From the previous articles, I have highlighted the many avenues where your money will go in the process of building your own house. Some of these include;
· Buying land
· Professional consultancy services e.g architectural fees
· Construction fees
· Statutory fees
It is worth noting that construction fees and professional fees are easily calculated when the design is completed and a Bills of Quantities is done. The other two are also easily estimated. There are also construction estimating methods, through which you can tell the probable cost of the envisaged construction. This means that before you undertake and commit to get into construction, it is possible to draw a tentative budget for your house. This will put you into the picture and enlighten you on the magnitude of the task ahead as far as finances are involved. This is a very important step in the process of your owning a house.
Pat yourself at the back for getting this far! But there is the task now of pooling finances towards making your dream come true. Just like for any business, money is necessary for construction to take place. This may either come from your savings or from a loan. There are specialized loans for construction either in the form of a mortgage or a construction loan. One important thing to note here is that loans cost money, both in the form of interest and loan processing fees. You will also pay for any default in the repayment of these loans. You may also lose your house altogether! This depends on the arrangement entered into, so be very careful.
It is important to understand ฝากขายทาวน์เฮ้าส์ the expected cashflow pattern during the process of construction this means how much money will be needed at one particular time during the construction period. Most lenders will release the loan based on evidence like contractor's certificate for payment or refund on receipts. This is especially good for it checks against misuse of these funds. Both the budget and the cashflow plans should be prepared in advance and discussed with the lender. The repayment terms and period should also be clearly stipulated, albeit in a tentative arrangement as the two parameters are themselves just estimates. The extent of repayment should not go above your current rent or what you can comfortably afford. It does not make business sense to commit yourself to repaying monthly installments that are beyond your reach. You may well lose your house and all the hard work go to waste.
Although it may be hard to save enough to foot the whole bill for your house, you can try to lessen the loan burden by affording the land and then get a loan for the building only. This will also make it easy for you to secure a loan with the land as collateral, instead of risking other items or paying a higher interest on an unsecured loan. There are also other options like joining forces with others to build one house after the other, so that with time, every member of the group will own their own house.
In the next article, we look at the persons to engage while building your house.
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