Building Your Dream Home

You’ve thought about building your own dream home!

You’ve done the research!

You’ve decided that “Now” is the time to start!

Do you have the courage and stamina to see this project through to its full completion? Follow my own story and see if you’re prepared for the tasks that await you on your journey.

Ready? Here we go with some of the best advice from someone who has recently experienced the “Dream”.

1. Start your search for a piece of real estate on the internet. Target

   the areas where you would like to live. Include some places that

   aren’t your first choice but would be acceptable to you if the price

   Read more in Home Improvement

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   is right.

2. Once you have narrowed the search (location, size of property,

   price, etc.), plan a journey that will take you to the selections you

   have made. Contact any vendors / real estate agents who are

   selling the property and ask them to meet you there to walk

   around so that no one will claim you’re trespassing. Visit each

   location personally. Remember, you and your family are the

   people who are going to be living there, so write down your first

   impressions.

3. On your way to/from the selected sites, everyone should keep

   their eyes open. Some vendors or real estate agents do not

   advertise on the internet. They only place signs on their property

   hoping that people who drive by will notice them. That way they

   save the cost of advertising in various media, which is very

   expensive these days.

4. If, at this point, you have absolutely found the piece of land you

   desire, superb! If none of your selections has ignited that spark

   within you, be patient. Return home and keep looking. Remember,

   patience is a virtue and if you are persistent, you will find what

   you are looking for.

5. Now come your first major decisions. What are you willing to pay

   for the property you have found? Is it within your budget?

   Remember, the price the vendor / agent has listed is not fixed in

   stone. Research the properties around the one you found. What

   did they sell for? How long were they on the market before they

   were sold (did some remain unsold)? What were their particular

   advantages (hilltop, on the water, next to the golf course) or

   disadvantages (noisy area, near industrial sites, no privacy)?

6. Take the vendor / agent aside and ask them frankly what they

   would consider a reasonable offer. You’re just trying to get a “feel”

   for price. You don’t have to agree with it. Just listen intently.

7. The knowledge you have gained now puts you in the drivers seat.

   You need to take advantage of the information you’ve gathered

   and decide on an opening offer. Keep your budget in mind. Don’t

   expect a bargain basement price unless the property has been on

   the market for a very long time. If the vendor’s requested amount

   appears to be good, be extra vigilant since there may be hidden

   ’surprises’.

8. Some surprises include “Right-of-ways”, “Easements”, “Land Use

   Restrictions”, “Title to the property is not Free and Clear”, “Native

   Claims”, “Mineral Rights to the Property may belong to someone

   who has priority over anyone who owns the land” and other

   hidden impediments. Make sure to check the “survey” of your

   target property.

9. During price negotiations, be decisive in your mind about the

   maximum amount you will pay. If you are unable to bring the

   price down to where it comes into your sphere of value and the

   seller won’t budge, then take your hard earned dollars elsewhere.

   Although you may love the property, there are many more

   desirable pieces of real estate available on the market and being

   gouged on price will forever remain on your mind. If your final offer

   is successful, pat yourself on the back!

10. Once you (or your legal representative) has done a Title Search

    and verified that everything is ok, close the deal and take a deep

    breath. You finally own that piece of property that you’ve always

    dreamed about! Now your real adventure is about to begin!

Stay tuned for the next installment of “Building Your Dream Home Tips” (A Real Life Experience that will help guide you in your quest to attain that “perfect” corner of the universe).