Building your own house is a very ambitious project, but it could save you money on labour costs. This money saving is an incentive that makes many people dream! But are you really ready to undertake this major project? And above all, do you have what it takes to complete this construction project?
Getting a mortgage for self-build
Obtaining a mortgage for a self-build project has become much more difficult than for the purchase of an already built house. Even many financial institutions are not willing to offer loans for self-build projects. To obtain a loan, it is not enough to go to a financial institution with a plan signed by an architect and hope to receive a loan equivalent to the value of your project. In fact, when you apply for financing, all costs must be carefully thought out and analyzed by a specialized advisor of the institution.
Also, there is more than just providing a down payment for your house: you must also be able to provide evidence of sufficient cash flow to cover all payments required to place orders for building materials. In addition, if your institution does not finance the full amount you estimated for the construction of your home, you will need to have enough cash on hand to cover the difference. Also note that the money will be released gradually as the project progresses.
Have the qualities and the skills for self-build
It also goes without saying that in order to undertake a self-build project, you need to be handy and have already experienced construction with similar projects. Otherwise, you may not be able to perform the various tasks as easily as you thought.
A construction site also requires management skills. You’ll have to coordinate the shifts of several workers and subcontractors. A self-build requires you to make a lot of decisions, after all, you’re the leader of the worksite! In addition to coordinating the many people working on your project, don’t forget that life goes on. You’ll have to balance your regular work schedule, family obligations, as well as site hours and planning.
In order to successfully complete your construction project, you must devote a minimum of 20 to 30 hours per week to it. Ideally, you should not work for the entire duration of the construction. If you don’t spend enough time on site, you won’t be able to continually ensure the quality of the work done. And if you don’t have the skills of a good manager, you risk going over schedule and over budget. This leads, most of the time, to huge surprise bills.
Manage unforeseen events related to self-build
It’s been said that you need to be an excellent manager to undertake a construction project. But… even the most competent site managers can’t anticipate all the unexpected! It’s a well-known fact that construction projects often involve unforeseen events. These are beyond your control, but you must consider them in order to respect your schedule and your budget. Here are some examples of possible contingencies to be aware of:
- Bad weather (rain, cold, wind, storm, heat wave, etc.);
- Omissions (by you or one of the specialized contractors);
- The delay on one job leads to a delay on the next. Remember that you are not the only customer of your subcontractors, they also have commitments to their other customers;
- Absence or lateness of your workers (this could delay other work shifts);
- Work-related accidents (it’s unfortunate, but it happens more frequently than you might think).
Know how to manage a budget closely
Have you ever managed a large budget like a self-build? If not, you will need to be extra vigilant in determining a realistic budget. If you don’t do a good job of planning your finances, the extra expenses will turn into a nightmare for you and your wallet. Budgets that are respected are rare! Therefore, leave enough room for flexibility when calculating your budget.
If you have not included the following items in your budget, you will notice that the total amount of your project will be much larger:
- Construction permit;
- Obtaining a certificate of location;
- Obtaining an estimated cost of the work;
- Transfer taxes (welcome tax);
- Soil and water quality tests;
- Obtaining a civil liability insurance policy for the work site (in case of accidents)
- Loan insurance.
The factory-built home: the alternative to save money
A self-build with planning or management deficiencies can be much more expensive than expected. In the end, maybe self-build is just not the best option for you. A good alternative to save you money is to have your project done to a factory-built home company confier votre projet à une entreprise de maison usinée, such as Maison Usinex.
By doing business with a company like Maison Usinex, you save money because your project will never be delayed. Unlike self-build projects, factory construction allows you to deliver your house on time. Why? Because it is built under the protection of bad weather and by specialized workers who are used to working together. The budget allocated to the construction of your home is then respected in its totality, without any unpleasant surprises caused by unforeseen events!
In addition, Maison Usinex can greatly customize the pre-established plans of your home. les plans préétablis de votre maison. Just like with self-build, you can modify the plans to fit your needs and let your desires speak for themselves!
Buying a factory-built home is a wise choice if you are looking for support at every stage of the construction process. Since Maison Usinex takes care of about 80% of the project, Maison Usinex se charge d’environ 80% du projet, you won’t have to coordinate as many contractors as with self-build. You will also be able to keep your job while our team builds your house!
With Maison Usinex, you don’t have to worry about financing your home. Financial institutions grant loans more easily for manufactured home projects than for self-build projects. The reason is simple, the construction of a Usinex house involves much less risk! la construction d’une Maison Usinex encourt beaucoup moins de risque!
Still have questions?
Notre équipe est disponible Our team is available to provide you with more information on the best option to consider for the construction of your dream home.