Building a home is a dream come true for many people – an opportunity to design and create a space that’s perfectly suited to your needs and tastes. As fantastic as this sounds, the reality is that building a home is a complex and time-consuming project that can become frustrating and excessively expensive if not approached the right way. Here are some tips to help make the building process smoother.
- Always use registered, accredited builders: In South Africa, quality builders are registered with accredited associations including the Master Builders Association (MBA) and National Home Builders Registration Council (NHBRC). This means that they can be held liable for the quality of work they deliver and brings clients some essential peace of mind.
- Get expert input: Building a home is a huge investment and a complex project, so don’t go at it alone when you don’t have the right experience or time. Partnering with an architect registered with the South African Council of Architects is good value for money – not only is your home expertly designed and planned, you also have an experienced and trained specialist to manage your project and ensure that the contractors, materials and work is up to the highest standard.
- Get multiple quotes: A significant part of the building process is administrative, and it becomes challenging not to simply go with the first recommended service provider who fits the bill. Take the time to get at least two quotations from building contractors and go see the work they have done in person. This can save you a lot of time and money in the long-run, and ensure you get the best service.
- Have your contract looked over by an expert: Legal contracts for building homes can be fairly complex and there’s a lot of legal terminologies that clients may not fully understand the implications of. The MBA can help you understand these terms and can even supply standard building contracts that protect the needs of both clients and builders alike.
- Establish your financing ahead of time: Your budget is one of the single biggest factors that can determine the progress, quality and scope of your project – even with the best building contractor on board, you can’t make your home a reality if the money isn’t there. Current AECOM Estimating Guidelines and your architect should be able to help you set a fairly accurate budget, but it’s important to also have a contingency budget of an additional 10% of your total budget to accommodate unforeseen costs. Lenders in South Africa have a wide range of financial products available for these projects, so take some time to evaluate the pros and cons of each plan to ensure you get the right one for your needs.
Jason Scholtz is the CEO at Envision Investments and a leader in the property and strategic investments industry in South Africa. For more investor tips and an insider’s look into the South African market, be sure to get in touch, keep an eye on this blog or visit http://www.envisioninvestments.co.za/