If you are about to enter the process of having your new home custom built, there are several things you need to take into consideration. From the style and floor plan of your custom home to the custom home builders you choose, every decision you make will have a great impact on the final outcome. As you begin this new and exciting experience, here are 7 considerations to keep in mind:
1. Be Sure You Are Pre-Qualified for a Custom Construction Financing Loan
Before you set out to find custom home builders, you'll want to be certain that you pre-qualify for financing. This may help you avoid disappointment if you are not pre-approved. There may be various types of home construction loans available that you qualify for. Check with lenders to learn more.
2. Choose the Perfect Custom Home Builder
The custom home builders you choose should be based upon your needs. For instance, when selecting your home builders, consider your price range. Define your requirements by considering the size of the home you will want built. Some custom home builders specialize in building homes in one size and price range, while many others build various-sized homes with a wider price range.
Of course, you will want your home builder to be licensed and fully insured, as well as provide references from past clients. Did you know that in some states, it is not a requirement to be licensed to build homes? Experience counts as well, and generally speaking, the more experience a home builder has, the more confident you may feel.
3. Decide Upon the Right Location for Your New Home
If you don't already own the lot in which to build your new custom designed home, you will have to choose a lot and location that suits your needs. Your custom home builder can offer suggestions and help you in your decision of location. Custom home builders often have a variety of lots in various locations, so you will want to ponder this decision carefully. Alternatively, you might want to enlist the services of a land specialist when choosing your land.
4. Take a Tour of Model Homes Before You Decide
This is an imperative step to take prior to the building process. After all, you will want to see various floor plans and home styles to give you inspiration and see first-hand how the home will suit your needs. Ask to tour various homes which the builder has constructed so you can see the work up close.
To help you visualize the floor plans, your custom home builder may offer three-dimensional renderings for you to view at your leisure. After viewing the renderings, you can discuss any changes or additions you'd prefer before construction on your new home actually begins.
5. Inquire About the Warranty Coverage
Having a new home custom built will typically include a warranty of the components inside, as well as the home itself. For your peace of mind, be sure the warranty is transferable to a new owner should you decide to sell your home in the near future.
6. Ask About Upgrades
While having your new custom home built, you might want to consider upgrades and how they will fit into your financing budget. For instance, do you want hardwood floors? Do you prefer heated floors? Are granite or marble countertops a priority? Will your new custom home include skylights and an upgraded roof? All of these upgrades may add considerable cost, so get the details and estimates worked out before you begin.
7. Consider the Length of Time It Will Take From Start to Finish
Having a home custom built is an involved and complex process which should not be rushed. You'll need to plan ahead and allow yourself the time from start to closing before moving in. Depending upon the size, style, and components of your new custom-built home, the completion time may be anywhere from several months to a year or longer.