Tips on Building a Custom Hometrustone3
Tips on Building a Custom Home
So a traditional tract home is not for you. You would like to have a custom home built just for you. The first step in being able to have and build a custom home is to find a suitable lot to build your home on. Lots for your home could be a large portion of the cost. Depending on how close to the city you want to be will also be a variable on the cost of the lot.
In Arizona land closer in is either very rare or if it is available to build on it is very expensive. You won’t find a empty lot ready to buy in very many areas. For instance, Tempe is pretty much land locked and no available land to build to suite. The cities like Scottsdale, Chandler, and Gilbert have available land for purchase of building your custom home. The cost will depend on many different things. Some of these variable will be how close utilities are to the lot, does it have paved streets, is it a high end Mountain View lot or on a county island.
Financing for land is still available today but usually you will need a minimum of 30% down with the stiffer lending rules after all the fallout of recent years from the laxity in lending rules. Another way to go is to wrap the lot in a construction loan which is basically purchasing the lot along with funding to build the home. The builder then takes draws on the loan at various stages of building the home in order to pay for the building costs. You will generally be paying interest on the loan shortly after taking out the loan which means you are paying on the home before it is even finished.
Once you have the lot you desire you must next consider the floor plan and the builder to build the home. You may have considered this before you even went shopping for your lot but most find the lot first and then look for the builder and the plan they desire. There are hundreds of custom homes that already have approved plans that can be somewhat modified to meet your needs.
Be sure and find a reputable builder. Get referrals as well as look closely at their previous work and quality and check with the registrar of contractors for reports of violations or complaints. Anyone can call themselves a custom builder and when the housing market was booming a lot of builders came out of the woodwork calling themselves custom home builders but had very little or no experience.
Believe it or not, some actually build the home themselves. Maybe not each and every step on their own; but bid out the specific subcontractors such as Plumbing, concrete, Roofing and Electrical. If you are serious about taking this project out on your own be sure you know what you are doing or risk spending a lot of time and money re-doing the work or end up with a lower quality build.