You have worked hard and saved in order to build your dream home. The time has come, and you are now facing the practical challenges of how much this is going to cost. Custom home building does require a financial investment, but clients typically find that when they stick to a plan and have a budget in mind, the money is well spent. The key to all of this is to avoid making financial mistakes. Even one mistake can derail the project so it ends up being costlier than necessary. Here are the four most prevalent financial pitfalls custom home building clients experience and tips that can help you to avoid them.
The Lowest Bid is Not Necessarily the Cheapest Option
Often, the lowest custom home building bid is not the most financially sensible path in the end. In many cases, in fact, it is more cost-effective in the end to go with a design-build approach as opposed to the design-bid-build strategy. Contractors that specialize in design-build oversee all of the different designers and tradespeople that are necessary to complete your dream project. They are also available during the planning phase to help establish your budget and to make choices appropriate to it.
You Dream Home Must Be a Practical Home Too
The term “dream home” is sometimes abused. After all, a person may dream of living in a mansion that they may never be able to afford. A dream home has to be practical in terms of your budget, your property, local zoning laws and your family’s needs and goals. A home also needs to be practical in terms of what you can sell down the road. Building too large might make it difficult to age in place in your home, for instance. Or building too small might mean that it’s challenging to expand your family without moving. A home that is too unique could be difficult to sell, a consideration that all clients should make even if the idea of selling their dream home has never crossed their mind.
Build Your Home with Resale in Mind
It is very important that most custom home building choices you make are made with resale in mind. It’s your dream home. You should have what you want, but you should strike a balance between your wants and market trends. Home builders with experience know what sells, so at least strongly consider their advice during the planning phase. Recommendations can include hardwood flooring, master bathroom amenities or upscale kitchen cabinets that tend to be excellent investments.
Choose the Right Home Builders for You
You and your builder are a team. You need to think of it that way when choosing your contractor. It has to be a company and people that you trust, are comfortable with and can work with. Communication is also key, so pick someone you are comfortable talking to and trust that you’ll hear from. Choosing the right builder is a process. Respect the process. Avoid the mistake of rushing through it so that you can get to the fun part. Taking the time to ensure that a builder is the right match for you in terms of your budget, home ideas and personality will pay dividends down the line.
If you’re ready to embark on the custom home building journey, remember that this is a financial investment. Choose someone who will help you navigate through the entire process and understand your options. Alair Homes Green Bay is here to help. To schedule your complimentary, no obligation consultation, contact us today.