When you decide to build a custom home, you’re most likely building the home you hope to live in for years to come, potentially even through retirement. Custom homes grant the opportunity to tailor the design, floorplan, and amenities to your needs. But what goes into building a custom home and is it a worthwhile investment of time and money for you?
Buying a Home vs Production Homes vs Custom Homes
– Buying a Home
If you’ve decided you’d rather buy a home than rent one, you’re left deciding between two primary types of homes: production and custom. The process of building a custom home is often misunderstood. While you may set out to build a custom home, many buyers end up modeling from a “spec” or production home. There are distinct differences between the two that should be considered when deciding which is best for you.
– Production Homes
Production homes are based on a range of house plans for buyers to choose from. This type of build allows you to select your favorite style and design, and is often less costly than custom, even if they’re the same size home. The reason costs are lower is often due to materials and labor. When builders have a selection of blueprints, they can purchase materials in bulk, decreasing the overall cost. Furthermore, when builders are working off a familiar plan when constructing a house, the production time decreases.
While you may have fewer costs upfront with a production home, you don’t have much room to individualize the space. If you’d rather prioritize building your perfect, one-of-a-kind home, consider a custom build.
– Custom Homes
Custom homes give the homeowner full control over the design and planning, with the help of the builders. You can either supply your own floor plan or commission a set of them to be drawn from scratch. In terms of the design, you can choose to work with a separate architect and builder or go with a design-build company that has the ability to manage both the architectural design and the construction, such as Interior Elite Contracting.
In comparison to production homes, a custom build allows you to be more involved in the process and gives you power over the decision-making. While you’ll want to adhere to the advice of the builders so that they can make adjustments within your budget and timeline, you have the final say.
Still unsure whether a custom home is a right decision? There are a few more details you should take into consideration before calling your contractor.
3 Main Considerations Before Getting A Custom Home
1. How Long Are You Planning on Living in the House?
Is this a temporary stay before you need a change of scenery, or is this yours forever home? This is an important question to ask yourself when considering building a custom home. If you’re planning on living in this home for the rest of your life, or even several years, then choosing a custom home could be a worthwhile investment. As custom builds require time and money, it would be a shame to spend a year building your dream home, only to leave after 8 months. The time spent planning and organizing does not equal or surpass the amount of enjoyment.
If this is for the long run, however, spend as much time and energy as you can on making it perfect.
2. When Do You Plan on Moving in?
Unfortunately, custom builds require extensive planning, budgeting, and building to come to fruition. When it comes to a custom home, you have to consider whether or not you’re willing to put forth the time and patience needed to build your dream home.
You also need to consider your current living arrangements. If you’re hoping to be in your new place within three months, a custom home may not be the most realistic choice for you.
While it can be overwhelming, it’s an opportunity to customize every detail of your home, from the color of the walls to the appliances in the kitchen. Going custom could be your most exciting venture yet!
Designing a custom home comes with added costs, however, in the long run, you’re saving money that comes with renovating over the years.
3. What’s Your Budget Like?
The flexibility that comes with building a custom home does result in a higher price. While custom homes are more expensive than production builds, choosing custom limits the renovations you’ll need later. By going with the less expensive option for the short-term, you may be adding costs later on to customize the details of your production home.
What adds to the cost of custom homes? Hiring an architect and builder, land surveyors, designers, and the cost of the land you’d like to build on. There is also the chance of unforeseen costs during production that may not be concrete at the beginning. It’s possible to limit these costs with extensive planning, realistic budgeting, and by contracting trustworthy builders and designers.
Are Custom Homes Worth It?
If you’re wanting to create a space that will be entirely your own, a custom home may be perfect for you. It’s important to go with an experienced contracting company that you can trust. Interior Elite Contracting, Kamloops’ custom home builders, will be with you every step of the way. They follow four phases to plan and build your dream home: planning, foundation & framing, interior & exterior trim, and finishing. Through each phase, they will oversee the build of your custom home as if it were their own.