While it may seem daunting, there are advantages that come with building your own home that may make it the right decision for you.
Are you considering making the plunge and investing in your forever home? Maybe you want to take the traditional route and buy a home that’s already on the market. Maybe you’ve bought the perfect piece of land and are ready to build a new construction to accentuate its value. Or maybe, you want the opportunity to build your own home and design it to perfectly accommodate your needs. Whatever the reason, there are a number of factors to consider if you want to build a house in your own lot, but we’ve laid out a plan to make sure you’re set up for success.
The process starts before you’ve even set foot on any new property. Primarily, prospective home builders have to establish what will be done with their previous home. Does it need to be sold? Do we need a lender to speak to before we start trying to find a piece of land?
With these two questions comes additional grey area that must be addressed in order to ensure a smooth transition into your new property. To avoid future fiscal concerns, it’s important to run through finances thoroughly with your realtor in order to determine what you can really afford and if building your home is a responsible decision monetarily. Further, it’s critical that you consider the location of your build. What kind of area are you looking for? Do you need to be close to an airport or major city? How are nearby schools? These are all aspects of your property that cannot be changed, and if ignored, can cause major headaches in the future.
There are several new building communities which cater specifically to those willing to buy and often are able to streamline the process. These are especially popular in cities on the rise, like Nashville. In our area, several builders promise to carry you through the construction process with design studios, clear-cut building timelines, and model floor plans.
However, building can occasionally be misleading, so it is up to your realtor to protect your interest against misleading home valuations. Many homes will be advertised at prices that seem like a major steal, but they often do not include a lot premium or upgrades for which people usually spend up to 30% of the home’s value.
Next comes trying to hire the builders themselves. It is essential that owners understand the background and incentives of the construction company, and they should never be afraid to reach out to references and hear past client experiences. I have been known to knock on the door of existing residents to get feedback about the builder & their experience.
Subsequently, do your due diligence to understand what kinds of upgrades you’d like your builders to add onto your home. It is up to the landowners to pick every element of their floor plan, raw lot, and even the specificities of the color scheme, cabinets, faucets, and outlets. Not all builders offer a wide variety or even a variety, so be sure to know what you want or let us assist you in navigating this space - This is where building your own home gets fun, buyers can pick exactly what they want in their home, so it is completely personalized.
But through the excitement of it all, make sure to stay on top of your builder throughout the construction process. Come by the lot often, check out their progress and see what changes have been made since your last visit. This way, you can ensure every element is being implemented exactly to your liking. You can watch your dream come true without a hitch! Finally, a home inspection is still an excellent idea – Yes, on a new home too! I have had houses with missing shingles on the roof, plugs not connected to power source, etc. A realtor is still a great idea when building a home!