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Buy or Build?
Existing New Construction In the current real estate market there is a good chance that you may be able to find an existing new construction home in which the shell of the house has already been constructed but the house is in need of "finishing touches", like flooring, paint, cabinets and light fixtures. The seller/builder may agree to let you pick out these items, which is so much fun. This type of project can mean a quicker move in date and allows for some customization. Ask your real estate agent to help you find one of these homes, and you may be on your way to having a beautiful home with customized colors and details that come straight from your own creativity.
Building From Scratch
Another new construction option is to build a house from scratch. First you will need to pick out a piece of land to build on. There is a great deal of inventory in this current real estate market so consult your real estate agent in helping you find just the right lot. Visit the lot at different times of the day and note the movement of the sun, this will help you in determining how to place your house on the lot. If a septic system will be needed you may want to consult a septic designer or engineer to help determine the feasibility of building on the lot and the possible placement of the house, septic and well. Also be sure to check with your lender on how you might struture the purchase of the lot in conjunction with a construction loan if you plan to build right away.
House Plan - Next you need to find a home design that fits your lifestyle. There are many home plan websites you can explore or you may find a local designer or architect that can work closely with you to design your own custom home. Be sure that you design a house that will fit into your building budget. You don't want to spend money on a plan for a house that will be too expensive to build.
Finding a Builder/Contractor - Now you need to find a builder that you can trust and feel comfortable with. One way to do this is by checking with local code officials, real estate agents, home designers and architects or by asking for builder referrals from people that you know. Most likely if the building company you are thinking about has a good reputation you will hear good things about the company from multiple sources. You may want to have your home priced by a few different companies, this will help you in comparison shopping.
Plan on attending several meetings with your chosen builder/contractor before the start of construction. Be sure everything is explained clearly in the building contract. Most problems in construction come from mis-communication. Be very clear about what you want and make sure it is spelled out in your contract. One last note is that you need to be prepared to pay for any deviations from the contract, these will come in the form of change orders or additional work authorizations. Making changes or adding upgrades can be costly so try and have as many details as possible included in the original contract.
Financing - This is really the very first step but I have listed it last so it will be fresh in your mind. - Financing a custom home may be easier than you think. If you do not already have a lender, check with your contractor or real estate agent for sources of financing. Unless you are paying with cash you will need to get pre-approved by your lender, this way you will know how much you can spend on the entire project so make sure you do this as your very first step.
All in all a custom home can be a wonderful option, if you are patient and have clear communication with your contactor you really can end up with the home of your dreams.
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