Today, people search out their own "field of dreams," sometimes long before they build their fantasy home upon it. Building on your own lot has its advantages. For one, assuming the land is buildable, you have the freedom to build the home you want, where you want, on the land you want. You can choose from a wide selection of floor plans and create a signature home that matches your wants, needs and desires.
Four Crucial Things to Look for in a Builder
When looking for a builder to consult or hire, there are four basic requirements the builder should fulfill, advises Philip Frankranzone, president of the Private Home Portfolio, L.L.C., a homebuilding division of K. Hovnanian Enterprises, a Fortune 1000 national homebuilder. This division specializes in building K. Hovnanian homes for customers on their land in New Jersey.
- Choose a responsible builder who is financially secure. Look for a long track record, and check the Better Business Bureau for any compliants against a builder. You can also check with a local builder association. Frankranzone suggests going to see other homes and/or communities the builder has built or is currently building.
- Choose a builder that will offer a variety of floor plans and can adapt the floor plan to the topography to your lot.
- Choose a builder that has enough buying power to ensure you receive the best prices for high quality goods. Such savings are passed on to the consumer, including purchase price of appliances, light fixtures, and flooring. Better yet to work with a builder that has a design center where you can choose and coordinate your cabinetry and other options.
- Choose a builder that will service the home. Make sure the builder has a good warranty program, which typically should include a ten year warranty on certain aspects of the structural integrity of the home.
Breaking Ground Without Breaking the Bank
To the untrained eye, a lot may appear buildable but prove not to be. More than one land lover has learned the hard way that ignorance can be very expensive, but knowledge is power. If you are currently in the market for a lot, consider consulting a reputable builder and invite him to become a part of the process. A builder can help you avoid traps and save you money, even on the purchase price of the property.
"A good builder knows what affects the value of your lot," says Larry Kush, president of Montevina Estates Homes, located in the Scottsdale/Phoenix area of Arizona. In business for 25 years, Montevina is the five-time winner of the Phoenix Homebuilder of the Year Award given by the local homebuilders association and local business magazine.
"The biggest surprise a lot owner gets after they purchase a lot is how much additional site work may be required to make the lot buildable. Not every part of the lot may be buildable either," says Rick Moore, Houston area president for David Weekly Homes. David Weekly Homes builds in 14 cities from Colorado to the Carolinas and has been the recipient of awards such as The National Builder of the Year, America's Best Builder, and National Housing Quality Award.
For example, the foundation may require piers or pads. Or drainage issues may require extensive excavation work, which can run into thousands of dollars. And there are other considerations as well, including a complete understanding of the easements, zoning laws, property line restrictions, and architecture guidelines and review processes.
Although the land may be ideally situated for the future homeowner and has everything they ever dreamed of, being able to custom build your home can also be a daunting task. Visiting spec homes can be helpful, as well as viewing virtual three-dimensional models via computer.
Next, be mindful that the rule of real estate has not changed. It is wise not to choose a home plan that will "stand out" in the neighbor as the biggest and the best. If you "overbuild" for the neighborhood, it will decrease the value of the house. You don't want to be the most expensive house on the block, says Kush.
Elements of Style and Time
Building on your own lot allows you the freedom to choose the floor plan you want, but be aware that customization takes time. When you build on your own lot, as opposed to building within a new neighborhood, homes typically take longer to build due to simple logistics.
"Be realistic with your time expectations. While a home can be built in 90-100 days, a custom built home on one's own lot can reasonably take up to six months," notes Moore. Depending upon the size and complexity of the home as well as the unpredictable nature of building on scattered sites, often it is impossible to commit to a completion date until well into the construction project.
Vicki Zoot, sales and marketing director of Custom Residential Division US Home Las Vegas, says it is not unusual for a buyer to fall in love with a floor plan in a luxury area of a community, but also want something a little different. "In a development, a builder may not be able to accommodate semi-customizing floor plans due to restrictions of the community, but they would be able to do so on an already owned lot," says Zoot. This division of US Home has over two dozen floor plans which lot owners can choose to modify. "We are seeing more and more of this type of buyer, especially for the mature Las Vegas market that wants the next level of luxury," says Zoot.
Not only in Las Vegas, but also around the nation, the trend is toward a home with abundant personality -- walled courtyard entries, turrets and a variety of roof pitches. Builders like US Home will accommodate changing walls around, although some will have limitations. The only limitation really is the size of the home site.
Semi-Custom Homes Strengthening Trend
Living where you want, on the plot of land that you may have fantasized about for years, has become an essential part of the American dream. In a culture that values individuality and self-expression, more people are opting to buy their land first, and then build a semi-custom home. By hiring a builder with a "Build on your lot" program, homebuyers can save money as well as the hassle of hiring their own architect and general contractor. Builders will do all the work-the plans, permits, coordination, construction, and in some cases, even the financing.
By carefully coordinating plans, options, home site and location, you can design a one-of-a-kind home that will likely appraise for significantly more than its actual cost.
For more information on K. Hovnanian Homes, Montevina Estates Homes, David Weekley Homes and US Home, click here.