Things to Think About When Building a Custom Home
Building a custom home can be a satisfying experience or a financial misadventure, depending on how you approach the project. Whether you already own a home or it is your first building, this project will not be without challenges. Construction projects are, by nature, often unpredictable.
But as SGI Management in Richardson explains, the unpredictability of a custom home can be minimized when you take the time to prepare in advance. There is nothing worse when building a custom home than to get midway into the project before you start to realize what you have undertaken.
There is a risk of failure with building custom homes. But the more you know about what your project entails, the more you will mitigate those risks. That is why in this article, we explain the key things to keep in mind when building a custom home.
The post will show the proper sequence for planning a custom home project to avoid unnecessary delays and avoidable expenses. Following the advice in this post may mean you have to start your project later than you planned, but you will be better at doing so.
1. How much home can you afford?
Your budget sets the parameters for your project. Custom home projects are notorious for being abandoned halfway or not being built according to the owner’s initial plans. The primary reason is that project owners don’t clearly define how much they want to spend before initiating the project. The outcome is that the owner makes elaborate plans, only for funds to dry up halfway, because the project ends up costing more than they anticipated. If you know how much home you can afford, you can give your designers a reference point for the design.
2. Find the right builder/designer
It may seem like a premature step, but it is necessary if you want to avoid costly mistakes up ahead. You cannot correctly estimate project costs – for instance - without insights from an expert. A builder will tell you how soil quality, slope, groundwater, and other factors affect your budget. They will help you make design decisions that let you maximize available land. A trusted builder can save you money. When looking for that builder/designer, make sure it is a local company with experience building custom homes. Their past projects should be similar in scope to yours, and they should have recent projects that you can see.
3. What kind of home do you need?
The two most important things to keep in mind when designing your home are your budget and needs. There is no limit to what you may desire in your dream home. But focus on your needs to stay grounded in the home’s designs; prioritize needs over desire. Also, make sure your home’s design is future-proof; think about where you will be in ten years, make the house sale-able and consider the possibility of converting it into a rental property.
4. Find the right lot
The land you choose and its location have severe implications for the design of your house. Land and location will also influence your budget. It is a grave error to go ahead and buy a lot before you know how much it will cost to build on that land and what kind of home you will want to construct. Consider the land’s qualities such as groundwater levels, proximity to protected areas, drainage, and other physical factors. Neighborhood characteristics; the type of homes in the area, types of amenities, presence of utilities, proximity to power lines, and building codes all play a role in the design and cost of your building.
5. How long does it take to build a custom home?
The duration depends on the size of your project, the land you are building on, and how prepared you are. Expect to spend between 6-16 months on the project. If you are considering a smaller home, you should be through in six months. If your project is large, it could take over sixteen months. But for a mid-sized house, it will take a little over ten months.
Finally, you should be aware that financing a custom home project is not always straightforward. These projects usually don’t qualify for a mortgage; you may have to use a construction loan. Moreover, your budget and timeline are merely intelligent guesses. Add at least 10% to your project cost and expect delays during the construction.
Plan and cost every detail. The more rigorous you plan and cost every detail of the home, the lower the chances of overspending on any part of the project. For instance, if you decide beforehand what color of tiles to use on the bathroom floor or the kind of hardware you want for kitchen cabinets, you will not waste time making up your mind in the middle of the project. It will save you time and money and help your builder perform better.
