Are you building your dream house or digging a money pit?

You can’t wait to spend your hard-earned cash to create your ideal home. But before you do that, make sure you are not making these ridiculously costly construction mistakes.

We all tend to laugh heartily at the worst ‘house construction fails’ – until they happen to us. Avoid these mistakes first-time owners usually make:

  1. No clear budget

Can you afford the house you want to build?

To answer that question, ensure that you either have the cash at hand or your mortgage loan has been approved.

Most prospective homeowners get too excited that they set a meeting with building engineers or architects too soon.

Obtain the funds first before you begin planning and interviewing potential contractors.

  1. Getting less than three quotations

Agreeing to a contractor’s estimates without checking what others have to offer is imprudent.

To decide which offer is the best, you need to gather three or more quotes.

Before you select a contractor, ask them to be as specific as possible with items and brands. Don’t settle for the cheapest quote, though; do further research.

Find out how long the company has been in operation and check the scope of their warranty.

It would be best if you can speak to their past clients and ask how satisfied they were with the service.

  1. Failing to understand the paperwork required

Getting a new home built from scratch demands a lot of paperwork.

Have you decided who would be responsible for collecting and submitting all needed documents?

If not, then look for certified agents to assist you in processing your documents.

While we are on the subject of proper record-keeping, you need to ensure that every agreement or promise is in black and white.

No excuses.

You can only hold someone responsible if he or she has signed on the dotted line.

  1. Poor choice of contractor/builder

“What qualities and qualifications should I look for in a contractor or builder?”

Ask yourself this question before meeting any prospective contractors.

Excellence, respect, flexibility, and integrity are traits you should try to look for.

You don’t need a degree in psychology to assess someone’s personality.

Ask for references and a portfolio of their previous residential construction projects.

  1. Attempting to DIY parts you know very little about

A little knowledge is not only dangerous, it can also be costly.

If you honestly think the task is too complicated for you, then don’t try it. This act is both sensible and prudent.

If you’re not mechanically skilled, then don’t try to install external shutters all by yourself.

You don’t paint your own roof because you know that someone can do it better without the risk of paying for expensive corrections.

  1. Forgetting to consult a home inspection company

Even the finest doctors require assistance to double-check their work.

When you hire an inspection company or a building consultant to track the progress of your house construction, you lessen significant defects or problems with the property.

You may also use the progress report to file a claim or complaint if builders fail to deliver what’s on your contract.

You will have a better chance of winning any litigation and have any substandard work or mistakes rectified.

The points we outlined here are the most common mistakes first-time homeowners commit. Make them work to your advantage by avoiding them as best as you possibly can.