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Are you building your dream home on a piece of land? From hiring an architect/construction company for planning to cross checking the quality of construction, several factors play a critical role in making the end result a success.
TRIO vision Group shares important tips to keep in mind while constructing your house on a plot.
The excitement of building a home is priceless. From constructing it to designing, you have to play an active role to ensure successful construction of your dream home. It is a long process and requires your constant attention or you could end up paying heavily later. TRIO vision group shares various architectural and financial aspects that one should keep in mind while building a home.
Know your Budget
Before you start constructing your home, set an estimated budget in your mind. The quality of the work to be done will depend on your overall budget. Make sure that your tentative budget is 20 per cent more than the estimated cost. Keep some funds for interiors and do not spend everything on construction.
Hire an architect
Hiring a good architect or a structural engineer will help you organize things well. Explain him your needs and requirements like number of family members and rooms required on the basis of which he will make a blueprint. “The architect will study the feasibility of the plot and let you know how much of the plot is usable (built-up area). Do not hesitate in asking how much area is to be left open,” says Suresh Pandey, Director, trio vision group.
Once it is done, the architect will further help you take quotations from contractors. However, it is important to do some online and physical research yourself. Talk to different contractors, explain them your needs, and take an estimate and compare. Do not go by what the architect says. Check if the contractor has a sound reputation and is known for using good quality material. Enquire about his past projects, visit his clients, check their homes, ask them the time taken for completing the project and take their feedback.
Shape of the plot
Shape of the plot have a direct impact on the construction cost. While square plots are most viable for construction, complex shapes require more per sq ft area and which increases the cost of construction. Also, if you are constructing a bungalow, it is advisable to check if the plot is vastu-compliant.
Materials used
Another important thing is to find out about the materials being used. For instance, a contractor constructs a home on a 200 sq yard plot of area for Rs 25 lakh in 6 months using substandard construction material while the other contractor completes the same work for Rs 30 lakh in 5 months using good quality material. In this case, you should always go for the second contractor who is more reliable in terms of using materials even though if it affects your budget a little.
Similarly, cost of building material (such as bricks, cement, stone and sand) and labour varies in different cities. It will be relatively higher in metro cities compared to Tier II and III cities. Make an agreement and take everything on paper. Ask the contractor to include some of the interior work within the total cost of construction.
Standard vs Customised home
The concept of standard homes is slowly being replaced by customised and luxury homes. People are now designing specific portions of their home (removing walls and increasing bathroom space) as per their requirement. However, one should not forget that if we desire to build a customised home, the cost increases instantly despite the same materials being used. Remember, customization should not affect your budget.
Basement and Car Parking
Basements are expensive to construct because it uses Reinforced Cement Concrete (RCC) Framed Structure. “Modern houses are sort of mixed in terms of design and requirement. Therefore, the trend is to divide the ground floor into two halves – front half should be reserved for car parking and the other half should be made the living room facing the garden.
Sustainable development
The world is moving towards sustainability and it becomes even more important to use sustainable materials and solar products. As a rule, you have to leave thirty per cent open space in societies. Similarly, you should try to leave atleast twenty per cent open space. Use glass windows instead of walls in the living room so that you can have a serene view of the garden. By using these materials, carbon footprint gets reduced thus, making your home more sustainable to the environment.
Now, let us have a look at some of the financial aspects that you should keep in mind:
Loan
To avail home loan for construction of house on a residential plot, it needs to be in Municipal limits on a legally valid title of freehold/lease hold property or property allotted by government agency such as LDA, AWAS VIKS and etc. Loans are not given only for purchase of plot which they consider will be speculative in nature. There is also a stipulated time period within which the construction need to be completed
Eligibility Criteria
The eligibility is calculated basis the repaying capacity of the borrowers and the property is funded till eighty five per cent loan-to-value (LTV) of the cost of construction. The borrower has to first invest the margin money of fifteen per cent in the initial construction.
Process
Once the loan is sanctioned as per the eligibility of the customers. The banks will conduct the due diligence in terms of legal and technical checks on the property. Post the legal and technical checks are satisfied the loan amount is disbursed as per the stage of construction. Since the property will be under construction and disbursement will be made in tranches, the borrower will be paying only Pre-EMI till the final amount gets disbursed
Type of plan
The interest rate are easing and would be reducing in the coming years. Thus it would be advisable to go for floating rate of interest rather than locking into fixed rate of interest which will be 150-200 basis point higher than floating rate.
Trio Vision Construction Company
B-85 , Indira Nagar, Near Bhoothnath Market, Lucknow
Contact:+91-8318192212,9058913568
Trio Vision Construction Company
B-85 , Indira Nagar, Near Bhoothnath Market, Lucknow
Contact:+91-8318192212,9058913568
Facebook Page Link :- m.me/triovisionconstruction
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