Preparation for future homeowners is almost like planning for a wedding. It can be time-consuming and demanding, but not unman­ageable. A great deal of time should be spent on planning and research.

1. Decide on your priorities

Especially for first time homeowners, ask yourself: How important is the house I’m planning to build? Is this really my dream house? Or am I planning to build something bigger and better?

Archt. Antonio V. Turalba, Jr., president of real estate office, Active Group, Inc., notes, “There are usually two types of home owners: the one who settles for a small but ‘complete’ house and the one who opts to have a big house and work piece by piece on the details. This is a common practice among medium-class subdivisions inside and along the outskirts of Metro Manila.”

In this case, there is no right or wrong answer; it is a matter of choice. However, keep in mind that your priori­ties will have a lasting effect on your family’s lifestyle.

2. Do your research and be open to new information

Concerning the lot, familiarize yourself with local standards and laws. Design and any type of construction must conform to governing laws and regulations set by the national and local govern­ment and other applicable governing bodies like the homeowners association of a subdivision. These materi­als are public documents and are readily available.

Prepare yourself also for the bureaucratic red tape when applying for building permits and legal docu­ments. Avoid them by accomplishing all forms properly and submitting complete requirements.

By hiring a contractor, the owner may opt to pass on the responsibilities of applications. However, many of these documents like the tax declaration and others will still be coming from the owner.

Educate yourself about construction as you go through the process. This will be your home. You should know it inside out.

3. Set your goals and expect the unex­pected

In building your dream house, do not settle for second best. The best car or mobile phone in the market took months and even years of studies. The same degree of attention and industry should be set when building houses which may cost millions.

Building construction requires resources. During the design development phase, study your options very well before deciding. Set realistic goals to ease decision-making. If you’ve decided to pursue your dream house, you’re bound to choose the best and most affordable materials. If you want it big and have the patience to work on the house piece by piece, you can work on the house phase by phase. You may choose to delay the painting of the exterior walls by working on one room at a time.

Decide on a system which is most convenient to you. Ask for a second opinion if you have to. When construc­tion begins, keep in mind that any alteration means delay, additional work, and cost.

During construction and even its completion, prob­lems do come up. For one, the prices of some construc­tion materials tend to change. Unforeseen problems happen so don’t put yourself under too much stress.


This article is from is MoneySense, the country’s first and only personal finance magazine. You can read more financial tips and stories at www.moneysense.com.ph.