Building your own custom home is more than likely every couples’ dream. Building a home in Kelowna is a mighty task. It requires a unique set of decision-making and other responsibilities that a simple home transaction does not. The biggest one being the release of funds during the construction of the house and its timeline.
Finances are a bigger commitment when it comes to building your own home, as you are likely to be paying for two mortgages or rent at the same time while you are building your new home. And not to mention, you need to purchase the lot before construction begins. You would also need to get construction insurance on top of everything else.
Let’s take a closer look at the costs and steps you would need to take in order to build yourself a custom home in Kelowna.
Finding the perfect lot is essential in building your dream house. In Kelowna and the surrounding areas, there is a selection of bare lot subdivisions you can take a look at. In those subdivisions, there is often controlled development, and you can choose from a selection of custom builders. There may be building guidelines to follow in each specific neighbourhood or area. Some developments in different areas, like the Upper Mission might offer a “bring your own builder” option. Prices range throughout these subdivisions, be sure to brush up on your knowledge of pricing in each area to make a sound decision.
With the lot decided, you can move onto the actual building of your custom home. Here is a list of what you will need:
- General contractor
- Exterior finishing & roofing
- Utilities - water and gas
- Interior finish
- Appliances and fixtures
- Custom features
Keep in mind that as your project moves forward, you will be releasing funds from your bank to your contractor. The draw schedule might vary but you will need to pay certain key milestones within the project. As an example, here is a short schedule:
- Dry in
- Trim out
Building a custom home is one of the most complex processes that can be done within our community, and therefore you need to manage your expectations accordingly. The process itself can involve over 25 sub-trades and professionals.
Something that can negatively impact you and your builders’ timeline is the fact that there is a growing shortage of skilled tradespeople and this can lead to a significant increase on your project timeline. On top of this, your contractor acts as a liaison for communication between you and managing the design needs and vision during construction.
It goes without saying that this can be a stressful process for you and your family or your relationships. It’s important that you manage your expectations and be prepared for this when you are planning or starting to build your home.
If you are ready to begin your journey in building your dream home in Kelowna, contact Holcraft Contracting today.