3 Must-Know Tips Before Starting Your Custom Home Build
- Staff Desk
- 1 day ago
- 4 min read
Did you know that more than half of custom home builds go over budget? This figure doesn’t even account for the homeowners that end up with regrets regarding the layout or design. Here’s how you can ensure your custom home build is a success from day one!
The Importance of Good Planning
A word of advice before we proceed towards the tips at top speed! Good planning is definitely irreplaceable. You might think you can get away with a few impromptu decisions when building your custom home. Yet, they can definitely come back to haunt you.
For example, designing the interiors of your home should come only after you’ve decided the budget or laid out a plan for the materials, the paint, and the furniture. If you go into it blind, you might be incurring more cost than needed, and definitely a lot more than you can afford.
3 Must-Know Tips Before You Start Your Custom Home Build
Here are 3 tips you must keep in mind when building a custom home;
1. Choose Secure Financing Options
Before you begin working on that custom home, it is essential for you to figure out how you are going to finance it. There are quite a lot of options available which include but aren’t limited to;
● Construction Loan: This is a short-term loan that covers building costs and can be converted into a mortgage later. Although this is specifically designed for home construction, this loan can have higher interest rates and stricter approval processes.
● Home Equity Loan (HELOC): This allows you to borrow against the equity in an existing property. You receive major benefits in the form of lower interest rates when compared to personal loans. Yet, it requires you to have an existing home with enough equity.
● Personal Loan: A personal loan is an unsecured loan from a bank or lender. You may not need to provide collateral here but it definitely has much higher interest rates and lower borrowing limits.
● Land Loan Paired with a Construction Loan: Land loans allows you to finance the land purchase separately before getting a construction loan. It adds flexibility to the land purchase but can be a lot more complex and expensive than a single loan.
● Builder Financing: In some cases, builders may offer you financing options directly. This makes the process much simpler and bundles the cost, yet even this plan might come hand in hand with higher fees and limited lender options.
● Self-Funding: You can choose to pay the entire cost through your savings. It gets you the custom home in 0 debt and 0% interest for sure! Yet, it is going to drain all your savings in one go and might limit that cash flow, unless you have enough saved up above and beyond this investment.
2. Design Considerations and Setting Your Priorities
Evaluate that budget and prioritize your needs first. Identify features that you absolutely cannot live without; ones that are non-negotiable. This could start with the number of bedrooms and bathrooms your family needs. Prioritize these over features you can do without.
When designing your home, consider the following factors;
● Functionality: Is the layout as well as the flow of the home practical for your family’s needs? Will the design accommodate your daily routine?
● Aesthetics: Is your home aesthetically appealing? Does it achieve the architectural style you have in mind? Does the exterior and interior incorporate unique design features you have in mind?
● Natural Light: Invest in skylights, tall windows, and doors that let in fresh air as well as natural light. This can significantly affect your home’s ambiance as well as your mood.
● Sustainability: Consider investing in efficient energy systems like solar panels and insulation that save you money on energy bills and are also good for the environment. Invest in sustainable features like eco-friendly or recycled furniture, rainwater harvesting systems, etc.
3. Choosing the Right Custom Home Builder
This is one of the hardest and most important decisions you will make when building a custom home. It can significantly impact not just the final outcome but also the duration of the project, so take your time to research and evaluate potential builders. Evaluate the following factors when looking for expert Washington custom home builders;
● Pricing: Get in touch with multiple builders and get various quotes with service offerings so you can cross compare the value addition.
● Experience: Ask around for reviews, look for ratings on reputable platforms, or simply ask the builder for customer testimonials.
● Licensing and Insurance: Ensure the builder has all the licenses they require as well as insurance needed to protect you from extra costs relating to injuries on site.
● Timelines: Ask your builder for a tentative timeline for the project so you know what to expect.
Key Takeaways
These factors don’t just ensure you get a beautiful home at the end of the process; they also guarantee you do it in a way that gets you the most value at the least possible cost incurred!