Posted by Anjali Kaur on Jul 09, 2022
Ask Anjali

Building A House? Here Are Things You Need To Have In Place

Building a house is no small feat, especially in the current economic state. There are a lot of things that need to be taken into consideration before you even start construction. Here are just a few of the things you need to have in place before you can even think about building your dream home:

1. Financing

You’ll need to have your financing in place before you can start construction on your new home. This means getting pre-approved for a mortgage and having the necessary down payment saved up. If you’re not able to get traditional financing, there are other options available, such as a payment and performance bond, private loans, or owner financing. 

2. Land

Of course, you’ll need land on which to build your new home. You’ll need to make sure that the land is zoned for residential use and that there are no easements or other restrictions that would prevent you from building. You’ll also need to make sure that the land is large enough to accommodate the size of the home you’re planning to build.

3. Plans

You’ll need detailed plans for your new home before you can start construction. These plans should include everything from the layout of the rooms to the type of materials you’ll use. If you’re not an experienced builder, it’s a good idea to hire an architect or designer to help you create these plans.

4. Permits

Before you can start building, you’ll need to obtain all of the necessary permits from your local government. This can be a lengthy and complicated process, so it’s important to start early.

5. Materials

Of course, you’ll need to have all of the materials you need to actually build your new home. This includes everything from lumber to bricks to tile. You’ll need to make sure that you have enough of these materials on hand before you start construction.

6. Contractors

If you’re not planning on building your new home yourself, you’ll need to hire contractors to do the work for you. This includes both the actual construction workers as well as any other professionals who will be working on your homes, such as electricians or plumbers. Make sure that you carefully vet all of the contractors you’re considering before you make any final decisions.

7. Insurance

Building a new home is a risky endeavor, so it’s important to make sure that you’re properly insured. This includes both liability insurance in case someone is injured on your property and builder’s risk insurance in case something happens to the home during construction.

8. Warranties

Finally, you’ll need to make sure that you have warranties in place for both the materials you’re using to build your home and the workmanship of the contractors you’ve hired. These warranties will protect you in case anything goes wrong after you’ve moved into your new home.

Image Credit

There you go!

Building a new home is a big undertaking, but it can be an incredibly rewarding experience. Just make sure that you have all of your ducks in a row before you start construction. With careful planning and preparation, your dream home will become a reality in no time.

Thank You!

You can read more posts related to IFIC Exams:

  1. https://learnwithanjali.com/ific-exam/regulatory-environment/
  2. https://learnwithanjali.com/ific-exam/canadian-securities-administrators-csa/
  3. https://learnwithanjali.com/ific-exam/securities-regulatory-bodies-in-quebec/
  4. https://learnwithanjali.com/ific-exam/mutual-fund-legislation/
  5. https://learnwithanjali.com/ific-exam/mutual-funds-collecting-personal-information/
  6. https://learnwithanjali.com/ific-exam/registrant-responsibilities/
  7. https://learnwithanjali.com/ific-exam/compliance/
  8. https://learnwithanjali.com/ific-exam/maintaining-evidence-of-relationship-disclosure/
  9. https://learnwithanjali.com/ific-exam/compliance-issues/
  10. https://learnwithanjali.com/ific-exam/dual-licensing-as-a-life-insurance-agent/
  11. https://learnwithanjali.com/ific-exam/sales-communication/
  12. https://learnwithanjali.com/ific-exam/registration-requirements/
  13. https://learnwithanjali.com/ific-exam/strategic-investment-planning/
  14. https://learnwithanjali.com/ific-exam/suitability-requirement/
  15. https://learnwithanjali.com/ific-exam/know-your-client-kyc/
  16. https://learnwithanjali.com/ific-exam/risk-tolerance/
  17. https://learnwithanjali.com/ific-exam/know-your-product/
  18. https://learnwithanjali.com/ific-exam/assessing-suitability/
  19. https://learnwithanjali.com/ific-exam/economic-factors-and-financial-markets/
  20. https://learnwithanjali.com/ific-exam/financial-markets/
  21. https://learnwithanjali.com/ific-exam/canadas-financial-system/
  22. https://learnwithanjali.com/ific-exam/types-of-investment/
  23. https://learnwithanjali.com/ific-exam/what-you-should-know-about-bonds/
  24. https://learnwithanjali.com/ific-exam/what-are-equities/
  25. https://learnwithanjali.com/ific-exam/what-are-derivatives/
  26. https://learnwithanjali.com/ific-exam/types-of-mutual-funds%ef%bf%bc%ef%bf%bc/
  27. https://learnwithanjali.com/ific-exam/growth-oriented-mutual-funds%ef%bf%bc%ef%bf%bc/
  28. https://learnwithanjali.com/ific-exam/competitive-products%ef%bf%bc%ef%bf%bc/
  29. https://learnwithanjali.com/ific-exam/portfolio-management%ef%bf%bc%ef%bf%bc/
  30. https://learnwithanjali.com/ific-exam/financial-analysis%ef%bf%bc%ef%bf%bc/
  31. https://learnwithanjali.com/ific-exam/mutual-fund-organization%ef%bf%bc%ef%bf%bc/

Disclosure: Some of the links on the website are added, meaning at no additional cost to you, I will earn a commission if you click through or make a purchase. Please support me so that I can continue writing great content for you.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Learn with Anjali started because there wasn't an easy-to-consume resource to help students with their studies. Anjali is on single-minded mission to make you successful!

If you would like to suggest topics, leave feedback or share your story, please leave a message.

Leave a message