As a third-generation builder, Middle Tennessee State University Associate Professor of Construction Management Duane Vanhook knows a thing or two about building a home. Whether it’s the first time you’ve built a house or you’re buying your forever home, Vanhook says there are some dos and don’ts you should always consider.
Know what you can afford.
Buying or building a home can be stressful, no matter how prepared you think you are. Vanhook emphasizes knowing what you can afford and never buying at the top of your budget is key. “The first thing you need to assess is what you can truly afford. That doesn’t mean just because you can make the payment, you can afford it,” Vanhook said.
The mortgage payment isn’t the only thing you must consider when buying an existing home or building a new one. There are property taxes, homeowner’s insurance, maintenance, and repairs on top of the mortgage. “Your payment, your interest, mortgage payment, taxes, and insurance are likely rolled all up into one, but maintenance and repair catch a lot of people off-guard,” Vanhook said, adding, “If you’re building a new home, that’s different than buying an existing because you’re probably going to get a builder warranty that covers most major items for one to two years, and if the home is built correctly, you’re not going to have any major defects for seven to 10 years.”
Learn about the building process
If you’re building a home from the ground up or doing major renovations to an existing home, it’s important to know from the beginning it’s not going to be anything like you see on a television show, so educating yourself on the process is a must. “You’ve got to work with a builder who can explain why this happens or that happens and what to expect during the process – ‘What should I expect to see if things are going well? What should I expect to see when the wheels fall off?’ Most builders can do that because they realize most people don’t know what the process is like,” Vanhook.
Manage your expectations
Understanding the process also means being flexible and knowing deadlines and timelines can
change due to things outside the builder or contractor’s control. Vanhook described the process of building a home as “managed chaos.” “Before someone starts the process, they need to make sure the builder can communicate with them properly, and they understand that there are a lot of schedules involved,” he said. “A new building is not perfect, and things are going to happen along the way. Every new home has its quirks.”
Know the difference between wants and needs
Knowing the difference between what you need and want in your home will help with many things, including staying on budget. “Understanding the difference between what you need and want is a big thing as understanding how you will use your space. Most people want more than they can afford.”
MTSU’s School of Concrete and Construction Management
MTSU’s new School of Concrete and Construction Management opened in the fall of 2022. The 54,000-square-foot building is home to classrooms and lab space that offers hands-on experience to students, including visiting job site locations and making connections with local builders. “What MTSU does that’s different from most universities in the country is we get the students out, and we get them involved, we get them involved with builders and contractors,” Vanhook said.
Starting salaries typically begin just above $60,000.