For many people, building a dream home feels like an unattainable goal. The prospect of finding the right design, the right builder, and the right lender just seems too daunting. The belief in common myths about new construction doesn’t help dispel the fear of building a custom home. However, when those myths are debunked, the journey of building your own home suddenly seems possible.
Do any of the following statements sound familiar to you? If so, take a moment to learn why they’re not always true. You may find that the path to your dream home is a lot easier than you think.
Building Your Own Home Is Too Expensive
The truth is, the cost of building a new home is often comparable to buying a pre-existing one. One key to keeping costs down is to work with a builder that provides comprehensive pricing before work starts. The project should start with evaluating your budget and determining what you are able to build when you factor in the cost of land, site development, and the materials and labor for building the house.
If you are able to participate in certain aspects of the project, the costs can be even less, and you’ll get the benefit of building equity. You don’t need any construction experience to do this—just a commitment to managing certain parts of the project and doing basic tasks that free up more time for the construction crew to focus on its craft.
Because the costs of building a new home are usually more predictable than buying an existing home or remodeling, it is often possible to choose a design that meets both your budget and your wish list.
Getting a New Construction Loan Is Difficult
This myth is often true if you try to get a new construction loan on your own. However, if you work with a builder that also offers financing, you can often find the type of mortgage that best matches your financial situation. Most new builds start with a 12-month construction loan that is converted to a permanent financing solution after the project is complete. Look for a builder that can help you navigate the entire process so that you don’t have to shop around at banks. Not every lender offers construction loans, so you’ll save time by selecting a builder that has already established relationships with the lenders that are likeliest to work with you.
Building Your Own Home Takes Too Long
When deciding whether to build or buy, many people assume that buying an existing home will take less time. While this might be true in some cases, you never know what will be on the market at any given time. Most of the time, you’ll have to compromise on your wish list when buying an existing house. For example, the available homes in your preferred neighborhood might not have all the features and amenities you’re hoping to find.
On the other hand, building a new home has a well-established timeline, and you can choose the floor plan, features, and amenities that best suit your lifestyle and budget. It might take a year or more to find a home for sale that meets your needs. In that time, you could have built a new home that actually has everything you want. Remodeling a home also comes with an unpredictable timeline, because you never know what new problems you’re going to find after demolition.
The perceived barriers to building a new home are often misconceptions. If there is something holding you back, talk to a Home Ownership Counselor at Adair Homes. You might find that it is indeed possible to build your dream home within your budget and in a predictable time frame. We can also help you secure financing—in many cases, with no money down. Call us today to get a free consultation.