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build a custom homeWhen you build a custom home, you can fulfill your every wish in design and function without having to deal with a master bathroom that doesn't have a bathtub or an old garage that won't fit your large, modern SUV. While buying a home of any type can represent an exciting step in anyone's life, the additional benefits of building a custom home can create an even better homeownership experience.

If you've always wanted to design your own custom home, here are some details to consider about the process.

What to Know about Custom Homes and Financing Them

Banks and government programs offer potential home buyers a variety of options when it comes to securing mortgage loans. Getting a construction loan for a custom home is a little different; however, and borrowers tend to need excellent credit and a down payment of at least 20% or 25%. By contrast, a homebuyer for a traditional mortgage on an existing home may only need "good" or "very good" credit and a down payment of anywhere from 3% to 15%.

Consider that you may also need to finance the land if you don't already own a home. You may need to obtain a loan for the land and then apply for a second loan to complete construction on the house. There may also be some requirements by the lender for insurance or cash reserves. Realtor.com explains:

"...lenders typically require more cash reserves for borrowers who are building a custom home to ensure that they have funds in place for any glitches that extend the construction period."

While the financial requirements that you must meet before you design and build a custom home may seem steep, working with a financial planner, experienced contractor, and reputable architect may help you reach the first day of construction without too many hassles. Like any major project, the decision to build a custom home requires research on the part of the future homeowner.

Your Designs Will Significantly Impact Final Cost

According to Home Advisor, building a new home has a rather significant range of anywhere from $149,335 to $424,051. However, those costs are just averages, and some future homeowners may be able to build their homes for less money, and some may decide to build a high-end home costing more than $700,000. Million-dollar custom homes aren't unusual in certain parts of the country.

However, there's no reason to assume you have to spend a million – or even a half million – dollars to build your custom home. One of the best ways you can prepare for the cost of your home is to work with a contractor who can give you the most accurate estimates for the price of your home. Since the contractor will have experience building homes in your area and your likely neighborhood, he or she can draw from experience in putting together an estimate.

Conduct Interviews with the Professionals With Whom You'll Work

You'll probably work with a variety of professionals when building a custom home, and it's important to consider the experience and reputations of each of those professionals. When you select an architect, you'll want to find one who has experience designing homes, as well as one who has already designed homes in your preferred style. If you want an ultra-modern home, find an architect who specializes in that type of design.

Likewise, all contractors aren't the same and don't bring the same experience to the table. Having many years of experience in construction is a valuable characteristic, but it's not the only one you need to search for in custom home building. You'll also want a contractor who has built homes from the ground up and worked with architects in the past. You may even benefit from a home contractor who has an in-house architect or who can point you in the right direction of a local architect.

Build a Custom Home with Forge Hill Construction, Inc.

Are you thinking about building a custom home? Is it a project you've always dreamed of but haven't taken the time to investigate fully? We can answer all your questions on what you need and what you need to know to build a custom home, and we'd love to help with your project. Let us help you design the best new home for you and your family by contacting us at 1-973-627-2811, or use our contact form to get in touch about your future custom home project.