stick with it. Anything not within the plan will cost you extra so you better keep that in mind.
Question #4: Do I need to get insurance?
If you’d rather be safe than sorry, then yes. You need to get insurance for your home. There are tons of insurance policies available for homeowners like general liability insurance and insuring your home itself and all possessions within it. Make sure that your contractor has insurance for the project itself and for his workers so that everything is taken into consideration and that everyone is protected from any possible accidents.
Question #5: How long will it take to make my forever home?
Again, the answer to that is the same as question number 3. It really depends on how big your house is and how competent your contractor is. The fastest ones can be finished within 6 months but there can be housing projects that can go until 2 years if you’re not careful. Proper planning and preparing for contingencies are also key to a faster turnover.
However, if you’re not really rushing to do this, it’s okay to take it slow. Just be sure that the workers are not just slacking off.
Question #6: Is it worth it to invest in a forever home?
Technically speaking, a forever home is an asset but is also a liability since it does not make you any money. If you think about having a forever home versus investing in a real estate property that makes cash, then not so much. There are people who flip houses for the money.
But if you look at it in a different way, when you’re thinking about all the precious memories you can build inside this home with your family, then I sincerely believe that it is worth it.
At the end of the day, home is still where the heart is. If you think you can’t invest in a forever home at this point in your life, don’t sweat it. Focus on other things like making your loved ones happy and that will be alright. Save up for it in the future so you can build it, but don’t pressure yourself into thinking it has a deadline.