Right now, my wife and I are building a house. We are in the final stretch and getting anxious to move in! Since a lot of people think about building or renovating a home, I’m going to do a few posts about the good, bad, and ugly of home building. Hopefully, if you choose to ever build or renovate, these posts will greatly help you out. My top 3 overall tips for building/renovating are as follows:
- Invest in the plan: We decided to do a custom house and hired a great local architect, Anne Sciarrone. If you don’t have a good plan that factors in all your variables, the house might end up looking odd, or not being as functional as it should, or not even passing the building code. The same is true in planning for your financial future – hiring an advisor can help you plan out your future while taking into account your goals, dreams, and personal situation.
- Plan for surprises: There will always be unforeseen hiccups and bumps in the road. In building, I’ve found that quotes and prices can change drastically over a short amount of time. It’s important to build in a buffer of cash that allows you to deal with these price jumps. In personal finances, it’s important to build a buffer into your monthly cash flow to allow for surprises.
- The devil is in the details: In building, if your measurements are off by a fraction of an inch, it could have big implications for other details down the road. It’s important to double check everything, and make sure the details are correct at each stage of building. This ensures that the house will end up being exactly what you want it to be. This is true with your personal finances too – small details can have a big impact on your financial picture over a 20-30 years time frame. Hiring an advisor to help oversee the details can help ensure you stay on track!