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8 steps to building your dream home

Set goals

1. You’ll want to plan your trip. This means having a sense of what the end result should be, and how much it will cost. It involves setting goals and taking the steps to achieve them.

Some questions you’ll want to answer to set these goals:

What do you want to achieve?

Where do you want to be?

What will this cost?

Can it really be achieved?

Does plan A make sense?

What’s plan B?

 

Establish a budget

 

2. While a budget should be in any goal statement, it’s such an important piece that it’s included here as a separate task. When making your budget, of course you’ll begin with what you can afford, and how the cost of your house fits in with your overall plans for the future. In India, the cost of building a house nowadays can range between 1000 RS to 3000 RS per sqf,  if you get a contractor to deal with the construction from start to finish. A normal two-level house that has a floor area of 150 sqm and a one-car garage will set you back between 10 Lakhs to 2 Cores.Other expenses not included in the construction process include permits and other paperwork. These include the following:A complete architectural plan, which will be used as your reference in the house construction. This will provided by the contractor.A permit from the Panchayath/Municipality that has jurisdiction over the area you chose. You will also need to ask your neighbors to sign this.Once you have the Municipality permit, you will present this to the city hall together with the architectural plan to secure the building permit. Only after being issued a building permit can you start construction.When the construction is done, you will also need to secure the occupancy permit.

Healthy contingency

 

As with any complex project, the road from point A to point B will have a detour or two. Make sure these little side trips won’t send you over the edge.A spreadsheet program, such as excel, is a good tool to use for developing a budget, as you can continuously update and modify it as you work your way through the project.

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