How much is your dream home?

You may already have the land where you want to build your dream home, if you’re exactly going through that moment, you may wonder: how much is it going to cost building my dream home? Where should I start from? It would depend on the location, materials’ quality, construction size and the investment we can afford on the infrastructure.

But the purchase of a land doesn’t allow us to build any kind of construction there. Before deciding to buy a property, we should read each community and town legislation, which is available at each town office.

We have to check the laws in terms of buildability and land-use, these characteristics are defined at each town or city’s legislation. The buildability of a land is the percentage over the whole surface in which we can build. And land-use is referred to the quantity of metres we can use in the field.

It’s important to check construction’s legislation in the place we’re going to build too. So it’s advisable to ask for help to a technician in order to understand the field’s construction legislation, as these laws can change even if the fields are in the same town, changes such as colours, materials, the number of floors and the exterior appearance.

Once you have chosen the field, we go to the project’s draft order. This is the stage when your dream home is designed and details are decided to make your project a reality. This is the longest stage of the process. Approximately, to have a final project it could last from 2 to 4 months depending on the size of the house.

The next step after having the project and the building permit would be to find the construction company, which is one of the most important factors for building your dream home.

You choose the price, as you tell the architect how we want our home to be and its qualities. It’s important to know the construction company’s reliability. Their team capacity and their commitment to finish the work at the proper time. The home style would depend on the customer’s preferences, classic, colonial, rustic, modern, minimalist… although we can find some of them in the same home. Materials are another factor to consider, and the façade’s design which is the first overview you receive from the work.

dream home

Other technical aspects to take into account are:

Making a topographic study.

For the foundations we have to know how the soil is and where is it. Those data are provided by the geotechnical study.

And on the other hand, the building engineer or technical architect, as this figure will be in charge of the correct work execution and will entrust himself with accomplishing the expected budget.

The periods are the following :

  • Project: between 2 and 4 months.
  • Visado colegio de arquitectos: 1 week.
  • Local permits: normally, local towns give you and answer between 1 or 2 months.
  • Work construction: with industrialised systems between 4 and 6 months. With concrete structure 8-12 months.

Another point which could be interesting for us is the funding and its requirements:

For these projects, banking institutions make available for us what we know as self-build loans, an installments kind of funding, the bank transfers the amount as the work advances. Before thinking of borrowing this loan, we have to have in mind three previous conditions:

  • Being the actual owner of the field in which we’re gping to build the home, it must be duly registered at Property Registration office.
  • Having a construction project from an architect and endorsed by theCollege of Architects.
  • Getting a building permit from the municipality where the home is.

 

These documents are submitted with the loan request. And the bank institution would review the operation’s financial viability and the needed quantity. Afterward, the interest rate to apply and the loan’s installments, which is usually a maximum of 30 years, although this depends on each bank.

About the loan’s installments:

Generally, the loaned money is from 80% to 85% of the final cost, but the bank doesn’t give the money in one go. The bank makes a first disposal, to allow the works to begin and which is a quantity between 40% and 50% of the total loan quantity. Immediately, construction stages are set up, so the bank checks the project is advancing as expected. And so after each stage we receive a new quantity of money until completing the loan’s entirety.

With these advices we don’t pretend you to follow all of them. But to help you making clear what is really needed.

 

For further information about this subject don’t hesitate to contact us iluxenio@iluxenio.com

iLuxenio, leaders in exclusive and sustainable construction.

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