2 Mistakes To Avoid When Building Your Own Custom Home

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Identifying Real Estate Risks After having a difficult time financially for quite some time, I realized that part of my problem was my personal housing costs. I really began evaluating what I wanted out of a home, and I realized that I needed to shop for a place that would work better for what I needed. I started paying more and more attention to real estate risks, and it occurred to me that I hadn't invested in a smart property. After talking with my real estate agent, I started focusing on changing my ways, and it was incredible to see how much brighter my future became.



Building a custom home can be a great experience. It is a great way to create a home that has everything that you want. However, building a custom home also comes with challenges as well. Here are a few common mistakes that individuals make when building customs homes, and some tips for avoiding these mistakes as you build your own custom homes.

#1 Thinking Your Developer Is the Idea Giver

When building a custom home, your builder is going to be a great resource. They are going to be able to tell you if your ideas for your home are realistic. Your builder will be able to suggest improvements to your ideas that they have seen successfully implemented on other homes. Your builder is a great sounding board, and can provide you with some great insight.

However, your developer is not there to give you all the ideas. The idea with building a custom home is that you steer the conversation and the vision for your home. A developer is there to follow your ideas, not for you to follow their ideas. If you want a really unique home, you need to make sure you are the one who is driving the conversation and moving the vision for your home forward. If you rely on the developer, you may just end up with another generic home, which is not the point of building a custom home.  

#2 Not Adding all of Your Expenses to Your Mortgage

Mortgages work a little differently when building a home. When you build a home, you are given a construction to permanent loan, which means that you are first given a construction loan, which is then wrapped up and turned into a regular mortgage. Make sure that you use all the funds you need to during the construction period. The total money spend on your construction will then turn into your mortgage.

Don't make the common mistake of failing to purchase appliances, such as your kitchen appliances and your water heater, into your building expenses. Make sure that you purchase all appliances and accessories for your home and include them in your building expenses. This is far better than putting these expenses on a credit card with a high interest rate that you will have to pay off in the future.

When you decide to build a custom home, remember that it is up to you to take the idea lead with your project. It is your job to come up with the ideas that will make your home unique. Also, make sure that you wrap all of your expenses into your construction to mortgage loan; don't add any unnecessary expenses to your credit card.

Contact a company, like Mike Cusack Homes, for more help.

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