Can’t find your dream home? Create it from the ground up! Building a custom home is a great way to get exactly what you want. But what does it entail? Let’s talk about seven things you should know in advance before you start planning on building a custom home.
7 Things to Know About Building a Custom Home
While the end result is the picture-perfect home you’ve always imagined, here are a few important considerations.
1. Think About Your Budget Before You Make Any Moves
The sky is the limit when it comes to how much you can spend building a custom home. However, what about a minimum expense?
Depending on where you’re building and when, this number can fluctuate. For example, right now, the US is having a hard time securing both materials and labor. This might mean you’re going to spend more than you would’ve in the past.
When it comes to the builder and other contractors, be sure to do your due diligence in advance. You want to have an idea of what kind of financial commitment these professionals are going to want before you move forward.
Remember that you’re also looking at expenses like:
- The cost of the land.
- Decorating and furnishing.
- Local taxes.
More than likely, you’re going to need to take out a loan. What’s your credit score right now? The higher it is, the better the interest rate you’re going to secure. Also, what type of mortgage are you interested in?
On a somewhat related note…
2. Plan to Spend More Than You Think You Will
When it comes to buying a home — custom or not — you very often end up spending more than you planned on. And this is especially the case when building a custom home. This can happen for a number of reasons. Maybe issues arise — like there’s trouble with the foundation that you didn’t yet know about. Perhaps you were initially quoted for builder-grade selections and decided to upgrade to something more expensive. Or maybe during the build, you realize you want more closets or extra outlets. All of these things can mean additional costs for you.
Give your budget plenty of breathing room so that there aren’t any surprises.
3. Shop Around Before You Commit
You’re going to be partnering with a builder, architect, designers, and other professionals. Remember this general rule of thumb: You need to date before you propose marriage.
Don’t go with the first estimate you get. Compare costs and see who’s willing to price match. The same goes for whichever lender you go with. See who can offer you the best interest rate and terms.
4. Map Out Your Timeline
Will you be able to control exactly when everything happens? Of course not! But having a rough idea of the timeline is going to help keep everyone on the same page.
When do you want your home to be finished? Is it doable? Start there and work your way backward. Consult your team to better understand when they can deliver on certain milestones — like permits, framework, and drywall. Also, make sure you understand what’s expected of you and when.
And very importantly, plan for this project to take longer than you think — because it often does. Just like your budget, give it some breathing room. If you want to be in your home by December, plan to have it ready by October, so you’ll have those two extra months, just in case.
5. Work With a Lawyer
Yes, it’s an extra expense. And yes, it’s worth every penny. The amount you’d spend fixing a mistake would cost much more.
“But my builder already has a contract for me to sign,” you’re saying. That’s great… for them. Understandably, that contract exists to protect them. Show it to a qualified lawyer, who’s going to know what terms to include so that you’re protected too.
6. Pay Now for Stuff You Can’t Change Later
While more minor aesthetic elements can usually be altered, there are some things that are more so set in stone.
For example — and this probably goes without saying — you better love the location, because that’s not changing! However, also consider elements like electricity, plumbing, and major foundational structures. If there’s a load-bearing wall you’re not a fan of, talk to your builder about making an adjustment. If you’re keen on heated flooring, discuss that now, not later. If there’s a certain type of insulation you’d prefer, that’s a good conversation to have early on.
7. Think About Functionality, Not Just Aesthetics or Trends
Floor-to-ceiling windows in every room might sound nice. But have you expensed for all the blinds you’ll need to hang? And who’s going to clean all those windows? And we know that wine cellars are all the rage right now, but is this a feature you really care about, or is it maybe the fact that it’s trendy?
This is your chance to build the exact house you want, so by all means, make it happen! However, you need to consider the convenience, functionality, and practicality of the house as much as the way it looks. Some features sound amazing in theory. But in reality, they’re more hassle than they’re worth.
Building a custom home is a huge responsibility. Maybe it’s on your radar, but you’re not quite ready yet. Fortunately, there are plenty of homes for sale looking for a proud new owner. Ready to lay down roots in Las Vegas? Contact The Brendan King Group and let’s find the house for you.