Geoff Williams wrote an article for the U.S. News and advised that people who have their house custom-built and are spending for its construction, should keep these eight important things in mind.
1. Have the details in place before you start building.
Jonathan Macias, a real estate broker and the president of the Macias Realty Group in El Segundo, California, says that this means not just knowing how the floor plan will look, but also knowing how the rooms will be designed.
"Designing a house seems easy, but the amount of choices out there can be overwhelming for many. What color tile, what size, what pattern, will it match with the walls, what cabinets will go with this, what about the faucet?" Macias says.
2. Hire the right people.
Macias says, "Do make sure you get all licensed contractors and professionals. Make sure they are properly insured and get references from past work."
3. Don't build too big.
As you might have a mansion in your mind to accommodate all your stuff, think long and hard about what you are about to do. What may be right for you now may not be right for you in 10 years, or even next year.
According to Andy Stauffer, owner of Stauffer and Sons Construction, a homebuilder in Colorado Springs, one doesn't really need a big house. "Most families don't even need 5,000 square feet, and a home as small as 2,500 or 3,000 square feet won't feel small if it's designed properly," said Stauffer. He also added that by eliminating even 500 square feet in a home that you don't need, you'll save over $50,000.
4. Think about the resale value now.
Even if you never intend to sell your home, and plan to pass it to descendants, assume that you might sell it someday, advises Stauffer. Sure, you may build your dream house, but you shouldn't make it a nightmare for someone else. "Don't go crazy," said the homebuilder.
5. Keep your mortgage within reason.
Joan Fradella, a family mediator in West Palm Beach, Florida, suggests that you can always add to your home later and create the dream house when you can afford it, but for now you have to build your realistic home.
6. But don't sacrifice all of your amenities.
Fradella feels it might not be a terrible idea to include some "extras," provided your mortgage will not go that high. "You will be surprised how quickly a $200,000 home becomes $400,000 in upgrades," she says.
Brian Brunhofer, president of Meritus Custom Builders, a Chicago-area builder that specializes in custom homes, says you must know what upgrades are really "must haves." "For example, a carpet can always be switched out to hardwood floors later, but a full basement is something you should decide on now," he says.
7. Check in on the work.
Nicole Cannon, a residential architect based in Los Angeles, suggests that you visit the site during construction. "Make sure things are matching your expectations and ask questions if they don't. The worst option is to remain quiet and end up with something that you are unhappy with or have to pay to fix after the fact," said Cannon.
8. Don't let your dream home cloud your reality.
Cannon warns that having a house custom-built can be an amazing experience, but it can also be a stressful one. "It will not solve all of life's challenges, I've had more than one client who thought that building a new home would bring their significant other closer, and a new home would solve their marriage problems. It's tragic when a home is completed and goes on the market immediately due to divorce," shared Cannon.
