Being an Owner Builder is a great responsibility to ensure your dream home is built on-time, on-budget, and on design.
A lot of people are taking the decision to be the owner builder of their homes these days – and for excellent reasons. You can save yourself hundreds of thousands of dollars, create the perfect environment to suit your family lifestyle, and then sell for a respectable profit when the time comes.
However, going down the owner builder route isn’t always as simple as it might seem. There are a number of pitfalls that can get in your way, quash your dreams, and end up blowing out the budget.
With this in mind, there are some important decisions every owner builder must consider to ensure the project is a cost-efficient success.
Owner Builder Considerations
Forget the ‘Golden Triangle’
The three sides of the golden triangle – quality, price, and time – are important building considerations that every owner builder seeks to keep in perspective. However, be reasonable with your expectations as you are building your OWN home, not a speculative project. The Golden Triangle is something of a myth for the owner builder so try to achieve two out of three aspects for realistic results.
You won’t get a high-quality home if you rush things or scrimp on expenses. Yes, as onproperty.com.au/ state, the self-build route can save you hundreds of thousands – but it still requires a lot of time, effort, and money. Decide if quality and price are more important than time frame, for example,
Remember Re-sale
Building a home for you and your family can be a tempting opportunity to create something incredibly personal, unique, and intricate. If it’s your ‘forever home’ then that may be fine. But if you plan to sell for a profit down the track then proceed with caution when it comes to outlandish creativity.
As a rule, home buyers tend to err on the side of caution, and when so much money is involved, people often become more conservative in their thinking – so the flashy home you create is not going to be to everyone’s tastes.
It’s vital to consider the re-sale process when you are building, or your dream home could become a nightmare to get rid of later on.
Height, Not Breadth
You might want to build a sprawling ranch or bungalow, but given the foundations and roofing are one of the most expensive parts of your project, it might be wiser to think ‘up’ instead.
You’ll still get the same floor space by creating two or three stories, but you will save a lot of money – somewhere in the region of $10-20,000 – with a smaller foundation and roof. Also, think carefully about the types of materials you use for your roof.
As pointed out over at patersonsupplies.com.au, there are a range of options when it comes to roofing materials. And while the traditional look might be your preference, more modern materials and finishes might be a more cost-efficient option.
Establish Great Relationships with Contractors
Finally, who the owner builder chooses to work with will have a huge impact on everything in your project, from timing to the quality of service. It’s vital to hire the most qualified contractors you can find who have solid reputations for flexibility and customer service.
Timing is going to be critical, as the slightest delay in contractor turnaround could end up resulting in lengthy postponements due to weather, supplier issues, or even cash flow problems.
