Embarking on your first custom built home could be a complicated, yet exciting, process. Besides making the home uniquely yours, you’ll have to steer away from the financial pitfalls of overspending your budget or forgetting important realities. The resale market, the contractor you choose and design features all influence how you move forward to create a financially rewarding home.
Ignoring the Resale Market
It’s only natural to focus on the design and materials that you personally want for your home as you go forward. By definition, a custom built home contains many factors and features that make it unique. There is a balance, however, between making it uniquely yours and building it to sell later on.
Ultimately, you or someone else will have to sell the home. Ignoring the elements that make it attractive to others could make it challenging, if not impossible, to sell it. Although popular features change, some aspects of a home are constant, like:
- Bedroom counts. A one- or two-bedroom home is seldom a good idea.
- Kitchens. The heart of the home is in the kitchen, regardless of whether people like to cook. Make sure it’s a completely functional space. If you lack insight into what makes a kitchen work, rely on your design team’s expertise and input.
- Bathrooms. Every home needs at least two bathrooms. If there’s room and a budget, be sure to include a powder room on the first floor.
- Daylight. Most people want a sunny and bright home.
Not Considering Alternatives
Be prepared to make compromises as you go along if you need to stay within a budget. Once the costs for the things you want start to come in, maintain enough objectivity to see what’s worth it and what’s not. Exceeding the amount you can mortgage on a feature means you’ll have to sacrifice elsewhere.
Give serious thought to splurging by asking yourself if the feature will increase the home’s resale value.
Going with the Lowest Bid
There is no doubt that building a home is an expensive project, but don’t compromise your costs by going with the lowest bidder. Look for certifications, licenses, the contractor’s reputation and pricing programs.
Alair Homes, for example, has implemented a Client Control system that tells clients exactly how much the features they want will cost as they go forward. This level of transparency helps clients make informed and accurate choices.
As you get started with your custom built home, don’t hesitate to rely on professionals and experts to help you make choices that will be financially secure and rewarding. Building a home is all about creating a win-win for everyone involved and when trusted experts help, it will go well. Alair Homes is here to help. Contact us with questions or to schedule a consultation.