The Myths Surrounding Custom Homes

Designing and watching your custom home construction can be a wonderful experience. Many times, however, there are reasons that people are skeptical to look into the possibility of custom homes.  There are several myths that surround custom home building that can deter people from ever exploring it as a viable option.  Here are some of the most common myths about building a custom home.

Don't Listen to These Myths About Custom Home Construction

 

Too Expensive

Custom luxury homes can be affordable if you know what you are doing.  This myth stems from the assumption that building something will be more expensive than buying something “as-is".  This is the product of short-term thinking and, in many cases, poor planning. Affordability is about good planning and longevity.

Finding the right lot and working with a custom home builder who is aware and considerate of your budget has a lot to do with what you’ll spend on your custom home. Keep in mind that when you build a custom home, you're getting the benefit of the latest in construction advancements and technology.  We're talking about a home that is energy efficient (savings), has no existing issues (savings) and takes advantage of the major structural advancements of modern construction, giving you a home to enjoy for many lifetimes (lots of savings!).

You'll Never Get a Construction Loan

Construction loans used to be much harder to get than your basic mortgage, and many people are still suffering from the misconception that this is true.  However, construction is on the rise, and banks have started to support the custom home industry.  It can actually be very affordable and simple to get a construction loan. You may even be able to include the land purchase in the loan.  This means that you can get the construction loan before you ever purchase the land.

It Takes Too Long

 

The average house closing takes approximately 40 days, so, yes, building your own custom home takes longer.  However, with proper planning and an experienced company, you'll be happy with the schedule and be able to arrange for the building time.  It ends up being a whirlwind experience of excitement, and when you're done you have a custom home fully designed to your liking.

We hope we’ve helped you understand at least some of these myths a little better.  What myths have you heard?  Let us know in the comments below!

Sources:

http://www.bankrate.com/finance/real-estate/how-do-home-construction-loans-work.aspx

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