If you’re thinking about building a house instead of purchasing an existing property, there are many factors to consider before you make a decision. You’ll want to find the right builder, understand the custom home building process, know when to sell your current home, and figure out where you can stay while waiting for your new house. Below, we’ll walk you through everything you need to know about building a custom home.
- Choosing the Right Home Builder
- Understanding the Home Building Process
- Knowing When to Sell Your Current Home
- Finding Temporary Housing Between Homes
Choosing the Right Home Builder
The most important step when buying a custom-built home is deciding on a builder. This decision will impact total cost, amount of customization options, construction timeframe, and your overall stress level.
Have a Budget in Mind
When searching for builders, it’s good to have a price range in mind. How much does it cost to build a house? With custom projects, a home build could run you anywhere from $350,000 to $1.5 million (or more). It’s hard to say exactly because there are so many factors that can affect the cost, such as home size, materials used, and location. However, in general, custom homes cost between $100 and $400 per square foot.
Know What You Want
Start by planning out what home features you want. Create a list of ideas before you seek estimates from home builders. You’ll get a more accurate estimate if you can be specific about what you want to include in your home. Even larger details like the size and type of home you want can narrow down which builders to consider.
Seek Trustworthy References
Ask friends, relatives, or co-workers who have opted for custom homes and gather all the information you can. You can also talk to people in your neighborhood or employees of local hardware stores if you don’t know anyone with a custom house. Many builders will share customer referrals as well, if you ask for them.
Interview Multiple Builders
Even if you personally know someone who works in custom home building, it’s best to interview several builders for your upcoming project. This allows you to compare bids and learn more about the overall home build process. The more options you have in front of you, the better.
Understanding the Home Building Process
How long does it take to build a custom home? According to the National Association of Home Builders, the average completion time of a single-family house is around seven months, which includes about 25 days from authorization to the start of construction. Of course, your home build project could take longer depending on where you live, what types of materials you’re using, and how big the home you’re building will be.
As carefully planned as these home projects are, some aspects can still be unpredictable, so it’s important to be flexible with your home construction timeline. There will most likely be delays caused by weather issues, such as rain, snow, and extreme temperatures. That said, a good home builder will factor potential delays like this into their overall timeframe to give you a better estimate of the project completion date.
Another thing that can impact completion is design change. Whether you have a change of heart about a home feature, your builder recommends a different material, you run into city ordinance issues, or you need a landscape adjustment, these design changes can slow the custom home building process and lead to additional expenses.
Knowing When to Sell Your Current Home
When building a house, you’ll eventually need to put your current home on the market. Depending on your situation, you might decide to sell your home sooner rather than later so that you can save money. Or you might live in your current house up until your new house is ready. Regardless, when the time comes for you to put your home up for sale, you’ll want to sell quickly.
Once listed, it takes about 65 days to sell a house and an average of 50 days to close. Of course, real estate markets can vary widely by location and season, so be sure to speak with a local realtor to get a feel for the market before listing. Also, there are a few things you can do to help your home sell faster, such as:
- Hire the right real estate agent
- Price your home correctly
- Clean your home and reduce clutter
- Have your home professionally staged
- Upgrade curb appeal
- Make simple interior upgrades
Finding Temporary Housing Between Homes
If you end up selling your current home before your custom-built home is ready, you’ll need somewhere to stay. The type of temporary housing you choose will ultimately depend on your budget and how long you need to live there. Below are some common options for short-term living arrangements.
Extended Stay Hotels
If you want flexible stays, a completely furnished home that includes a kitchen, and access to hotel amenities, an extended stay hotel is an ideal solution. Learn more in this temporary housing pros and cons guide.
If you need temporary housing with more space for your family, an apartment or house rental might be your best option. See why short-term rentals could be the right fit for your needs.
Mostly known as a hotel alternative for overnight stays while traveling, Airbnb can also accommodate those who need temporary living arrangements. Find other unique temporary housing ideas.
Staying with Family or Friends
As long as it’s an option, it can be tough to beat the convenience—not to mention the cost—of living with family or friends while between homes. This budget-friendly choice does have some negative aspects to it, though, so make sure you weigh the pros and cons first.
Need somewhere to store belongings while transitioning to your new custom-built home? Extra Space Storage has storage facilities throughout the U.S. that can make your transition easier. Find self storage near you!