You’ve found the land, and want to buy it so you can build your perfect, custom home. How can you get a handle on accurate build-on-your-lot costs?
Homebuilding can be both exciting and challenging, but you need to create an accurate master budget that reflects what you can afford and plan to spend on this important project—even before you buy the land. Once you’ve got that figure, you should reach out to an expert to see if your concept of a home is possible. Daydreaming about your dream home is fun, but you need real-world experience and solid numbers to find out if your dream can come true.
Talk To A Home Builder First
Before you buy land, you should first consult with an experienced homebuilder to discuss what this investment will look like in real time and costs for your lot, region and desired property. It’s easy to imagine your dream home on an empty space, but there are so many considerations to build-on-your-lot homes, you need to work with someone experienced who understands the potential pitfalls. The right home builder will work with you to create a realistic plan and house choice that works for you, your land and your budget.
If you’ve inherited land, contact a builder to help you understand the costs and time involved in preparing the lot for a home, like costs of running utilities, driveways (which can be much more expensive than most people imagine), and slopes and other ground issues. These must be factored into your budget or else it doesn’t accurately reflect the total cost to build.
Selecting a Builder
You’ll want to spend time talking to the builder about your dream home and your lot. Ensure you cover these areas:
- Ask about their specific experience in build-on-your-lot homes.
- Call references to get genuine feedback.
- Do they have leveraging strength that will enable the best price for materials?
- How flexible do they seem about deviating from existing floor plans to respond to your custom-home wishes?
- Are they up front about the real numbers involved with the home you envision?
Real discussions with a builder about your dreams, budget and lot may solidify your dreams and give you a realistic vision for moving forward. Or, going through the numbers may make you realize every single thing you imagined may not be possible. A good builder will walk you through all of your options while managing your expectations:
- Custom Build. When you custom build with Landmark, we can take one of our floor plans and modify it to fit your needs or if you want to start from scratch we can match you to the right architect for the job.
- Home Developments. If you buy a lot in a housing development, we can work with you to make sure the requirements for that particular community are being met, saving you money and time along the way.
If you are still considering building on your own land know each choice provides positives and negatives. There’s more to consider outside of the home itself, such as allocating funds for dirt work, insurance, well and septic and more. Truly, the answer to how much it costs to build a home depends on how much you have to spend, where you live, your lot size and what size and type of home you want.
Consult with a homebuilding professional to get started on understanding your true “build on your lot cost,” nail down your budget, and get that dream home built.