Building a new home is an exciting process with endless choices but endless opportunities for problems. Determining whether or not building a new home is right for you starts by understanding the process. You, as a home buyer, can then determine if the challenges and choices are right for you. Consider these factors as you are deciding if customs home building is a good decision for your wants and needs.
Initially, you should understand that choices aren’t limitless unless your budget is. Everything costs money and as you move up in price, you simply increase your options as well as the expectation you have for the finished product. With this in mind, make certain you have your “must have” list in writing because you will need to refer to it regularly so you don’t get sidetracked during your planning and end up with a house without the features you wanted.
Understand that no house is perfect-especially if you do not have a large budget. Quality of contractors and quality of materials varies extensively. Houses are simply 2×4’s, bricks, tiles and other materials assembled by a crew according to the instructions (plans). Even the best intentions and communication will result in some degree of miscommunication or error. This is where you can be challenged as a home buyer. It takes patience and compromise to reach a satisfactory solution. With minor flexibility, you will be happy with your finished home. On the other hand, if you are more likely to be focused on the disappointment of not having the exact result you desired, it might be a better idea to purchase a house that is nearly complete where you could make minor selection but your would be able to see and inspect the house
Do you own your own land? If so, you will want to have a strategic plan which will protect not only your construction investment but the potential encumbrance of your land. When contractors work on your property, they can file liens until they are paid by the home builder. If not paid, the land you own could be held hostage until the dispute is resolved. This is a significant danger so you should make sure you have carefully selected your builder based upon his/her financial management capability.
References are critical. A Realtor should provide both personal experiences as well as “word on the street” about a builder.You should not rely solely on your Realtors opinion, though. Since the Realtor has an interest in the transaction, you should also speak to past customers of the builder looking for specific answers. A skilled Realtor will gather this information for you to make sure you are equipped with the correct information before you commit to a builder.