Since July of this year, the housing marketing in the United States has started to experience a surge. This means that more people are investing in new and pre-existing homes. While the pandemic did bring the housing marketing to a screeching halt earlier this year, it is clearly starting to rebound. If you are unable to find a home you want on the pre-existing market, then having a custom home constructed is a wise move.
People who are new to the world of custom home construction are at risk of making serious mistakes during this process. These mistakes will not only slow the home construction process down, they can also lead to lots of money being wasted. Here are some of the mistakes you need to steer clear of when having a custom home constructed.
1. Only Considering Price When Choosing a Plot of Land
Before you can start constructing a custom home, you will need a plot of land. If there are a variety of plots for sale in your area, you need to do your homework before making a decision regarding which one to buy. The main mistake people make when choosing a piece of land to construct a home on is allowing price to be the deciding factor.
Settling for a low-quality piece of land because it is cheaper is a horrible decision that can come back to haunt you in the long run. These lower-quality pieces of land will generally be located in bad areas and will have a number of defects. Paying more for a piece of land that is ready to build on is worth it. Consulting with a home building professional before buying a piece of land is a great way to avoid making mistakes. These professionals can inspect the land and give you an opinion regarding whether it is worth the money.
2. Failing to Plan For Overages
Ironing out a budget for your new custom home is challenging. Some homebuyers make the mistake of short-changing their budget. This can be particularly problematic if overages occur during the building process. Most home construction professionals recommend having a contingency fund that is around 10% of your construction budget. With this contingency fund in place, you can handle any issues that are thrown your way during the home building process.
3. Ignoring the Need For Research Before Hiring a Home Builder
Some people are so anxious to get a new home constructed that they make bad decisions just to speed this process up. Hiring the first home builder you encounter can be problematic. This is why you need to research all of the home builders in your area to see which one is the best fit for the job at hand. Ideally, you want to hire a home builder that has a great track record and affordable prices.
It’s Time to Start Your Home Building Journey
Do you need help designing and building a custom home? If so, contact Integrity Homes to find out more about what we offer.