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CONCLUSION |
We’ve given you the basic information you need to build your own home. Obviously it involves a lot of time and attention. It’s hard work and often frustrating. But it can also be fun, rewarding, challenging, and profitable. Do the benefits outweigh the costs? We feel that the answer for most people is yes. Expect the unexpected, don’t underestimate cost and time frames, and don’t forget that tasks done quickly and properly reap big rewards.
The first-time homebuilder will inevitably make some mistakes. Here are the six biggest mistakes homebuilders make, which you should try to avoid:
It is always tempting to accept the low bid. It may be the right thing to do providing you take certain precautions. However, be aware of the following:
(1) Sometimes the “low bidder” is surprised to hear he is the low bidder. Why? Because he guessed at his bid or just didn’t know how to bid.
(2) The low bid is only valuable if the bidder can perform. Most nonperformance comes from the low bidder.
(3) The low bid may be the result of the bidder either intentionally or unintentionally leaving something out of the bid.
(4) Some low bidders plan on “hitting you up” for additional charges as you go along.
(5) If a low bidder cannot perform, there is very little you can do from a practical standpoint. The legal cost would exceed the benefit.
In summary, make sure that the bidder is knowledgeable and trustworthy. If his bid is the lowest, you’re okay. If not, select knowledge and honesty over price.
In most cases if your home plan does not match your budget, our recommendation is to downsize the project rather than the specifications. A quality, well-built home is a joy forever. An inexpensive home is neither a thing of beauty nor a wise investment.
In most cases the flow, functionality, and charm of the home is destroyed. It is better to choose a smaller home or delete or defer something like the garage, decks, etc.
This is one of the biggest mistakes made. The value of a custom home cannot be measured or compared on a square-foot basis.
This is the biggest single source of misunderstanding. Keep your arrangements with your contractors safe and simple. Write them down, specifying a price, with both of you understanding and signing the change order.
Perhaps the biggest mistake you can make in the entire building process is acting against your comfort level. If you are not comfortable with the contractor, supplier, lender, or anyone else, his specifications, his price, or his promise may mean nothing. Make sure you have a comfortable feeling about the person you are dealing with and what he is offering to do. In the long run, his legitimacy and your working relationship is more important than the price. A low price is of no value if there is unacceptable performance.
Again, although we do not recommend you do any of the construction work yourself, we want to emphasize that anyone who has the creative urge to undertake some aspect of the actual building should not hesitate to do so, even if it might cost you a little more. Doing any part of the actual work, from installing built-in bookcases to trimming and painting a room, is all part of the fun and satisfaction you gain from building your own home. Included in the reading list at the end of this book are several books designed to assist you on most of the actual hands-on construction work that needs to be done on a house.
One of the Greek philosophers said that every man should build his own home at least once. There is probably no more satisfying experience in life than doing something that is not only fun but financially rewarding. And most people we know who have built their home not only say it was one of the most memorable periods of their life but are ready to do it again. One reason was that the house they built themselves has already doubled or tripled in value. In fact, professional homebuilders spend their lives building homes and making money. And we don’t believe we have ever met a homebuilder who did not enjoy what he was doing. In short, it is a rewarding experience even building somebody else’s home. Building your own home—your castle—is especially rewarding.