The field of construction and real estate is not the forte of those who always thrive. It is quite common that you might get burned as you may suffer unexpected losses. Those who succeed would proudly narrate their tales of success while those who did not make any profit often suffer the consequences in silence.
You should be wise enough to learn from the mistakes of those who couldn’t fare well in the construction business. They refrain from sharing their experiences as they are wary of facing the mockery. Here are some of the mistakes that people often make while constructing houses and buildings, so that you won’t make the same blunders.
» Most people believe that their dream dwelling should boast of the luxuries as you build a house only once. However, if you are lucky or have the resources, then you could buy or build any number of houses. Life is short; building a house is just a small part of life. So, it is wise to construct a house where you can comfortably live. It wouldn’t be a great idea if you build a humongous house and then spent the rest of your lives just paying for it. You would be old by the time you repay the debts incurred for the house. So, building a house that caters to your requirements and does not break the bank is the right way. You could always add more rooms and facilities as and when you have money.
» It is foolish to think that only those who own mansions enjoy respect in society. More than the material factors, it is our character, honesty, hard work and lifestyle that earn us respect.
» Owning big houses or two-storey homes does not make you eligible for marriage. Some parents are adamant that they would marry their daughters only into families that own mansions. It is better to live like a king in a comfortable house rather than live in a penury in a giant mansion.
» Instead of availing loans for interests that are unaffordable, you could think about how to complete the construction on an affordable budget with a minimum loan amount.
» Expatriates often build mansions in their hometowns as a mark of their pride. They would then spend the rest of their lives in another country working hard to repay the debts they had incurred to build this house. Living happily in your minimal yet comfortable house is better than slaving away in a distant land just to own a mansion that you hardly live in.
» Competing with others over the size of your houses is not ideal. Your neighbour who owns a splendid mansion may be wealthier than you are. So, it is not wise to do comparisons.
» Most parents build additional rooms saying that their kids could live in them when they grow up. But, youngsters these days are keen to migrate to foreign lands for higher studies or to build their careers. They might have dreams about their own homes and the old house may become a burden for them.