Looking to build a custom home? Here are some pointers for you.
Building a custom home for you and your family is an exciting time, if you are willing to put in the work. Here we are covering some of the basics you need to know when planning a custom build.
Find a Builder
Finding the perfect builder for your custom home can be quite challenging. You are going to spend a lot of time with them and you are trusting them to build your dream home. This is an important relationship and will take a lot of consideration.
Make a list of about two to three options (tops!) for builders. More than this and you'll overwhelm yourself. Base this decision off of in-depth research and personal recommendations from family and friends.
Once you have narrowed your list down, meet with each builder to discuss and learn more about their building style to see if it matches what you are looking for.
You may or may not have a blueprint and lot chosen. If you do, you will want to discuss your plans with the builders and meet with them at the site to go over potential issues and make a plan.
If you don’t have plans going in, most builders will work with you to find a lot and develop a plan to make sure your design will work with the chosen lot. As for the home design, you may have a custom drawing from scratch created with an architect or a plan you modified from a home plan book.
Once you have settled on a house plan, get numbers from the builders and be sure to study them well because no two bids or proposals will look the same. Every builder does them differently, but you want to be able to compare apples to apples as much as possible. Remember the lowest bid is not always better, pay attention to everything the builders are offering you in their estimate.
After carefully reviewing all of the bids, decide who you are most comfortable with and award the project to your new builder!
Your Role During the Build
Once the building process begins, be prepared for a part-time job. The homeowner is very involved in a truly custom home and has the responsibility of choosing almost all of the selections and design aspects.
A lot of building a custom home from a homeowner perspective is the planning. You will be tasked with things such as picking out cabinets, paint colors, carpet, and countertops. Some homework will be involved in order to educate yourself since you will be expected to analyze multiple different material options and be able to make sense of them.
Be prepared to meet your builder in the middle of the day at a supply shop to make decisions and to shop on the weekend to narrow down selections.
You will be required to come out to the site for an electrical walk-through. This is where you will review the placement of plugs, switches, and other electrical features.
Moving in is not the end of your relationship with the builder. You want to create a small punch list of unfinished tasks or issues you find after moving in and inform them of this immediately. Hold your builder accountable for the small odds and ends that were pushed off to the end.
You will provide final payment once both you and your builder come to an agreement that everything you expected of each other has been fulfilled.
A Note on Financing
Most custom builds will require a construction loan. If you don’t already own the land you want to build on, you will most likely have to finance the land and the construction separately and pay closing costs twice.
Good credit and a down payment of at least 20-25% is typically required to secure a construction loan since it is considered risky to most lenders. You will also want to look into your insurance options before the construction begins.
Make sure you thoroughly understand your financing options before you ever start working with a builder.
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