Can I Afford To Build a Custom Home?
With a custom-built home, you’ll get everything you’re looking for due to the fact the house has been designed to your specific wishes. This means you’ll be able to have as many bedrooms and bathrooms as you like, an exact-size kitchen and perhaps a few other personal touches such as a sauna, games room, swimming pool and wine cellar etc. It sounds like a dream home and it is, but can you really afford a custom home?
The answer to that question will no doubt vary from person to person depending on their financial situation as well as the size and complexity of the home. However, there are a few ways you can help keep the costs down when it comes to constructing a custom home.
Finding Your Homesite
This all starts with finding an affordable lot or site for the home. If you already own a home or lot then you have a good head start since your dream home can be constructed on the existing land.
Here in Toronto where available land is scarce, the cost of the land can be a large part of your overall budget. If you don’t own any land it’s recommended that you take the time to shop around for an affordable site in a good location. It’s typically more affordable to build on a piece of land that already has an existing home on it since it will be graded and the utility and sewer connections have already been taken care of. You will need to spend some money to knock down the existing home though and some people actually shop around for a condemned home to find a great deal on the land.
Save Time & Money Planning
Since most homes consist of a kitchen, bedrooms, bathrooms, and a living room etc, the majority of custom homes will simply mean these rooms may be designed in a specific shape and size. In some cases this allows you to work with a finished floor plan while making several modifications to it. When doing so, you’ll be able to save on architect fees and the time of designing the house from square one.
When planning a custom home it’s a good idea to make a list of the features and rooms you’d like to see in it. Once you’ve completed this task you should ask yourself if there’s anything you can’t realistically afford or don’t actually need. If you prioritize the list you may be able to save money on unrealistic items unless your budget is unlimited .
You can also cut down on the costs by working hand in hand with an experienced custom home builder. Contractors that specialize in custom home builds usually have excellent working relationships with different trades, labourers and material suppliers and often order supplies in bulk at a better price. Experienced builders are typically well versed in minimizing the overhead, managing the costs and getting the most out of contractors and labourers. Once you’ve found the right builder you’ll be able to go through your plans and likely cut down on costs here and there. For example, be sure to install energy-efficient appliances and fixtures in the home to enjoy lower energy bills once you move in. A Design Build company can also save time and money as they offer every stage of the building process, from the design and planning to the actual buildout, all in one place.
A Custom Home Can Be An Affordable Option
A custom home isn’t always costlier than an existing or newly-built house as you can often custom-design a smaller home at a lower price. It all depends on the size and quality of home you’d like. There are other costs to consider such as financing/loan fees as well as adequate insurance. You may or may not need an architect as well as a builder and in many cases you can find companies which can take care of the entire job from start to finish since they handle both the designing and building duties. If you already own the lot for your home, be sure the land can accommodate your custom plans.
About Novacon Construction
Novacon Construction is a Design Build company located in Toronto. We offer custom build solutions and provide an easy and cost effective way to build the custom home you’ve always wanted. We offer free consultations. Contact us here to learn more.
- The Benefits of Home a Renovation in Toronto’s Competitive Real Estate Market - March 12, 2023
- 5 Popular Home Renovation Projects in Toronto - March 12, 2023
- How to Choose the Right Contractor for Your Toronto Home Renovation - February 15, 2023