Building a house is an exciting venture when approached thoroughly.
KPS have options for owner occupied developments, buy-to-let solutions and those ever-popular speculative sales - the key is in the planning and the stakeholders involved.
Here are a few common tips to consider before you commit to this venture.
SELECTING THE LAND
A FUN FACT - Land prices in the Garden Route has showed positive capital growth of up to 25% in the past year.
SELECTING THE DEVELOPER AND PROFESSIONAL TEAM
DESIGN YOUR PLAN BEFORE YOU ASK SOMEONE TO QUOTE
It happens ever so often that builders get asked, what are your rates? Reputable builders will be able to provide a guide price but won't be able to give you a quote or estimate if they don't have a plan to work from as construction guidelines contained in the architectural drawings will dictate the rates applicable to the project.
It is therefore important to obtain a guideline in pricing to ensure that your design size is not excessive to your allowed budget for construction.
Other pointers;
BE SURE TO HAVE A CONTINGENCY FUND - BUDGETS ARE OFTEN EXCEEDED
One thing you can almost always be certain of is that the initial budget and the eventual budget could be two entirely different conversations.
Construction projects normally have unforeseen expenses and often, expenses such as;
APPLY FOR FINANCING
One of the main benefits of a new development is the massive saving on transfer duties.
If you will be building your house out of own resources as opposed to a building loan there will be a slightly different approach to the project yet, if you intend raising a bond;
COMMUNICATE CONSTANTLY BUT DON'T INTERFERE
If a project plan is presented with specific milestones, consensus on expectations from either side and agreement of channels of communication and importantly timelines the project should run smoothly.
Frequent updates from your builder and tradesmen should be received and progress pictures can be taken or sent.
Avoid interfering on site all the time, much rather set appointments for site meetings at key intervals of the project.
Cherish the experience, other than the blessing to have and raise children, the creation of something from nothing is extremely rewarding. From vacant land to a home full of memories to come - simply priceless.
LOOK FOR WAYS TO SAVE
Avoid being penny wise and pound foolish.
Be sure to obtain more than one quotation for specific things especially if your builder allocated PC amounts to commodities such as tiles, kitchens, taps and sanitaryware.
You'll have the benefit of choosing the trimmings therefore, shop around a bit - do it with your partner - it will be a trial for your relationship if nothing else.
Your builder will generally know which commodities can be bought where. If you spot a bargain or a special, share it with them - you'll be the financial benefactor.
CONCLUSION
The information above represents but a few aspects relevant to a building project.
It should not be necessary for you to compromise on the wish list of your home's features if you could have a say in the design and development thereof.
Statistically, the closest most people would ever get to that perfect house when buying in the open market is 65%.
The moment you design and build your own, the strike rate is better and generally, you tend to stay in it longer ultimately saving you even more on those never to be recouped SARS related costs of replacing your home.
At KPS we'd be willing hosts to your first or next successful project - be sure to call on us for a discussion about your specific development need - we're currently active in the Garden Route.