Most people who have purchased a home will readily admit they had no choice but to settle for a property that was somewhat lacking in fulfilling their “dream home” requirements. There are many beautiful homes available for purchase, but it may be difficult to find one in the preferred neighborhood with all the desired amenities. The answer to this dilemma may be to contact home building contractors in the area to determine whether choosing a custom built home may be the best choice.
Once a prospective home buyer has made the decision to hire a custom home builder and create a plan for their dream home, they must purchase a suitable lot on which to build. Very often the builder will have listings of lots that are available in newly developed subdivisions. If that is not the case, custom home builders often work closely with local real estate companies who have listing available. Location is important to prospective home owners who plan to stay in their home indefinitely, so choosing the right lot is essential in the process.
Anyone planing to build a new home should contact their financial institution to determine how much mortgage they can afford. This important step should be taken before entering the next stage of planning their new home. Custom home builders typically work with their financial institution and are able to obtain a construction loan for their clients. The funds will be released in progressive draws as each step of the construction takes place. Once the home has been completed and approved by the client, the chosen financial institution will sign a mortgage contract with the buyer.
During the planning phase of the new home, the client works closely with the builder to make sure all their needs and wants are met. While builders work to ensure all the “must haves” of their clients will be included in the project, some features may need to be scaled back or eliminated if the final cost is too high. The client and the builder should be in total agreement about the timeline and cost of the project before the contract is signed. As the construction progresses, either the builder or the client may make changes if they are both in agreement.
Although there are times when the final cost of a custom built home exceed the amount specified in the contract, most custom home builders will make every attempt to avoid additional expenses. While buying a nearly perfect existing home in the desired area can be difficult, working with a custom home builder makes owning that “dream home” much more possible.