The fact that you don’t have an infinite amount of money to be spent in the new home building process means that you’ll probably have some limitations on what you can build. Even if you have more money than you need for the project, you still want the house to maintain its value and potentially appreciate.
This means that you have to take three factors into consideration when planning the size and shape of your new home, these being desire, taste and value. You want to build a house you want for your needs, you want it to have aesthetic appeal, particularly to you, and you want to make sure the house is built in such a way to maintain its investment potential.
The Right Square Footage of Your New Home
First of all, you need to figure out the right size for your new home, that is the right square footage. Three major factors dictate the appropriate square footage for your new home:
- You need to establish your family’s needs. For example, do you have elderly parents living with you who need a downstairs bedroom or does your wife want her own separate walk-in closet in the master bedroom?
- You need to adhere to zoning limitations or covenants (neighborhood guidelines). Many design rules set limits on how big and how small of a house can be built on a particular lot. You may also encounter limits on the house’s ground floor. These guidelines may impact other decisions such as the need for more than one story to meet your square footage needs.
- Your need to keep in line with your budget. You’ll need to design a house that not only fits your family and the lot but also fits your budget as well. Many of these calculations go in circles, so start with the house you want and see if it fits based upon local estimates for building costs, which you can get by talking to a few contractors.
The more square footage you build, the more the house will cost, so efficiency is important. At the same time, skimping on rooms can reduce utility and make for unpleasant living. Calculate the total square feet of the rooms you have picked. You can figure on adding another 10 percent to account for hallways, cabinets, and closets. This total can give you a basis from which to start your estimate. Other factors to consider may include unfinished space like basements and garages.
Most people prefer houses that are familiar, functional, and comfortable, which means many people may find your new home to be a nice place to visit but they wouldn’t want to live there. If buyers aren’t interested in your house, lenders will shy away as well making financing difficult. If you design your house with resale in mind, talk to local real estate agents and your architect about the expectations of most buyers in your neighborhood. You don’t have to build your new home exactly for them, but at least you can consider them in your design decisions as you move through the process.
When it comes to the exterior style of your house, you might need to take some other factors into consideration. Some local guidelines require specific architecture styles for the neighborhood. Some design review committees may actually dictate the type of siding to be used and colors to be painted. The key is to pick something that suits the neighborhood and your taste. You can choose from many examples of exteriors in plan books and on the Internet.
Also, remember that architectural extras such as peaked roofs, dormers, and balconies can increase costs. Exterior materials have an impact on cost as well. If the neighborhood guidelines allow it, for your new home you’ll have to choose between siding, stone, or stucco as well as roof material choices like slate, tile, or metal.