Buying a home is a fulfilling experience that puts you one
step closer towards attaining the American Dream. If you’re like most people,
you already have an idea of the kind of home you wish to own, thanks to many
years of dreaming about it. So what if the homes on the market do not quite
exactly fit the home you had in mind all along? What if you have found the
existing homes to be boring and unimaginative? The solution is simple: build
your own custom home. Building a custom home allows you to include anything you
want, and eventually own a home that meets all your specifications and
fantasies. The process of getting a custom home is one that should be
approached carefully, as it is an investment that not only requires your time
but your money as well.
The first thing that you need to do if you are in the
process of getting a custom home is to organize your financing. A lot of people
assume that building a custom home is more expensive than buying an existing
one. This is not necessarily true, as you could always build a smaller custom
home. What makes the process of building a custom home expensive is that
sourcing for materials on an individual basis is more expensive than doing so
in bulk.
In order to finance a custom home, you will require a
construction loan. Lenders consider construction of custom homes risky, and are
not too eager to offer construction loans. You will therefore need excellent
credit to convince your lender to give you a construction loan. On top of this
a down payment of at least 20 percent to 25 percent is required.
On top of the funds, you will require to look into getting
relevant insurance during the construction period.
The next thing you need to do is interview potential
architects and builders. Some homeowners opt to work with architects first
before moving on to the builders, while others will first consult with the
builders. Some firms will also do the design and construction work in entirety.
You must do your homework and get only the best in the field.
It is important to have a land and plan that match, so that
you do not start the construction work only to realize later that the land
cannot accommodate the home you have in mind. It is necessary to have your
builder tour the site to discuss pre-construction measures that will be required
before the construction takes place.
You should consider the neighborhood you build your home
keenly, as this will impact the resale value of your home should you decide to
sell it later. Ensure your home stays in the same range as the other homes in
the neighborhood, in matters of price range and general size. Should you decide
to sell your home later on, you will not have to worry about your home being
oversized or overpriced.
