Many myths surround the process of building a custom home. After all, it can seem unattainable at first. However, having a custom home built is more feasible than you might think! Dispelling common myths surrounding home-building may be just what you needed to convince you to build your next home.
- Custom-built homes are just for rich people.
This statement represents a common misunderstanding among homebuyers. While custom homes are a bit more expensive than production homes in general, the cost is not so exorbitant that it is unattainable. You can work with your builder to find a layout and size that fits your family’s needs without breaking the bank. You can choose the exact materials you want to use in each part of your home and prioritize your spending. Where do you want to splurge? You can choose more standard and less-expensive materials when appropriate – allowing you to stick within your budget and time constraints. - Custom homes take longer to build than production homes.
Production homes are on a stricter schedule than custom homes, it’s true. But this doesn’t mean that your custom home is going to take forever to build. The timeline for your home will depend in part on the number of choices you have to make and how quickly you make them–especially at the beginning of the process. While you can’t control how fast the builders work, you can do your best to choose a dependable builder who will get your home constructed efficiently but won’t sacrifice quality or safety in favor of speed. - The cost of a custom home includes the lot.
Keep in mind that when you plan to build a custom home, you need to provide the lot separately. Production builders offer packages that include both the house and the lot that it sits on. With custom homes, however, you need to own the land before any preparation or construction begins. This is another factor contributing to the higher cost. You may have two loans- the loan for your land and the mortgage for your house. Some builders have connections with realtors selling residential land plots and can help you find a lot, while others need you to find the lot yourself. - Financing is similar to a pre-owned home.
Financing a custom home looks somewhat different from a standard mortgage you get for production or a pre-owned home. Unless you have the money to pay upfront, you’ll not only have to finance the purchase of your lot but also get a construction loan. This loan allows the builder to draw from it to complete construction; after the build is complete, the loan gets converted into a traditional mortgage. Often these loans can be more challenging to obtain since the bank will need to see detailed plans for your home before approving it. Your builder will be able to help figure out the best financing option for you. - You need to be proficient in design to build a custom home.
It’s essential to know what you want, but don’t stress about not knowing every nitty-gritty detail ahead of time. Your builder will guide you through the process of creating the home of your dreams. If you still feel you need help with your home’s details, hiring an interior designer will help you figure out the best way to create a cohesive design throughout your home.
West Coast Design Build Florida is a professional renovation and remodeling company well-known for kitchen and bathroom installations. If you live in the Sarasota area and are looking for an experienced design and installation company, call us today.
