Look and Size of the House
If you are no longer happy with your home or you feel that you need to repair the house after a natural disaster, then a construction project is at hand. While this is a big commitment on your part, it is something you must do for the safety and the happiness of the family.
Since you already have the location you can decide on how big of a construction it's going to be. You may want to have the biggest house in the block. This may be a great idea now. However, it may be an issue if you decide to resell later on. Grander houses generally are harder to sell than moderately sized home. So, if you have plans of reselling later on, it might be a good idea to limit the construction to a certain size.
Of course, it is important that you consider the design that you want for your home before the construction. This is usually important right from the start since you would also want to live in a home that is designed according to your tastes.
Total Budget and Financing
With the general idea now in your mind, you can start to budget the cost of the construction. Aside from the lot, you would need to have the cost of the construction budgeted based on the materials and labor cost. If the total cost of the house you have in mind is too much, you would have to adjust. You would also need to find out if you can qualify for a mortgage loan. Again, if you cannot get a loan big enough for the size of the construction, you would have to make adjustments.
Hire a Contractor
The decision to hire a contractor is quite crucial to the project as well. Hiring a contractor would make the work easier and more convenient for you. However, it would cost more to hire one. Nevertheless, the contractor would know the best suppliers of materials. You may even be able to save money in total cost in the end. A contractor would also know the best people for the job so it's really easier if you simply hire a contractor.
Time Allocated for the Project
With everything planned and laid out, you should have a reasonable estimate on how long it's going to take the construction to finish. If you know how long it would take, it would be less stressful for you. Of course, monitoring the project from time to time is necessary too. After all, you would want to make sure that the builders are doing everything right. You would also want to protect your investment.