Think You Can’t Afford a Custom Home? Here’s Why You Can
Building a custom home is a dream for many. After all, it allows you to create exactly the design you want. You don’t have to search for months for a new home, only to reject each one because you wish it had a bigger kitchen or because the closets were a bit too small or because you really wanted a garden tub but it only had a shower. A custom home can even offer features you won’t find in most existing houses on the market, such as a personal sauna, specialized craft room with built-in shelves and cabinets, or an extensive wine cellar under a clear glass door in your kitchen floor.
Though you might lust after a custom home, you might think it’s just too expensive to fit into your budget. However, you might be surprised to learn that a custom home can be more affordable than you think.
Here are a few ways that a custom home can be more affordable than you think:
Choosing Your Own Site
A big part of the cost of a custom home can be the location of the site and the impact fees involved. However, if you are a smart shopper, you can find an affordable piece of land that also helps you avoid many of the impact fees.
Shop around to find the best bargains on land for your new home. One of the best ways to save is to find a piece of land that already has a home on it — including your own land if you currently own a home. You can avoid a lot of the cost of prepping the site since the land has already been graded and sewer and utility connections are already in place. You’ll just have to pay to have the house bulldozed. If you are shopping for condemned homes, you can get a steal on the house and the land that comes with it, which suits your purchases.
Start with a Finished Floor Plan
Most homes contain many of the same features, so there isn’t a whole lot of variation in the floor plan. The placement of a room may be different, or the shape or size may vary.
If what you are most concerned with in your custom home are surface features, you can start with a finished floor plan and make a few modifications. This can help you save money on working with an architect to build your home from scratch.
Be Judicious in Your Selections
When you first start putting together your plan for your custom home, you may get over excited by the possibilities and put everything on your list of “must haves.” However, if you take a step back, you may realize that the dedicated yoga room may be a bit extravagant or that you can’t really afford the professional-grade kitchen.
Make a list of everything you would want in your custom home. Then take a step back and start crossing off things that you don’t really need or can’t really afford. Allow yourself some of the things you really want, but make sure you are prioritizing your list. Most people don’t have an unlimited budget and so can’t afford every last thing they’d like in their custom home. Just be realistic in your choices.
Work with an Established Builder
An established custom home builder can help you save more money than perhaps any other thing on this list. An established builder will have relationships with materials suppliers and laborers, which can help bring costs down. An established builder may also have a number of projects at any given time, which can allow the builder to order materials in bulk and save money.
A builder who has been able to spend many years in the industry and become established is also one that has put good systems in place for managing costs and minimizing overhead. That is a builder who knows how to minimize waste and get the most efficient work out of the laboring team.
Don’t let misconceptions about the custom home building process scare you away from having the home of your dreams. You can likely afford much more than you think you can when building your custom home. Find the right builder to work with and guide you through the process. Then use these tips to help you bring down costs wherever possible. You can use those savings to bring your project under budget, or you can channel those savings into other perks you want to add to your custom home.