If you're thinking about getting a custom home, you may be wondering what is involved with the process. The steps can vary slightly depending on the builder you choose and the type of property you want, but ultimately, there are always a lot of similarities. So you're prepared for the process, you may want to keep the following tips in mind.
1. Choose the Lot First
Before you start looking at plans, you may want to narrow in on the lot you want to use. Unfortunately, some plans may not work with some lots. Additionally, before purchasing the lot, talk with custom home builders and make sure they are willing to work in that area. Some builders may only operate in certain zones.
2. Let the Lender Know You Plan to Build
If you aren't paying for the custom home in cash, you will generally need to get a loan. When you talk with the lender, make sure that you let them know you plan to build the home. In some cases, this changes the type of loan you need to get.
For instance, instead of getting a traditional mortgage, you may need to get a construction loan. Then, once the house is done, you may need to convert the loan back to a traditional mortgage. A construction loan often has a higher interest rate than a traditional mortgage, but it has the built-in flexibility you need whilst working on the project.
3. Look at Existing Floor Plans
Remember, you don't necessarily need to reinvent the wheel. While it can be fun to build a home from scratch, it can also be time consuming and stressful. To make the process easier, ask the custom builders if they have any floor plans you can see. Most custom builders have a large collection of options.
4. Remember You Can Customise Existing Floor Plans
If you find a floor plan that you like but it's missing a few details you want, talk with the builder about customising that floorplan. In most cases, it's relatively straightforward to modify a floor plan. Often this is easier than developing a home from scratch, but again, if you want to do that, you certainly can.
5. Don't Forget the Little Details
Finally, once you've got the lot, the loan and the blueprint, you need to think about the little details. That includes flooring, cabinets, appliances and other small elements. To get ideas, you may want to devote some time to looking through magazines or home websites.