Thinking of building a custom home? Here are some items thatare extremely important for the custom–building experience.
During a competitive real estate market, timing is essential in building your custom home. Prices are competitive between vendors and contractors, which means savings to your bottom line.
But more importantly, is it the right time for you to build? Are you building just because you think you can get a bargain because of current market conditions, or have you been planning for the single most important investment you’ll likely make?
Do you have your lot picked or purchased? Have you designed your home plan, and have you decided the style of home you would like? With mortgage rates dipping back to historic lows and Fannie Mae and Freddi Mac looking to increase jumbo loans, your timing could be of the essence for your mortgage on your custom home. However, due to the recent credit crunch in the mortgage industry, be sure you are credit worthy, and be prepared to put some moneydown to allow yourself an easier financial transaction for your custom home.
These are some ideal questions you must answer to know if it is time for you to begin the custom–building process.
Location
Location, location, location. This is usually the first word uttered by most in real estate, whether they’re referring to building, buying or selling. Does the desired location of your custom home make sense? How are the homes in the area appreciating, and is the subdivision your building in have quality restrictions that could deter any decrease in future property values?
Most significantly, is the location right for you? Do you enjoy the drive to and from work and other areas of interest that you frequent? Try driving from your future custom home during morning and afternoon rush hour. Will it affect your schedule having to adjust the time you leave home to work or take your children to school?
Remember: this is your custom home, so you want to have your own private paradise every time you pull into your driveway. The location of your custom home is key. Taking the time to evaluate your lot and how your home will sit on your lot is one of single most critical steps in your custom–building process. Does the west sun set in your outdoor entertaining area? If so, you might want to adjust your home plans so your master bedroom receives the soft east sunlightand so you’re not fighting the Texas summer heat in the afternoons in your outdoor entertaining area!
Selections
During the building process, your builder will ask you, usually with the help of a designer – to select most of the finish out materials and fixtures in your custom home. It can vary from the selection of baseboard style and size, to the color of your shower head and exterior facade. It can be an overwhelming process if you’ve never done it before, and the help of a designer can be vital. Don’t let yourself just choose anything because you feel pressured by your builder to make all your selections prior to building your home. Making selections in a timely manner during the building process is helpful and makes building your custom home that much more enjoyable. Remember: it’s you and your family who will spend many memorable moments in your home, so take advantage of setting the atmosphere with your selections.
Selecting your Builder
You have the right lot. The perfect home plan. All your financing is in place. And you’re ready to build your dream home. But you need to find a builder. When building a custom home, you must feel comfortable with your builder. I often hear people tell me that they went with a builder because their brother did, but it did not turn out well. Remember that you and your brother have different minds, styles and personalities most of the time. You will engage in a 9–12 month marriage with your builder in addition to a continual relationship after your home is complete with all warranties your builder gives you. You want to make sure you feel comfortable with your builder and that although you might not agree on everything, making adjustments that both parties are comfortable with is essential in the custom home building relationship.
Find out as much as you can about your potential builder. Is the builder registered with the Texas residential construction commission? Is the builder a member of the local builders association (great starting point when looking for a builder)? Is the builder comfortable building in your area, and does the builder provide referrals not only from clients but vendors, banks, and title companies?? Interview potential builders and choose the one who best suits you and your family’s needs.
I hope these couple of items of importance assist you in your custom home building. Feel free to contact me if you have any further questions or interest in building your custom home.
