Custom-designed homes are built from scratch to showcase a unique style not offered for sale on the market. Before building one, it helps to know the leading challenges you might face. That way, you can make a confident decision on whether or not to take on the project.
While the specific challenges faced by homeowners will vary from project to project, here are a few bumps you may hit in the road.
Funding The Project
Building a custom home can be expensive, depending on your new house design. Before getting started, you should determine your source of finance for the project. A traditional house construction loan is not your only option for funding your perfect dream home. Other sources of financing you can look into include commercial banks, mortgage companies, mutual savings banks, life insurance companies, and more.
Before taking out a construction loan, get all your paperwork in order. These include house plans, builder's contracts, construction permits, construction work schedules, and cost estimates for materials and supplies.
House construction loans and financing do not cover the cost of the design phase of home construction. Would-be homeowners will need to incur these costs.
Sticking To Budget
Creating a realistic budget is essential to secure financing for your new house construction and avoid spending more money than planned when you started building.
That said, you can always encounter unexpected costs in your house construction, increasing the chance of a budget overrun. The best way to avoid this risk is to have a contingency for your project. A construction contingency describes a specific amount of money—often a percentage of the total project cost—set aside to deal with unforeseen circumstances.
Staying On Schedule
Heavy rain, strong winds, and other inclement weather conditions will halt construction on your site, leading to time and money lost. When developing a work schedule for your custom home building, plan for delays that may occur after construction begins.
Complying With Building Codes
Obtaining all the permits required for custom home construction can be difficult if you are unfamiliar with the building codes applicable to your project. Building codes specify the minimum standards necessary for new construction, renovation, maintenance, and repair of buildings.
Understanding the process of applying for necessary building permits is essential for avoiding delays due to denied building permit applications. A licensed, reputable home builder can help you submit applications for building permits so you can get construction approvals in good time.
Building a custom home is a big project. Whether you already have design ideas for your new home or are looking for design inspiration, you can count on your home builder to make your dream home a reality. Contact a local custom home building service to learn more.