Myth #1 — Only the Very Wealthy Can Afford a Custom Home
While it is true that you can spend a lot of money working with custom home builders, the fact is, you do not have to. You can build a custom home for a lot less than you think. You do not have to be a millionaire to work with a custom home building contractor.
Custom homes like pre-owned homes range in pricing. The amount of square footage, the finished work, and the materials for your new home all play a role in pricing. It can be a lot more affordable than you think. Before you write this option off, you should investigate costs. Our average customer spends $275,000 on their custom home in Texas (cost of land not included).
Base or standard house costs typically include:
• Exterior Cladding (Siding, Stone, Brick)
• All Fixtures & Hardware
• Electrical, HVAC, Plumbing
• Drywall & Paint
• Mirrors & Glass
• Cabinetry & Counters
• Windows & Exterior Doors
• Trim & Interior Doors
Myth #2 — I Do Not Have Enough Experience to Build a Home
For some reason, a lot of people believe that they must have experience in interior designing, construction, or architecture to work with a custom home builder. The fact is all those things are what the right builder brings to the table. You just decide what you like and how you want things to look. The rest is done for you by the builder.
Myth #3 — It Will Take a Really Long Time
Building a custom home doesn’t necessarily take longer than building a spec or production home. The time to complete a custom home can increase since you have more choices to make.
While you may run into some delays with your custom build, the process is not if you think it will be. Starting the process with the best custom home builder Austin has to offer can ensure that you will be in your new home before you know it. Once we have your plan and goals, we can give you a reasonable timeline and you can expect it to be as close as possible.
Myth #4 — Finding the Right Homesite Is Overwhelming
This one can be true, but not if you work with a custom home builder who is aware of the top new and affordable areas to build your dream home. A few new neighborhoods we love are Summit Springs and Big Creek Ranch.
Myth # 5- Financing A Custom Home Is The Same As Financing A Spec Or Production Home.
You’ll purchase the lot or land where your home will be built. That means that you, not the builder, are responsible for financing the home. You will likely need a construction loan to have the home built. These loans are different than mortgages. They are temporary and will change into a regular mortgage once the home is completed.
Throughout construction, your builder will be able to make draws from the loan at certain intervals of the project. This type of loan may be more difficult to obtain because it’s for a home that doesn’t yet exist and may take longer to be approved because a lender will require details about the project. Talk to your builder about financing options available for your custom home.
Learn More About the Process
Every question about the process cannot be addressed without speaking to an experienced custom home builder. Learn more about the process and get all your questions answered today by connecting with the trusted custom home builder.