If you have ever dreamt of creating your dream home, but have been restricted by finances, a compromise might be buying an unfinished home where the original owner couldn’t finish the job for one reason or another.

If you are considering purchasing and unfinished home, it’s important that you have a home inspection done to ensure that the site is safe.  Then, create a budget for the different stages of construction.  Be sure to budget for “cost creep,” when things don’t go as planned, and for finishing the outside of the home, such as paving and landscaping.

You will also want to check that the seller has the original architectural plan and permits to transfer to you and that the permits are valid.  Also, investigate whether the existing work has been approved to qualify for warranty coverage (whether it’s mandatory and is jurisdictional).

Once you have committed to buying the home, make sure it turns out exactly how you want by following up with the contractor to ensure everything is coming along as planned.

Finally, construction projects are notorious for delays, so have a plan B for temporary living arrangements and storage of your belongings in case your move-in date changes.