17 JUNE, 2022

Buying a house for yourself is a proud feeling. But the pride of building your dream home from scratch is unparalleled. Many people dream of building their own home where every brick placed is as per their likes and needs. Both, functionally and aesthetically, this gives you the opportunity to build your home exactly the way you want by adding the rooms, doors, flooring, and more as per your needs.


However, building your own house is not an easy feat to achieve. There are lots of different aspects that you need to consider. To ensure that you face no issues after moving in, it is crucial to meticulously plan and consider every small detail. You need to make sure that the house is comfortable, and that its surroundings are not hostile to your family. It could be challenging and overwhelming to know where to start if it's your first time building your house. So, here is a checklist to help you begin building your house.


  • Find a piece of land

You need vacant land to start building the house. If you already have one, then there’s nothing like it. You can avail a home loan right away and start building your home. If not, you might need to research a bit to find the perfect land for your home. There are a few crucial aspects that you must consider before you purchase land. The land on which you build a house should be in the vicinity of the city. It should have proximity to all amenities such as markets, schools, colleges, hospitals, bus stands, railway stations, etc. You must also pay attention to the security and safety aspect. The house you build should be in a safe location and neighbourhood. Even if you do not have kids now, it would be best to think long term while planning a house. Avoid building a house near industries or highways as it could mean more sound and air pollution.


  • Set a budget

Before you finalise the design and hire contractors for the construction work, it would be best to create a budget. Decide on the amount you can spend on building the house. Ensure to factor in funds for construction work, furnishing, electric and plumbing work, and then the interiors. It would be best to keep some funds aside, in case you exceed your budget while the house gets completed.

You can spend your savings and even borrow from friends, but it might not be the best option. Your funds would get stuck in the house for a long time. Instead, with a home loan calculator, you can check the feasible Equated Monthly Instalment (EMI) amount for you and accordingly avail a home loan.


  • Design your house

One of the crucial aspects of building your house is designing it. You can hire an architect who can guide you to create a perfect blueprint as per your needs and future requirements. However, before you hire them, it would be best to identify your requirements. Do you need a balcony or courtyard in the house? How many rooms would you need? Do you want to build a bungalow, duplex, or villa? Do you want a garden or a driveway? Being aware of your requirements will help you guide the architect on the kind of house you want to live in. The architect will then draw and design a blueprint and tell you if your ideas are viable. You can also finalise the theme you want in your house. Also, consider the weather and seasons while designing.


  • Hire contractors

Unless you have skilled labour, building your house can take years. The best way is to hire a reliable contractor. They have contacts for all the required labourers like masonry, plumber, electrician, site supervisor, etc. A contractor supervises the labourers and ensures that work is done as directed. They also monitor the construction process and are answerable for it. When you hire a contractor, ensure that they are reliable, licensed, and experienced. Also, ensure to finalise all the wages and material costs before hiring them. Moreover, discuss the safety of all the labourers while the construction is going on. It would be best to finalise and discuss everything in advance to avoid any issues or arguments in the future.  


  • Supervise the construction

Visit the site regularly to ensure the construction is being done as per the plan and is progressing as per the decided timeline. Be very observant to point out any mistake or issue, irrespective of how small it is. Even when you cannot visit the site, ask the contractor to give you an update and a detailed progress report of the construction. Check the progress of the home from time to time. While you check the house being constructed, also pay attention to the funds being spent. Review the expenses periodically. While ensuring to keep the expenses under budget, also check home loan charges as they would fall under the total construction cost.


  • Start preparations to move in

Once your house starts taking shape, it's time to prepare to move

in. Ensure that necessary treatments like anti-insect, anti-termite, and waterproofing are being done in the house. If you wish to hire an interior designer, you could ask them to visit the site while it is being constructed. Also, while you purchase furnishing and furniture for your home, ensure it is made with the best material as it would enhance the durability of your home.


It is said that you build your home only once. You dream about it for years and put in all your efforts to build the best house. When it is completed, it is no less than an achievement to live in it with your family. So, while building your own home requires a significant amount of money, you should not let the lack of funds fade this happiness. A home loan is a great option to finance this dream and you can begin by checking your home loan eligibility. You should also use a home loan affordability calculator before availing the loan to plan for it based on your monthly income and other expenses.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.