Building your house from scratch can become stressful quite quickly. We break down the process into 5 steps to get you started.
Many people opting to have a second home outside the city are choosing to buy an NA plot and construct their dream house over it. Deciding to build your own home is the easy part – what follows next is the difficult part!
But building your own house need not be the complicated process that you envisage. We break down the process into 5 broad steps:
1 Appoint an architect and contractor. You may have specific ideas about the house’s design, but there are technicalities you may need help with – an architect can draw up technical and design plans, and a contractor can execute them. Make sure to get detailed floor, roof and landscaping plans with dimensions, and an estimate of the proposed cost of construction. When appointing the contractor, ask them to study the plans and present costs of material and labour per square foot, per item.
2 Approach a housing finance agency for a loan. You need a project estimate before you approach a housing finance agency for funding. The housing finance agency will study the estimate, proposed plans and the building site before approving your home construction loan application. However, the loan is disbursed in stages, basis the progress of the work. It may be disbursed directly to the architect, based on the lender’s policies on disbursement. Be sure to calculate the EMI for the home loan using an online calculator, and opt for housing finance agencies offering the best construction loan rates.
3 Get all permissions before you begin. You will need a special set of permissions from the Collector/local municipal body before commencing construction. These include use of public access road for transport of people and building materials, permission to use cutters, drills, mixers, pulleys and trolleys on the site, permission to carry out excavation and digging, creating a municipal water connection for the site, debris disposal at a designated dumping spot, Commencement Certificate, etc.
4 Keep track of the construction and timelines. Once you receive the first phase of loan for your house, the construction will begin with digging for the foundation. This is followed by laying the plinth before constructing the walls and the roof. Have the architect draw up a daily timeline sheet detailing each day’s work quota, and give a copy to the contractor. It is important to ensure that the worksheet is followed closely so that there are no delays and additional costs to you. You might need to visit the site every other day to make sure that deadlines are being met.
5 Finish the job. Once you near the end of the project, the lender will disburse the last instalment of the home construction loan. This money pays for all the last minute work left on the site. Once the work is fully complete, you can pay the architect and contractor their remaining dues, and start moving into your new house.
The above plan looks simpler than it actually is – but the stress of building your own home is nothing compared to the joy it will give!
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