More people than ever before are buying homes because of the low-interest rates available. However, sometimes, no matter how many homes potential buyers look at, they can’t find what they want on the available market. That may be why so many buyers decide to build a custom luxury home. If you are one of those choosing to build your dream house, here are some common mistakes you should avoid.
The Team Approach
If you want to save money and time on your building project, use the team approach. Some companies offer architects and contractors in a package deal. Although this may not seem like the least expensive way to go, having a group of suppliers and subcontractors that consistently work for the team can save you money in the long run.
The Total Cost
One of the most difficult parts of the building project is establishing a working budget. Most people don’t have any idea how much utilities, wells or septic systems will cost. Even the need to grade uneven ground, work in problematic soil or remove shrubs and trees can significantly alter the budget for a custom luxury home. That is why there are so many budget overruns on building projects – the unexpected always rears its ugly head.
The Luxury Home
The luxury home gets its name from the number of extravagance items that fill the interior, as well as the landscaping extras. From exclusive windows to luxury kitchens and expansive bathrooms, the upgraded fixtures and appliances can become very costly if you aren’t expecting them. Add extra cabinetry, oversized closets and spa showers and you can see how easily the costs can rise.
The excitement of building a custom luxury home while the interest rates are low can be overwhelming. Finding a team, setting a budget and understanding luxury costs can all be part of the building process. To save yourself frustration, make sure you follow the three tips above.