Are you building a house for the first time? There is no denying that this is the ultimate dream for a lot of people. It gives them the ability to create a house that is perfect for them. It can be an incredibly exciting and rewarding process. However, there is no denying that it can be stressful and exhausting at the same time. After all, you are going to be investing a lot of money into this project, and so you have a lot riding on it.
From delays to builders not understanding your vision; the issues can vary. With that being said, in this blog post, we are going to take a look at three critical things you need to do in order to protect your investment when you are building your first home.
- Make sure you get a fixed price upfront detailed tender for the entire project – One of the biggest problems that a lot of people have to deal with when building their own home is price variations. However, you can avoid this by ensuring you get a fixed price upfront detailed tender of the entire project. Price transparency is a must. This tender should include all of the upgrade options and an inclusions list of your choices, from hiring a concrete contractor or your driveway to upgrading to a modern kitchen. Quotes are a waste of time because nothing is set in stone, meaning they can easily be changed. A fixed price detailed tender is specific to your land, to your inclusions with upgrade options, and this is all upfront, not after your pay random deposits or lock-in contracts. You should be in control and demand this. Don’t let excuses win you over. After all, no one buys a product from a supermarket without a content label or price label. Why should you settle for less when you are spending a fortune building a home?
- Be in control and don’t let the builder be your master – In addition to getting a fixed price upfront detailed tender, you also need to make sure that you stand your ground on the building side. Only sign on the dotted line when every detail has been covered and you are happy with everything. Plus, remember that a display home is nothing but an office. It is not a representation of the builder’s quality. After all, we’re always going to put the best of the best on display, aren’t we? Quality finishes are dependent on your site supervisor. This is the most important person when it comes to the build – not the office manager or sales consultant. If you are building a property and spending over 500K, you MUST meet your site supervisor, none negotiable.
- Don’t fall for the inclusion offer trap – Last but not least, make sure you do not get sucked into an inclusion offer. No one gives away free money. It’s simply a marketing ploy. After all, would you give away something worth $40,000 for $9,000? There is always a catch with this sort of thing.
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