You’ve worked hard to save a substantial nest egg for your dream home. Why spend your time scanning listings and weighing the pros and cons of the housing stock when you can design everything you want? An extra-large master bedroom directly adjacent to your new baby’s nursery? An office perfect for your work-from-home lifestyle? Building a custom home can be a great way to ensure that you’re getting your money’s worth and getting what works for you. Here’s a few things to consider when you decide to go down this route:
Choose Your Team Wisely
Obviously, when building a custom home, finding the right builder is paramount. It’s wise to interview at least three separate builders to ensure that you’re picking a builder that you have confidence in and whose personality you click with. “You need to check out the track record of an architect and builder by asking around and doing some research on them,” says George Myers, president of GTM Architects. An architect, civil engineer, and landscape architect are also crucial to the design of your dream home, but a builder will typically handle that for you.
Keep Function in Mind
“I’ve been in luxury homes that feel cold, where you’re afraid to touch things,” says luxury home owner Sharon Gigliotti. “If you have such a wonderful space that flows well, you want to share that.” Just because you designed a luxury home, it doesn’t mean your abode has to look like a museum. Your focus should be a home that’s family-friendly and welcoming to guests—think comfy couches and warm decorations. Plus, if you want to sell your home one day, you’ll have an easier time doing so if potential buyers can easily see themselves relaxing there.
Find the Right Financing Package
In many ways, financing a custom-built home is similar to getting a mortgage to purchase a real estate home, says Ken Harney at New Home Source. However, building new has a unique perk: your builder might offer an enticing financing package, and bridge-loans and new construction financing packages can sweeten the deal. Regardless, “With your records gathered in advance, knowledge of your credit score and know-how of different financing options, the process of finding the best financing for your new home based on your unique needs will be faster, easier and more efficient,” says Harney.