Planning Process for Your First Custom Home
January 19, 2018 |
Have you dreamed of owning a home you designed on your own? To put in a gym, game room or two kitchens? Whatever it maybe, it is attainable and a custom home is the way to get exactly what you want. Buying a home will fulfill part of the “American Dream”
but building a home will take that dream to the next level. So, what will it take to make your dreams a reality and build the home you’ve always wanted?
Start with your finances. You can’t start building until you know you have the means to do so. Building a custom home isn’t necessarily more expensive, but it will take more time and energy.
Know how much you are able to spend and make sure your costs are below that amount, in case of any extra costs that arise in the process. Financing a custom home requires a construction loan, not something all lenders offer. First you will need to own
land and finance that purchase. Then you will need to apply for a construction loan and finance that as well. Because you will purchase land and then start to build, two closings are likely, each with their own settlement fees. Down payments for construction
loans are typically more than those of a regular home purchase because building is considered riskier. Make sure your finances are in order and you have the money to support your project!
Find contractors. A good architect and builder are the at the core of successful build.
If you already a vision of what you want your home to be, start researching architects in your area that have designed similar style homes. If you are lucky you can find a firm that will spearhead the entire project, including the design work, so you
only need to hire one contractor. No matter which route you choose to go, make sure to check references, interview potential partners and visit examples of their work before you finalize your choice.
Find land and consider the neighborhood. If you already own land you are half way (kind of) through the process. If not, start looking for a land in a location that suits you. Don’t know
where to start when it comes to finding a lot? We can help. We have tons of empty lots waiting to build on. We will make sure the land you purchase is feasible for building your home on. It’s essential that your home design and land plan match. You wouldn’t
want to design a residence and then find that the site you’ve purchased can’t accommodate it.
Good planning and hiring a competent team can make the custom-home experience as easy as dreaming.