Home Price Reality Check
Consulting with a builder early in the planning stage will save money, time and disappointment.
Most custom builders have had clients show up at their office with a set of finished plans that, in reality, will cost much more than the clients’ target budget. Fortunately, this problem is easily avoided. Working with a reputable builder during the conceptual planning stage, honing in on finishes and features, & developing a preliminary construction budget can eliminate unpleasant surprises and help the clients get the home they want at a price they can manage.
A solid preliminary budget study is essential because a lot of people base their cost expectations on average square foot prices that they got from acquaintances, the Internet, or even design professionals that may not be keeping close tabs on construction costs. Most times this approach is misleading when planning a custom home.
Custom homes are essentially prototypes. Each home has a unique floor plan, elevations, ceilings, lighting & mechanical requirements, as well as lots of products and materials that are, well, custom. The homeowners get exactly what they want, but pay a premium compared to a production home of similar size.
With a custom home, it’s best for customers to ask a professional builder to review their initial vision before they get the plans drawn. The builder will ask questions & work thru answers to the many finishes & features which accompany the customer’s vision. Then the builder will prepare a preliminary budget & spec’s to demonstrate the cost of their vision. The builder may also suggest ways to value-engineer the home and to save money on materials & applications.
Once the design process gets underway, it’s essential to have the builder do meaningful financial spot checks @ critical points in the design stage. Note that many architects will involve a suitable builder in the design phase. Be sure to ask. If the architect doesn’t offer this type of builder review, then insist on having it done. If the builder hasn’t been chosen yet, then at least paying one a consulting fee for the services described above would be a very wise investment.
The bottom line is that involving a professional builder at the earliest stages of the design is an investment that will more than pay for itself.
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