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Top 10 Tips
1. Plan ahead! We can’t express how important a good set of plans
is! It will save you time, confusion, and money.
2. Do your research. Time spent now studying and doing research
translates to saved dollars later.
3. Budget. Determine what your budget is and design accordingly.
4. Discipline. Stick to your budget! If you upgrade a feature, make
changes during construction, or have a cost overrun, you must cut
costs elsewhere to maintain your budget.
5. Arrange your financing in advance. Do your research and consult
many lending sources. Create advantageous relationships with lenders
before you take the plunge. If you show your lending sources you
have realistic expectations, they are more likely to grant you a
loan and give you a better interest rate, as well.
6. Divide your financing into phases. Include design, property
acquisition, research, groundbreaking, rough construction, finish
construction, landscaping, and move-in.
7. Recruit free labor. Labor is the single biggest expense you’ll
have. Ask friends and family to help. Beg if necessary! Every hour
of labor you do not have to pay for helps your bottom line.
8. Do your paperwork. Create a construction diary. Take copious
notes! List dates, times, topics discussed, whom talked to, phone
#’s, etc., you never know if or when it will become important to
have documentation as to what transpired. Save every receipt,
invoice, and scrap of paper. File them for future use to compare
budgeted costs, with actual costs and to establish your basis for
income tax purposes. You think you will remember the details, but
you won’t! I’m not kidding, you will not remember!
9. Get help! There are simply too many things to know or remember.
Don’t be afraid to hire professionals in order to fill in your
knowledge and skill gaps (see #2).
10. Think Long Term. Whenever you are presented a choice between
your tastes vs. resale value, Choose resale value! You may think an
indoor trampoline is a good idea, but can you sell it?
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TIPS
11.
Take Pictures. Take pictures everyday. Take pictures of
everything, from every angle. Take pictures till your sick of it,
and still, you will have gaps in your pictorial history.
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