Build a house using custom specifications and you may get the house you've always dreamed about. To save money, you could also purchase a house that is being built to specifications developed by a previous buyer or developer.
Unique costs associated with building a house – In addition to paying for the plot of land that you will build a house on, there's the cost of laying the house's foundation and building out the structure, including wiring, drainage, sewage and landscaping costs. You could also be responsible for the costs of repairs or renovations should initial floor plans need to be adjusted.
Meet the neighbors – Whether you build a house or buy an existing home, location is key. The neighborhood your home is located in will influence your property taxes, homeowners insurance and the value of your home.
Ethical builders - Check local licensing agencies and organizations like the Better Business Bureau for complaints on builders you're thinking about working with. Ask your real estate agent if he/she knows the builders. Do your homework. The skill level, professionalism and ethical standards of the builder that you go with could make your home building experience good or a nightmare.
Weather conditions – Some older homes may not be prepared to handle extreme weather conditions. If you’ve ever lived in a house that flooded following every hard rain, you know firsthand that just because a house looks good, does not mean that it’s built for harsh weather conditions. Building your own house could increase the likelihood that your home will withstand harsh climate changes and weather conditions.
Code standards – Build your own house and you could meet code standards to operate a business out of your house or turn a portion of your home into a rental property. You wouldn’t have to spend more money to renovate the property if you include these design requirements into the initial build.
Recreation – Add space to build an in ground swimming pool or an outdoor dining area into the blueprints and you could avoid having to pay to add these features to an existing home.
Building a new house could increase the likelihood that your house will be in excellent condition. It could also ensure that you get amenities that you want. Similar to shopping for an existing house, the more clearly you visualize your custom designed home, the better you will be able to work with a realtor to get the land plot that you need to build your dream house on.