In 2021, there are fewer available homes for sale than in previous years, and the homes that get listed sell more quickly than usual. The price of buying a home is also creeping upward. If you've been trying to buy but haven't found a good match or have been outbid each time you've put in an offer, you might be wondering if you'd be better off building your own home.
Are custom homes worth it? They offer several benefits compared to existing homes, such as the ability to customize the building and to choose the exact location. If you're trying to decide whether to build a home now or to wait, here's what you need to know.
Where You Want to Build Your Home
Building a custom home gives you more freedom when it comes to the home's location, as you get to build on your own lot. That said, it's important to know that the number of available lots isn't infinite and that you'll want to act relatively quickly if there's a particular location where you want to live. Several factors can help you determine where to build your home.
When figuring out how to buy a lot and build a house in Utah, one of the things to consider is the lot's zoning. Not every piece of land is meant for a residential property. Depending on the land's history and what's around it, you might need to request a zoning variance or pass over the land entirely.
Another thing to consider when choosing where to build your home is the value of the lot. Ideally, the lot will be worth between 20 and 30% of the cost of construction. You don't want to build an expensive home on a cheap lot or a cheap home on a pricey lot, as that will affect the resale value of your property.
Also, pay attention to how much preparation the lot needs before you can start building. When checking out potential lots, find out if you'd need to drill a well or if there's access to public water. Also, find out if you need to install a septic tank and how far away the power line hook-up is.
What You Want in Your Home
Make a list of "custom home must-haves" when you're about to start the process of building your home. For example, you might need to have two bathrooms and three or four bedrooms. You might want a large yard with a swimming pool. Consider the type of materials you want to use and the appliances you want in your new home.
You'll likely find that your must-have list changes as you get deeper into the building process and as you learn more about what's involved in building a home. For example, you might start out wanting only high-end materials but then realize that the cost of the project is no longer within your budget.
What to Expect During the Home Building Process
Another thing to decide early on in the custom home building process is who your builder will be. You want to pick a builder early as they'll be the ones navigating you through the entire process. You can work with your builder to design the home. The builder will also guide you through the construction of the home and will let you know how long the project might take. If any delays come up, your builder will keep you up-to-date on those and will give you an idea of how long the delay might last.
That said, it's a good idea to go into the home-building project with the understanding that delays will be likely. Whether it's due to supply chain issues or labor shortages, there might be times when it's difficult to get the supplies or workers needed to complete the project. When planning out your building timeline, remember to give yourself a cushion so that you have a place to stay if the building process gets slowed down at all.
The Cost to Build a House in Utah
Is it cheaper to build a custom home than to buy an existing property? The answer depends on several factors, including where you decide to build, how connected the lot is, and what type of house you want to build. It could be the case that you spend less on a custom home than on an existing one. It could also be considerably more expensive.
Before you start the project, get an idea of how much it will cost and create a budget based on what you can afford. The right custom home builder will be upfront with you about the project's costs and might recommend alternatives if your first-pick materials and design push you over budget. It's also a smart move to leave some space in your building budget for overages.
Talk to a Custom Home Builder in Utah County Today
Whether you're sure a custom home is right for you, or you want some more details first, 10X Builders is happy to talk to you about the process. Get in touch today to learn more.