10 Tips for Building Your Dream Home

Whether you're considering the perfect retirement castle or simply want to avoid the lingering odor of a previous owner's ferret, there's nothing like moving into a brand-new house, where nothing needs to be painted or repaired.

Dream homes don't come easy. When I worked in the loan servicing industry, countless borrowers called to express their dismay with the construction process. The most common complaint was "they never showed up." That's because, during the housing boom, builders were trying to simultaneously run as many projects as possible.

Now that the housing bubble has burst, borrowers have a different problem: many small builders are going out of business. If this happens before your home is completed, you're headed for trouble. You may have to hire someone to do work you've already paid for. You could also be on the hook if the builder failed to pay a subcontractor. Either way, your building costs are going to mount.

Here are some tips to help to limit your risk: ...