Why build your own custom home?
If you are in the market for a new home, you may be considering purchasing an already built spec house or having a custom designed home built to fit your specific needs but are wondering about the advantages or disadvantages of each approach. There are some key points to consider when making this decision, factors like the timeline for when you need to take occupancy of the home, the ideal location for the house, and if you want to have any specific design needs incorporated into the home, will affect which approach you take. The budget you are available to commit to the new home and the ability to finance that amount will also determine which direction you should go, if you already have the property for a custom home purchased then building your own home will likely be the best route for you to go.
The biggest advantage to having a custom home built for you is that you get to incorporate all your own design ideas and desires into your new house right from the start of the process. If you want a large restaurant quality kitchen, an elegant living room with a custom built fireplace and hearth, a luxurious ensuite with a soaker tub, or a large walk in closet you get to decide how and where the funds for your new home are invested. The average spec built (speculation built, meaning that a builder designed and built it themselves solely for the purpose of listing and selling) home for sale in the market will usually incorporate some of the most desirable features that the average buyer would like to have in their new home but their design ideas may not suit your needs, designing your own custom layout and selecting your own finishes for the house will make it entirely your home.
The largest disadvantages to having your home custom built are that it will take an average of twelve months from the start of the process to completion and that there will be many decisions to be made for the design of your new home which can cause some stress for new homeowners. At Harbour Oak Homes we provide our clients a detailed construction schedule which outlines the decisions that they will need to make and the timelines they If you can endure the time for your new house to be built and if making design decisions do not overwhelm you then building your own custom home can be the way to get everything you want and need included in your new home.
If you would like to embark on the exciting journey of having a custom built home the first steps you will need to take is engaging Harbour Oak Homes as your custom home builder and selecting a location for the new home to be built if you don’t already have a building lot purchased. Selecting the a lot in the ideal location can be a problem if you are looking to build in an already developed neighbourhood where there are no new building lots for sale but there are still options available. In older established areas you can find properties where the existing houses are coming to the end of their effective life span and are at the point of either needing a complete renovation and rebuild or possible demolition. These properties can be purchased for close to the cost of the lot as the houses have very little value left in them. Another option for finding a location in existing neighbourhoods is to select a property that has subdivision potential to create a new lot while retaining the already existing home which could be sold to offset the construction costs of the new home.
The cost to construct your new home will vary depending on many factors such as ground conditions of the building lot, housing design complexity, and finishing materials selections but at Harbour Oak Homes we have found that most new homes can be built at a cost of $290 per square foot of floor area. This will include the costs for equipment, labour and materials to construct the new house but will exclude the costs for the building lot. If for example your are looking to build a 2,000 square foot home than the average cost to build that house would be $580,000 plus gst. The cost per foot is the same to build a new custom home or a spec house, so typically you can purchase a lot and have your own custom home built for the same cost as it would be to purchase a spec built house currently on the market.
Having your own custom home designed and built to your specific needs can be an extremely rewarding process. If the time it takes to have your house built does not deter you, and selecting you homes design and finishes excites you, then having your home custom built to your match your wish list is the path that you should take to create your forever home.