If you are preparing to build a custom home in the South Tampa area, you may have huge dreams about what the finished product will look like. A top benefit associated with building your own home is that you can select the ideal location for it. However, you may be wondering if you should contact our skilled team at Alair Homes South Tampa for assistance before you buy your lot or after you have made your selection. There are pros and cons to both options.
Unhindered Freedom
Because of how important location is when building your dream home, you may prefer the option to buy your preferred lot in the most ideal location available. While a home builder will not tell you that they cannot build on a specific lot that you select, they may tell you about some of the negative aspects associated with building on a lot that you have fallen in love with. It is great to know about these factors before finalizing a buying decision, but some people may not enjoy being talked out of a lot that they truly love.
Precise Knowledge About Building Costs
One of the factors that a home builder may tell you about if you request a consultation before your land purchase is how the land impacts building costs. The demolition or excavation process as well as the overall cost of the foundation are two factors that are dependent on the lot that you select. For example, some lots have more trees and vegetation that needs to be cleared away than others do. A sloped or graded lot may require a much larger foundation to be built. The presence of utilities connections and a paved road can also affect building costs. In addition, building restrictions and variances related to the land can increases costs, or they may make it impossible for you to build the home that you desire on the lot. Remember that it is critical for you to understand the total construction costs up-front so that you can properly budget for this large expense.
Financing Factors
If you plan to finance your construction project, understand that the cost of a custom home is related to the land as well as to the actual construction cost. Some people who buy the land first will obtain a land loan as well as a second construction loan. With this financing structure, you may be able to delay the construction process as desired, and you may also qualify for a higher loan-to-value on the construction loan. If you obtain a loan for the land purchase and construction process at the same time, you may need a larger overall down payment amount. The lender may also require construction to begin within a very short time period after you take out the loan, and this may not be ideal for all situations.
While you are not obligated to contact our team at Alair Homes South Tampa before buying your land, you can see that it is advantageous to do so in many cases. Regardless of where you are with your lot selection, now is a wonderful time to schedule an initial consultation with our team. We are ready to help you select the right lot for your custom home.