Building a custom home can be a daunting task. Financing a home, finding a builder, and choosing the right neighborhood are all tasks that must be handled with great care and consideration. In addition, choosing a design that suits the needs of your family may overwhelm you. With these things understood, here are some tips to assist you when building your custom home.
1. Establish a budget.
Make sure you are clear about the amount of money that you want to spend on your custom home. When creating a budget it is important to put aside some money for contingencies. Establishing a budget and setting aside additional funds for unexpected costs guarantees that you will not become overwhelmed with the cost of building your custom home.
2. Get Pre-qualified for Financing.
If you need to acquire a loan to purchase the home, be sure to secure financing before looking for a lot to build or securing a builder. Prequalification clarifies just how much you will have to spend on your home and what your likely monthly payment will be. Securing your financing also allows your builder to design and a build a custom home within your budget.
3. Don’t Purchase Land Before Knowing the Costs of Site Prep and Servicing.
Although finding and purchasing land can be a fun aspect of building a custom home, site prep and utility servicing can be major expenses depending on the piece of land that you purchase. Some land won’t have access to public water and as such a well will be required. Additionally, the topography of the land also dictates how a house must be built. For instance, homes close to large bodies of water may have to be built on stilts instead of a concrete pad or crawl space. It’s best to allow your builder to assist you with finding land that is most conducive to building your custom home.
4. Only Use a Reputable Builder with Buying Power.
Only use a reputable builder with experience and positive reviews. Your builder should also have buying power; this guarantees that the builder will be able to get materials and supplies at the lowest cost. This will save you money and help you to stay on budget.
5. Get a Warranty.
New homes, regardless of how well they are built, may need repair. After a house has been lived in and the structure has settled, some issues with the house may arise. For this reason, you need a warranty from your builder that will cover the cost of repair or replacement within a specified amount of time.
6. Be Patient.
Building a custom home will require a great deal of your time and commitment. Factors such as weather and sourcing materials will be out of your control and out of the control of the builder. This will require patience and understanding. In many cases, the building of the home may take longer than expected. The amount of time you spend making sure that the home is built correctly and meets your needs will be well worth the wait.
7. Hire a Designer.
You may think that you know exactly how you want your house to look and you probably do, but a designer knows how to relay this information to the builder. Builders have their own language and designers understand this language and will assist you greatly in bringing your vision to fruition. This is an expense that you should add to your budget.
8. Be Kind to the Crew.
Don’t ignore the crew that is working diligently to complete your home. Sometimes the crew only interacts with the homeowner when something is wrong and it is often a negative experience. Make your interactions with your crew positive. Bring the crew breakfast or lunch sometimes and give them positive feedback on their work. When you establish this type of rapport with the crew, they are more likely to correct problems quickly and efficiently.
Obviously, there are many factors to consider when building a custom home. These tips will ensure that you will be satisfied with your new home and the entire home building process. Applying the aforementioned tips to the building process will greatly relieve the stress associated with building a custom home.
