Custom-built homes are making a comeback — according to Bank Rate, they now account for about 30% of housing starts, which is up from 19% back in 2005. There are many reasons you might be interested in custom built homes — there also may be some concerns you’ve had that have caused you to delay looking into the option.
Custom design homes are not for everyone, this much is true. If you think you may have to move in another two years, if your finances are very tight, or if you’d prefer to live in a historical building, then this option probably will not be a good fit. If, however, you’re looking for a dream home that accommodates the daily needs of your family, then custom home plans might be the perfect match.
There’s a lot of reasons you might be hesitating, but not all of those reasons are necessarily based in the reality of what it’s like to buy a custom home. Here are three common myths about the custom home building process.
1. There are Hidden Costs to Having New Custom Homes
There’s nothing about custom building that makes it inherently more likely to have higher costs. This belief is more fueled by the bad experiences people have with shifty developers. You can reduce the risk of this happening by only working with home developers who have a great local reputation, and by taking a close and careful look over your contract. You don’t want to realize the hard way that the price given for building you a custom kitchen didn’t include placing doors on the cupboards.
2. It Takes Too Long
Although we’ve all heard horror stories about families camped out in motels for the five extra months it took their home to be completed, it’s much the same situation as point #1. There are many builders that come highly recommended by past customers because they guarantee work done on time. Not every builder does. On average, new custom homes take nine months to build. If your home is very large or includes elaborate features, it might take longer. Overall, though, with a good developer it won’t be hard to get the scheduling right so that the home is done in time for you to move in.
3. It’s Not Affordable for First Time Homeowners
Custom luxury homes don’t need to have 6,000 square feet of space. It’s possible to come up with a design that accommodates your needs, and can fit within your budget. Before you start looking at your options for custom dream homes, talk to a lender about what your options are, and what sort of price range you should be looking for.
Are you looking at new custom homes and thinking about your future? Let us know in the comments.