Building Your Dream Home
Question: We want very much to have our dream home built for us but we don’t know where to start. Do you have any suggestions?
Building a new home can be a very challenging and rewarding experience. It can also be a very frustrating, expensive and time-consuming effort. We recently built and moved into our dream home and it was all of the above. And we had it easier that most because a lot of our experience is in new home construction. We are involved daily in a myriad of details with our builders, developers and contractors including finding building lots and suitable plans, setting budgets, financing, finish details, decorating and, of course, the marketing and contracts.
You have no doubt heard the stories about construction, whether it is remodeling or brand new, that mostly end with remarks about the inconvenience and the time and cost overruns. Most of this is the result of poor planning and unrealistic expectations, problems that you and the builder will share. Normally the results will more than justify the time and the effort put into the project as long as your original ideas were carefully considered and the project properly planned. Extra time spent in the beginning is the key to a successful venture.
If your hearts are set on a brand new home there are several options to consider. Before going the ‘start-from-scratch’method, you may wish to check out the existing new home market…your dream home may be out there already! In this area, about one-third of the homes sold are brand new and you will find lots of choices. There are about one hundred homebuilders who are members of the Home Builders Association of Northern Colorado and there are probably a hundred more small independent builders who build in this market. At the present time, there are 1,265 new single-family homes listed for sale in all price ranges and all stages of construction from the planning and permit stage to finished product. Many of the larger builders will have model homes and this is a good place to start but don’t forget all the other builders who may not have the resources to display a decorated model home, but typically are ‘hands on’ small businessmen who take a lot of pride in their work. We encourage you to have representation by a real estate professional to assist you in your search and most large homebuilders with model homes want your agent to accompany you, otherwise you will be left to deal with the builders’ representatives. A real estate agent is also the best way to reach the smaller builders, many of whom have just one or two homes or lots to build on.
During this stage of your research, if nothing else, you will gain ideas about the features to include, things to exclude and a better idea of your wants and needs. There are, seemingly, thousands of books and magazines on home building and decorating and the Internet can be a valuable resource with sites like www.homebuilder.com. You can also visit home design centers like at Sutherlands and Home Depot to get ideas about everything from exterior finish to hard surfaces, lighting, plumbing and hundreds of other details and selections you may want to be aware of.
Obviously if you find a home in an early stage of construction, in a location and with a basic floor plan that works, you should be able to make some small customizing changes and, perhaps, be able to select cabinets, appliances, lighting fixtures, floor coverings, countertops, colors etc. The builder will have allowances for most of these items and can suggest suppliers that you can visit to make your selections. This approach to your dream home will normally be your least expensive option.
The second option is to find a builder with a lot and with stock plans from which to make your choice. Stock plans are ones, which the builder is familiar with and may have built before, and he will have a basic price, specifications and allowances. Obviously the home needs to fit the lot and the location but if you find one you will be able to make some changes to the plans and make most of the finish selections, subject to the allowances.
If the choices, selections and details become overwhelming, you are probably a candidate for a new home that is already completed. You can still customize and personalize this home with decorating; furnishing and landscaping but you will save yourself weeks and months of wondering and worrying and a considerable expenditure of time and money.
In a future column we will discuss the other option; to design / build a unique ‘one of a kind’ custom home and the process, including the design, plan, lot and builder selection, financing and the contract.