Making a Home Unique
By Sheri Partyka
An interesting read just came across my desk. Check this out!
Reading this gave me reason to reflect back on my own contracting adventure. Building your own home can be a truly rewarding project and a lesson in frustration all constructed from one bare lot. You will quickly figure out that patience is key. First step is deciding whether to use a general contractor or be your own. Either way you will pull permits, work with architects, engineers and designers to create the home you find most appealing to you.
Here are some important tips to help you custom-build your dream home.
1) Don't under educate yourself: gather as much information as you can before you dive into the process, use multiple sources and ask for plenty of advice from experts.
2) Don't underestimate the amount of liquidity needed to build a home: Equity is equity. It is not liquid. From a bank's standpoint their main concern isn’t how much equity you have. You could have a lot that is completely paid off and if you don't meet their liquidity requirements, you will not get a construction loan.
3) Decide what you want to build before you buy the lot: it's critical to realize when building your home that the two main issues, the ability to finance it and secondly to protect your investment are basically the same issue. Matching the size and price of the home you build with the neighborhood can help protect your investment.
4) New home and neighborhood should be equal. Realize that what you spend may not be what your home is worth: If you go into a million-dollar neighborhood and you spend $2 million [building your home] that does not make that house worth $2 million because people who are spending $2 million don't necessarily want to buy a $2-million house in a $1-million neighborhood.
5) Spend extra time and money with the architect, spec out every single detail -- every hinge, every doorknob, every cabinet knob. The point is, when you have a custom home, if you do that extra work and have your contractor check on availability of certain items … you're going to know exactly what you're dealing with and that's your absolute best remedy against having cost overruns.
6) And the one last bit of advice but not the least by any means: You'd better be in a really strong marriage and you'd better be in a situation where that person is going to give you enough freedom and flexibility to do what you have to do on the fly because you don't always have time to say 'Hey we have to do something'; sometimes you have to just make those decisions and move forward.
With all of this in mind if you are ready to move forward, feel free to contact us!