February 7, 2022
Building Your First Home? Here’s What You Need to Know
Building your first home is certainly a monumental task. It is a process that should not be underestimated as there is a lot to it. Fortunately, this short guide is here to help.
This article will discuss four of the essential things you will need to help you build the home of your dreams.
Arrange A Mortgage
Unless you have all the upfront funds you need, you will need to arrange a mortgage before you build your property. There are plenty of different mortgage types available. However, you will most likely benefit from applying for a self-build mortgage. Unlike a typical mortgage, a self-build mortgage releases the money in instalments. These instalments should help you fund each phase of the construction. Therefore, your new-build project will be paid for in stages.
You can find advice for the application of this mortgage through multiple online resources. Arranging a mortgage should always be one of the first things you sort out during your new-build process. This will help the process run smoothly further down the line.
Understand Insurance Policies
During a build, structural defects may arise. It is crucial that you have the right insurance to cover you in these instances. There are many benefits to obtaining this kind of warranty. Firstly, you will be insured for ten years against major structural damages. You may also be recognised by council or mortgage lenders.
For more information on Self-Build Insurance, contact BuildSafe. They have helped many builders obtain the cover they need for the best price. Finding this type of cover can be a long process that takes up a lot of time. BuildSafe can take away that hassle. Say goodbye to form filling and endless lists of questions. For more information on Self-Build Insurance, visit the BuildSafe website.
Plan A Budget
Do you know how much your project will cost? This is an important question that you should know the answer to. Planning your budget is an essential part of the process. Not only are you paying for building materials, but you will also need money to buy the plot, pay for insurance and a long list of other expenses. Start by working out your income alongside your expenditure. Look online for budgeting tips to help you save money to help you fund your project.
Research is essential to help you understand how much money you will need for your project. It is also wise to have an emergency fund ready. Building property is a long and complex process, and extra expenses can crop up at any given time. In these instances, it is better to be prepared to avoid getting yourself into a difficult financial situation mid-project.
Find Potential Plots
Finding your ideal plot isn’t always easy. Research will certainly become your best friend. Firstly, think about your ideal area. What local amenities are a necessity to you? Get to know the area that you want to build in. By broadening your knowledge, you may find a more suitable plot for your needs at a fraction of the price. Try also looking at surrounding areas, as you may be able to save some extra cash.