6 CONSTRUCTION MONEY MISTAKES YOU SHOULD AVOID
Building your dream home with the help of a top construction company in Mizoram will be a process that will go through much careful budgeting. Every penny needs to be accounted for, or your project will get away from you. However, despite being careful with your budget, you might go on and commit mistakes that will cost you in the long run. Exhausting your budget before the end might be the wrong approach, and you would need better management in the future regarding the construction. Don’t be a part of these silly mistakes, or you could be regretting for years to come. Let’s talk about the top money mistakes individual makes that you should avoid:
1. Exhausting your budget
Building the house of your dreams using the best building supplies in Mizoram should be done comfortably under your budget. However, exhausting your budget in the initial stages can stress you financially, and you will be in a very delicate situation to spend further.
2. Ignoring resale value
Most homeowners look to build custom homes because they want the end product per their expectations. Unless you are working on a project as an investment to sell, there is potential that you will look to spend the coming years in your new place. But just because you are not looking to sell your house doesn’t mean you won’t. An individual goes through many changes such as lifestyle, budget and career, which can result in needing to sell. If you designed and built your home according to your appeal, it might be a hard sell in the future.
3. Not negotiating
Building your new home is more than buying an existing one. Builders will ask you for their costs, and don’t assume there is no room for negotiation. It is a common misconception in real estate, but it is far from the truth. Builders always have room for negotiation, and saying the first quoted price right away could cost you a significant amount. Whether you ask for a better price or want to negotiate to make a better investment, ensure that the first price should never be accepted at face value.
4. Swaying away from your responsibilities
Unless your builder says yes to complete the home and landscaping from beginning to finish, there are stages of the construction that falls under your responsibility. Usually, this includes minor landscaping to more sweat equity items such as putting up trim or painting. Whatever your responsibilities are, make sure you never exceed the overall budget when building your dream home with the assistance of top construction companies in Mizoram.
5. Building too big
A spacious home sound like the best dream of any individual; however, the reality is more bitter than your dreams. No matter how much money you have to build a large home, the end product might not be a cost-effective option since you have to invest much money later in utilities and the day-to-day running of the whole place.
6. Know about your builder’s lender
Almost all the builders have a dedicated “preferred lender”, where they spend most of their buyers. And if that lender provides you with the best rates and incentives, they must be the best for your project. But it is always preferred to shop around for lenders with the best rates, especially if you already have a lender of your likeliness. A builder might provide you with better upgrades for using the lender of your likeliness, and you can use the bargaining card while negotiating rates or getting the best upgrade in your budget.