My wife and I have been going through the building process for the last 2.5 years which has certainly been a massive learning process for us. As fans of the show 'Grand Designs' you often see people have a certain budget and/or timeframe and then blow through it - I proudly said to my wife "that won't be us, I won't let it happen"... well... took over a year more than we wanted and 25% over budget.
Saying that, we have built the home we (mostly) wanted in an area we couldn't afford to build a house like this in so I guess the stress is certainly worth it.
My advice for people going through the process (and for me again in the future)
- Make sure you understand planning restrictions in your area, in Australia they can be VERY strict, especially in existing built up areas. We added $30k to our build for things we didn't want, but needed to do to meet council requirements (changes to walls, additional build textures etc)
- Think carefully about things that a future buyer wouldn't care about, and are expensive. There were a number of things which my wife and I love about the house, but a future buyer will not understand the cost and will not be considered on a future offer. We decided we don't mind too much about this but if you were planning on flipping in the short-ish term it could be an issue. Things like fireplace, upgraded door handles, sliding door tracks being recessed into the slab, and higher quality windows
- Consider all the 'other' costs which come up, things like any planning or permit costs, landscaping, driveway etc etc. That is easily 10% of the total project cost and things which we hadn't thought too much about until the last stages of the build.
- It's going to take longer than you think, make sure you have a plan for your living situation during that time. We are fortunate enough to be stay in our previous home. A good friend is currently in a tiny rental with two young children while they build and each month of delay is costing them significant money and stress.
I am sure I'll have plenty more notes when we move in next month 😀