If you are considering building a custom home, knowing how to get started with the process can sometimes be confusing. A common question that we hear from clients is if they should purchase land prior to hiring a contractor. While there isn't necessarily a right answer to this question, keep in mind that it can be very advantageous for your builder to be able to visit the site of where your new home will be during your initial conversations. Not only does this help builders of custom homes better envision what the homeowners want, but it also is ideal for the builders to best illustrate their own.
But again, because there is not really one right answer to whether you should buy land before hiring a custom home contractor, let's examine these two options to help you determine which one is right for you:
Buying Land Prior to Hiring a Custom Home Builder
Location is often the top priority for homeowners. Sometimes it just happens that you find the perfect lot to build your dream home on, but are not yet ready to build. To secure the lot, people can either pay cash for the lot or purchase it with a lot or land loan. It's important to note that these types of loans have been more challenging to get due to the recent economic downturn; however, the economy is currently in recovery mode, which has allowed some banks to feel more comfortable to make these types of loans.
If you are able to purchase your lot first, you'll appreciate being able to bring your custom home builder to the site to walk the land. This will allow critical aspects of the landscape to be incorporated into the design of the home. Your builder may also offer some design suggestions and enhancements during the initial discussions that you may not have already thought of.
Hiring a Custom Home Builder Prior to Selecting Your Lot
The custom home builder process can sometimes be more cost-effective if you choose to hire a contractor first before selecting your lot. This is because your custom home contractor can suggest some lots that he or she has already configured the improvement costs on to give you one final price for building the home on that lot. This can help to take some of the guesswork out of how much building a custom home will cost you.
On the downside, the lot that you end up with may not be exactly what you are looking for, but you may be wiling to make this concession so that you have better control over the cost of the overall project.
Whether you buy land in advance or wait to meet with a custom home builder before selecting a lot, our team at Empire Custom Builders is prepared to help you every step of the way. Please contact us to learn more about how our custom home building process works and important factors to consider as you hunt for land to build your dream home on.
