House building and renovation can present many challenges. Fortunately, with the right approach, these difficulties can be overcome. You'll need patience, financial dedication, hard work, and professionals who are skilled in the task of home construction or remodeling to make sure your plans come to fruition. The following document outlines 7 potential risks that may occur during the process and how to take them head-on!

1. FINANCING IS A NIGHTMARE

Obtaining a construction loan is often necessary for a successful home build. Before applying, it's important to understand the requirements in advance. Banks typically request tax statements, credit scores, bank statements, employment history, and more. Consequently, applicants should start the process well ahead of their intended building date - at least one year before breaking ground. Doing so allows them ample time to familiarize themselves with the criteria and regulations required by their loan gatekeeper. Furthermore, talking to multiple banks can help buyers find the most suitable financing option. Knowing these details beforehand ensures that when they are ready to build, they have all the resources required for success.

2. SO MANY DECISIONS TO MAKE

When you decide to build a home, the seemingly innocent question "how many bedrooms?" can be just the beginning. You will have to make decisions not just about the number of rooms but on other details like the color of the grout in your powder room - an element that comes with dozens of variations of shades. With all the decisions and research required for one item, building a home can be overwhelming. This is when it is beneficial to hire a professional designer who can pre-vet all choices, weigh their pros and cons, and help narrow down options so you can make the final decision with confidence. Having someone to guide you through such a big project is highly recommended!

3. ANOTHER FULL-TIME JOB

When planning a project, it is essential to make as many preliminary decisions as possible. It will save you from having to revisit stores multiple times and ensure that all choices are assessed collectively instead of trying to recall details from a long time ago. Clarity is also necessary for the contractor to conduct an accurate cost estimation and successful completion of building operations. To guarantee that the project progresses without emotions impeding you or their schedule, designate a period during your week when questions or additional concerns can be addressed. That way everyone has the opportunity to focus and proceed as a team.

4. DELAYS, DELAYS, DELAYS

Delays can be a tricky issue during any construction project, regardless of the scope. The most important factor is not avoiding delays at all costs, but rather how they are handled when they do occur. Regular communication between the contractor and homeowner is key in ensuring that delays are identified quickly and resolved efficiently. Weekly or bi-weekly meetings allow for consistent progress checks, as well as coordination on material delivery schedules. It's important to remember that good communication can go a long way towards preventing larger or multiple delays down the line - after all, it takes a village to build your home!

5. COST & CHANGE ORDERS

Costs and change orders are an unavoidable part of home building. Though it can be difficult to keep track of the money after initially financing the project, change orders are essential to ensure everyone is on the same page. To avoid any uncertainty, always make sure that all agreements pertaining to changes in the project design or schedule are documented in writing before any work begins. Furthermore, be as specific as possible in your descriptions so you know exactly what each dollar will go towards - for example, if you're agreeing to a patio installation for $10,000, make sure everything about that patio is included in writing (materials used, extra features such as drains or lights). That way both parties know exactly what was agreed upon and there won't be any surprises down the line.

6. WHERE DID THE CONTRACTOR GO?

Contractors are skilled in executing designs to a standard of quality that meets owners' and code officials' expectations. Business ownership also requires a thorough scheduling system, which contractors are not always trained on. Any mismanagement - from inexperience or unforeseen delays to subcontractors not working when expected - can affect your project timeline. To keep the contractor mindful of their responsibilities, regularly hold meetings (or make polite calls) to track progress and find out why certain participants are missing from the job site. Remember that providing constructive criticism with patience is more effective than being hostile. While managing this situation may be taxing, staying on top of it will ensure your project stays on track.

7. MOVE IN TOO SOON

Many, many homeowners will tell you that they really regret moving in too soon! For those undertaking a home build or renovation, it is highly recommended to avoid moving in prior to the project's completion. Doing so can cause unnecessary delays, create issues for contractors and homeowners, and lengthen the amount of time needed to finish the project. Whenever possible, wait until after work has been finished and the punch list is complete before relocating; even if you need to vacate an old property sooner, there may still be enough time before moving into your new one. Waiting may be difficult, but it ultimately leads to less stress down the line.

Did you recently build a home? What lessons learned would you like to share? Comment below!