Should we build a home or buy a home?
This is a question many future luxury homeowners ask themselves. Building a home can appear to be a daunting task on paper. A custom built home can take an extended amount of time to complete. It doesn’t have the instant gratification of buying an existing home and require many more decision to be made.
On the other side, building your custom home allows you to be in control of the home acquisition process. A process where you are able to drive your decision making, not the market and availability. Ultimately, you are able to build Your Vision.
Below are a few misconceptions about custom built homes.
Building a Custom Home Is More Complicated Than Buying a Resale
We will not debate that building a home is a time-consuming process, one that takes much longer to complete than a standard home purchase. However, is it more complicated? No, it is simply more involved. The ongoing engagement is the main draw of building. You are the primary decision maker for building the home. You choose the neighborhood or area, the lot, the floor-plan, the materials and finish-outs. You decide how much square footage you need and the style of your home. Everything is up to you, and that’s the greatest luxury of all.
The Construction Loan Process is More Difficult to Navigate
The belief that construction loans have more hurdles than those for conventional homes is one of the more common deterrent to building a home. However, every home acquisition loan has its own set of approval requirements and parameters. Construction loans are not any different and similar parameters, such as money down, excellent credit score, interest rate considerations, apply.
Collaborating with a trustworthy custom home builder adds a layer of support in navigating the approval and disbursement process and the short-term nature of construction lending. You are able to convert that same construction loan into a more traditional mortgage when the time comes.
You Need a Lot Before You Find A Builder
Having a property ahead of time is not a requirement before finding a builder. There are pros and cons to acquiring a lot before finding a custom home builder and at times does the home building process easier, but it is not necessary. For more information on this check out our Do I Need a Lot Before Finding a Builder? blog.
A Background in Architecture Is Necessary to Build a Home
For many potential custom build homeowners, the belief that they need construction or design knowledge for the process to be a success can be intimidating. You really only need to know what you what from the home. Your builder and/or designer will take will happily take care of the rest. The most valuable part of building is not having to compromise on your desires or lifestyles that you often have to when purchasing an existing home. The builder takes your visions and desires and translates them into the home you want.
A Custom Home Is an Expensive Home
Honestly, when building or buying a home, the price is relative. Building a custom home doesn’t cost any more or any less than purchasing a resale, both are based on what you are willing or want to spend. Do you desire a luxurious but cozy three bedroom, two bath getaway to fit in a small lot? That’s an easy ask. Or do you prefer a larger, more extravagant home with a $5 million budget? That’s doable as well. The point is you are able to create the ideal home to suite your budget and lifestyle.
Ready to build the Hill County home of your dreams? Contact Craftmaster Homes, LC in New Braunfels today to start your home building journey!