For some people, getting to live in their dream house means literally BUILDING their actual dream house. While buying a home can be very fulfilling, having your home custom built can heighten the experience even further. However, this option is not for everyone. If you are considering going this route, here are a few things to consider.
You will definitely need to get your finances in order. Many people think that building a custom home is a lot more expensive than simply buying an existing home, but this is not necessarily true. You can opt to build a smaller home, but you do need to understand that ultimately, the decisions you make about the land you buy, the design you choose and the quality of construction you use will impact the final price of your home. Financing a custom home requires a construction loan, which not all lenders offer. Since lenders typically consider building a custom home a risky endeavor, you will usually need to have excellent credit and a down payment of at least 20% to 25% to qualify for a construction loan. You will also need to get appropriate insurance during the construction period.
If you already own land, you should meet with potential builders and architects at the site so you can discuss your plans and they can tell you about any potential issues and problems you may have. Hiring an experienced and knowledgeable real estate agent is crucial if you don’t already own land, as they will be able to help you find a good site for your custom home. It is so important to make sure that your home design matches the land you own or buy, because the last thing you want is to find out that the land you just purchased can’t accommodate the design you had in mind for your home.
If you are planning to build a home, let The Incorvaia Team make the process as easy as possible for you. Call us at 440-879-7130 today!
