Home building projects entail various kinds of development costs. There is immeasurable satisfaction in building your own home under the Sun but you must also be aware of the traps in the process. Let me take this opportunity to discuss what development stage pitfalls you must be wary of when you decide to design and build a house.
Evade builder disputes and biased Clauses
Try to stay away from any dispute with your builder. Such disputes invariably cause delays in your project and increase the holding cost of your property. Sometimes, you may have to change your builder halfway into your assignment. A new builder unfailingly asks for an extra cost.
You must prefigure the Sunset Clause with your seller/developer in advance. Many buyers have stood at the receiving end of the Sunset clause when property prices have spiked up.
After all, the clause gives power to the sellers/builders to cancel the terms of a property deal if it is not constructed by the stipulated date.
Naturally, when property prices soar, builders deliberately fail construction commitments in order to invoke the Sunset Clause and get a better bargain somewhere else.
The ideal way to go is to let your developer know that you will hold the exclusive right to invoke the Sunset Clause.
Do not miss out on pest inspection
Another point worth considering, albeit from a very different angle- do not treat pest inspection lightly. Pests and moulds subtract heavily from the final sale price of your home. Also take note of any possible Sick Building Syndrome or lead or asbestos poisoning.
While we talk of it, high indoor air quality and purposeful green-planning also ensure that your home building project ends up being a winner.
And now for a renovation tip
Keep your area in mind while making renovations. Home renovation is a disciplined undertaking in itself but the need for diligence becomes even higher if you are planning to sell your home.
In such cases, you must know which renovations may please a prospective buyer and which may not.
Seek information from the local agents and professional home designers to find out what clicks in your area.
What you think to be right may not make the cut with the buyers at all. A professional home designer, with years of experience in the industry, will definitely know what he is talking about.
Also, think twice before making major structural changes to your home. Most of the time you will be better off making pleasing aesthetic changes instead.
If you live in Sydney, why not give me a call to discuss your home building project and find out if I can be of assistance?
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