Should You Custom Build Your Home?

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“If I could only design and build my own home, it would be exactly what I want it to be.” Many of us would probably love to design and build a dream home, but is it something only the affluent can afford or can you make your dreams come true? This semi-custom home was built by selecting plans and a builder. This one was built by Creekview Homes in Hopewell Junction, N.Y. “When you custom build, you’re getting exactly what you want and you’re going to love everything in the house,” says Craig Meyer, president of Meyer Homes in Hopkinton, Mass. However, getting what you want may price you right out of the project, especially if your resources are limited. “Custom building a home is much more expensive than what building a home from spec plans (pre-made home building blueprints that you can buy) could offer per square foot, even with upgrades,” says David Stenger, president of Creekview Homes in Hopewell Junction, N.Y. “For example, custom building might cost $25,000 just in blueprint fees as opposed to standard blueprints that are thousands cheaper.” Add in the costs of the land, which can vary widely depending on location, architect fees, building permits and fees, land surveys, building materials, engineering and interior design selections and your budget can run amok, especially if you don’t plan ahead. Interior designer S.A. “Sam” Jernigan and her husband, Thomas Kehrlein, designed and built their own home in Glass Valley, Calif., after flipping—buying a fixer-upper, remodeling and reselling—a previous home and netting a tidy profit. Interior designer S.A. “Sam” Jernigan and her husband, Thomas Kehrlein, designed and built their own home in Glass Valley, Calif. “We got lucky with the market and actually figured out that the project would cost us less than buying a resale,” she said. “But it’s important to have emergency funds ready, including 10 percent more than you actually need.” Patience is a Plus Custom building a home also requires patience and tolerance. “When you buy an existing home, you make a few changes and move in, but a custom home can take up to a year,” says Don Vandervort, founder of HomeTips.com in Glendale, Calif. “Also, things don’t work out the way you imagine. For example, utilities provided at the site are not where you would expect them to be or materials don’t show up on time, so expect delays.” Decisions, decisions, decisions. Do you use a builder or do-it-yourself? How many rooms? What will it look like? How many floors? From the wall color and carpet to the type of cabinet knobs, there will be an overload of choices to make, so be prepared because it can get stressful.

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