What Every First-Time Custom Homebuyer Needs To Know
If it is your first time looking to buy a custom home, you may not yet fully understand the complexities of such a prospect. Because buying a custom home is unlike any other purchase you will make in your life.
Think of it less as a product you are buying and consider it for what it is, a personalized experience specifically tailored to meet your unique values, goals and preferences, so that you are able to attain the lifestyle improvements you have worked so hard to afford, and that you deserve.
Hire An Integrated Design-Build Team:
Conscientious contractors, designers and architects have learned that an integrated design-build team can streamline this process by bringing the right experts to the table from day one to value engineer the plans to best suit the owner’s goals and budget.
Our Santa Fe building and design team brought the services of architectural design and construction under one roof, improving the efficiency of the integrated design-build team even more.
Choose A Great Location:
The lot you choose to build on will have dramatic effects on the cost, timeline and feasibility of the project. Invite your realtor into the integrated team right away. A quality realtor will be able to interpret potential issues and constraints present with covenants, Home Owners’ Associations, and/or historic districts affecting you.
Furthermore, your expert realtor will be able to demonstrate what other comparable properties in your area have recently sold at. This will affect the appraisal of your property, which the banks will use to determine your loan amount. Lower appraisals often result in the need to bring more cash to the table in order to close a construction loan.
Understand All Design & Building Costs, Then Relax:
An experienced and qualified contractor will be able to provide you with detailed descriptions of the scope of work with a fixed fee agreement to build the home.
Luxury details, finishes and fixtures require careful consideration and planning on the part of the design-build team and will have a significant impact on the budget. Experienced and conscientious designers and builders will be able to calculate reasonably accurate “allowances” to cover the costs of specialty items that may not yet be selected when a construction contract is signed.
Be timely with selections of items like tile, lighting fixtures, plumbing fixtures, and ask for referrals to local showrooms to view and experience your options.
Remember To Communicate:
Your trusted team of building and design experts will be communicating with you regularly, however, they cannot read your mind. Don’t allow unspoken concerns detract from the design-build experience. Good supportive communication will increase the trust among the team and enable the best possible results for you.
Designing and building a custom luxury home is, for many, a once in a lifetime experience. For some it is something they may get to experience only a few times in their life. Either way, it is an extraordinary experience that, when handled with trust, expertise, and clear constructive communication is rewarding beyond words.