3 Types of Home Builds: Building the Home That’s Right for You
The Colorado Springs housing market is booming. Existing homes stay on the market, in many cases, for only a matter of hours; while it seems that new home builds are in demand before the land can be developed.
If you and your family are looking to build a home, it is important to understand the difference between the three types of home builds.
A production home is typically built utilizing a common selection of floor plans in neighborhoods that are built by large-volume homebuilders. In most cases the buyer will get to choose from a package or range of selections, based on budget and selected floor plan. The land which accommodates these builds is often near densely populated areas so tracts of land can be subdivided to support this type of construction. In some cases, all the homes in the community are built by one or a select few home builders that own the lots.
Production homes provide value and cost-saving options for its buyers as they are built to cater to a variety of lower price points. The stock floor plans provide a hassle-free benefit to the buyer. The move-in time is generally quicker than a semi-custom or fully-custom build. However, there is much less flexibility in options, especially once the build is in progress.
A semi-custom home builder creates a home based on an existing set of floorplans which have been altered slightly to meet the home buyer’s needs. Depending on the builder, semi-custom homes typically offer a better-quality finish and building materials, with a little more flexibility in design and selection options when compared to production homes. However, the increase in quality and choices directly correlates with an increase in cost, becoming a home in the mid-range price point.
A fully-custom home is truly unique and one-of-a-kind which is designed and built from scratch. The process of building a fully-custom home involves collaboration among the homeowner, custom builder, architect, design team, and financial party; with the buyer’s dreams serving as a driving factor in the design and construction.
Custom homes are a great choice for buyer’s who have a taste for the extraordinary, value their personal style, and have more specific wants and needs for their family. A fully-custom home can offer three enormous benefits: quality, choice, and flexibility at an upper price point.
A common question in regard to the types of new home builds is “what does it cost”? Typically, a production home builder (and some semi-custom builders) can estimate a cost per square foot early on in the sales process. This is due to the fact that these homes are built off a set of plans that have been built numerous times before. Fully-custom homes, however, are more difficult to estimate cost per square foot due to the fact that each set of plans are unique to each particular client.
In every case, the best way to estimate the cost of building your home is to speak directly with your desired builder. Your builder will discuss your needs and wants and the particular options that they offer.
Not sure which type of build is right for you? Here are a few tips:
- Get your financial plan in place first, that way you know your budget and can accurately determine which type of build is right for you.
- Finance your home with a lender who has construction-loan experience.
- Look for a builder who has experience in the neighborhood where you want to live. Make sure they are knowledgeable about all permitting and zoning restrictions.
- Interview your home builder, the highest recommended builders are those who promote collaborative relationships with clients; particularly based on excellent communication and setting realistic expectations.
- Know your timeline. If you desire a fully-custom home, be prepared to participate in the decision making process as well as a longer build time.
- When building a fully custom home, select your builder as early in the process as possible. They will work with your architect to help avoid designing a home that won’t work on your lot or is out of your budget.
- If you don’t already own a lot for your custom home build, work with your builder or real estate agent/broker to find the land that’s right for you.
- Make sure your design is appropriate for how long you plan to remain in the home. Consider your family size and future needs as well.
Building your home doesn’t have to be a stressful or intimidating process. Finding the type of build and the corresponding team that’s right for you will help you make the process exciting and fun. After all, there truly is no place like home.
Need some help determining which home build is right for you? Contact Us.