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When you hear the word "custom" associated with the home building industry, you probably think of a one-of-a-kind home with everything you ever dreamed, right down to the door knobs, at a price reserved for people with large, six-figure incomes. At one time, that was probably correct, but things are changing.
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Today, there are myriad custom home options and a variety of different levels of custom home builders. There's still the full-time, custom home builder who builds a few homes each year. There are higher-volume builders, who will customize a home by moving walls or adding square footage. There are even higher-volume builders who offer custom options in just a few areas of the home, such as kitchens with sunrooms and kitchens as part of the family room.
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Keep in mind that a custom feature is not the same as an optional feature. Options are usually standard features that are perceived as adding value, such as built-in cabinetry, granite countertops, crown molding or finished basements. Custom features, however, are very personal. What one homeowner likes, another may abhor. So the added value is in the eye of the beholder. This is one reason why most builders will ask for you to pay for custom features up front.
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By expanding the definitions and boundaries of custom home building, builders have given home buyers more opportunities to build their dream homes without starting from scratch. To customize or not to customize hinges on two things--what you want and how much you are willing to spend.
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If you know what you want, have a budget in mind and do decide to plunge in, consider these four important steps at the beginning of the process.
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The first step is to decide on a builder. You can begin by interviewin several builders who have been recommended to you by friends and associates who built custom homes. For a free copy of the Home Building and Remodeling Guide, which includes a list of custom builders who are members of the Builders Association of Greater Indianapolis, go online to www.IndyBuildersAssociation.com, or contact the Builders Association at (317) 236-6330. Be sure to talk with the builders' referrals and look at their work. Any builders should be willing to show off custom work they've done in the past. Make sure you feel completely comfortable with your builder before you tackle such a large project.
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Personality is as important as the portfolio in home building. Meet face-to-face and spend some time talking about the builder's philosophy of business. You will spend many months together, so you need to feel this is someone you like and trust.
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By choosing your builder first, you get the benefit of their assistance as you make decisions about the lot the architect and the financing. Have the builder evaluate the lot you're considering and comment on its appropriateness for the home you have in mind. Working with your builder to select the right lot can help ensure you don't discover any unexpected problems or costly modifications that need to be made to it before you start building. Invloving your builder up front also can prevent you from overspending on the lot, preventing you from building the type or size of home you were planning.
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The homeowner should take time to research the location, and judge it on more than just appearance. Whether you build in a subdivision or on a secluded plot of ground, your site will have specific requirements that need to be addressed. Some subdivisions have certain covenants with respect to the size of the home and the type of building materials that can be used. Other site selections may require a well and septic because no city utilities are available. all of these factors have a bearing on price and the value of your new home, and should be considered in determining the actual price of you home.
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Most architects are happy to include builders in the planning process. The design/build team of owner, builder and architect allow all three to comment during the design phase and make innovative suggestions. Your builder can be extremely helpful to you as the plans are being drawn, commenting on construction details and costs to help keep the home within your budget parameters. This is where having a specification sheet comes into play.
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The specifications of your new home are just as, and sometimes more important than the blueprint. It ensures the builder builds exactly what the consumer wants. It is a good idea to have the same spec sheet for all prospective builders.
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Now you have a builder, a lot and architectural plans. Most home buyers now need a construction/permanent loan to finance their dream home. The banks will reserve the right to approve the builder you choose. Many banks offer extremely attractive loans that initially finance the lot and construction and then convert automatically to a mortgage loan. These construction/permanent loans have made it easy to finace a custom home. Some custom builders may be willing to purchase the lot for you. When the home is completed, you can roll the amount of the home and lot into your mortgage.
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Smart builders can save the homeowner a lot of money down the road. They can build a quality product by using the best products and services and maximizing the client's dollar, and lowering maintenance costs while increasing the resale value of the home.
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With some research, careful planning and a little know-how, building your dream home can become a reality.
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Courtesy of BAGI
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For More Information You Can Use:
Why You Need Me When You Build |
