So, you've made the decision to build or completely renovate your home - EXCITING! Ever wondered what to do and what not to do? We've got you covered.
Over the past few months, we've hosted a series of brunch events with AIB where experts shared advice and tips for first time buyers. If you missed the events, fear not! Some of our speakers have shared their best tips on what to do once you're ready to build your own home.
If you've spent the last decade lusting over Grand Designs or Room To Improve, we don't blame you for wanting to lay down the foundations of your own pad. Literally!
Before you pop down to B&Q, we've asked Joe Clancy from 'Dublin's friendliest, most reliable building company', Clancon to share a few tips.
Set up a budget and keep all costs in mind
If you find yourself in a position to build on land you already own, count yourself very lucky. The cost of materials only makes up around 45% of the cost of a home - the labour and cost of land really ramps up the cost.
On top of this, make sure you look at all the expenses - stamp duty, land registry fees, home insurance, life insurance and, not forgetting the cost of an engineer and/or architect.
Do your research
It may sound obvious, but sometimes we need to be reminded! It's so important to look into the area you intend to purchase in and view as many houses or land as possible - this helps you understand what's really out there. Little things like adequate access or parking can be forgotten about. Also, traffic! Be sure to check out all routes and possible congestion spots.
Think about the future of the house
It may be a life-long dream to build your home, but always be mindful and look ahead. Families grow, people relocate and life brings many other changes. At the end of the day, yes it's your home but it might become somebody else's in the future and any mad design decisions might affect the resale value should you decide to up sticks and move on.
Hire the right people
If you're not a dab hand at building yourself, then it's vital you hire the right people to manage the build. Plus, this will help eliminate some of the stress. A competent engineer or architect should identify any defects and ensure all work complies with planning permission and building regulations. They'll also help you out with builders and all the other tradesmen you’ll need to employ.
Get the right quotes
First thing's first - make sure you know the difference between an estimate and a quotation. A quotation is a written document which includes the final price offer for the work – whereas an estimate is just an educated guess.
Not only that, make sure you should get at least three quotes from contractors, and do be aware of any suspiciously low quotes. You should also check if the builder’s work is guaranteed and insurance-backed.
Ensure you are insured
Now, how many times have we all been told "better to be safe than sorry"? Your top priority is making sure you're insured for your site and build - don't risk it!
If something bad were to happen during the course of the build, you’d be very glad of the protection insurance offers you.
If you’re ready to find out more about the mortgage process or meet an advisor, you can make an appointment here
