Project Home Builders usually base their company to construct thousands of homes with a fairly small number of unique designs. They are able to construct homes at a much lower price than would normally be possible without their expertise, by eliminating the majority of personal design input from each home. In other words, they can custom build your dream home. The majority of the designs they use are proprietary and are only released through them or through licensed third party distributors.
However, this is not to say that there are no disadvantages associated with a custom home build. You will need to pay close attention to these before you decide to select a specific builder to undertake your new home. Although, when looked at from a purely cost-benefit standpoint, there are several advantages to having a design that has already been selected for you. Here are a few of the most common disadvantages to watch out for:
– Pricing – Price is obviously one of the most important factors in choosing a new house design. You need to take into consideration how much money you have available to spend and what your budget constraints are. Unfortunately, there are many project home builders that charge more than is practical to spend on such a large project. Here are some of the most common ones:
– Custom Homes – The majority of new home designs today are very similar. Although there are still a few design differences, the vast majority of homes are remarkably similar. In fact, there are more designs available now than there have ever been before. When you choose to build your dream home from scratch, you must always consider how much it will cost to change or improve upon the designs that you’ve selected.
– Build it Yourself – One of the biggest disadvantages of hiring project homes builders to build your home is that you will be stuck with whatever designs they choose. Sure, there are a lot of options to choose from, but if they chose cookie cutter designs you won’t have anything to show for it once the house is up. This is why it is important that you do some research. Check out what other people have done with their own custom designs before you go ahead and hire a builder to do the work for you.
– Capital Gain – Another disadvantage of using these builder firms is that you’ll have to pay a hefty sum for their services. The majority of them offer low cost contracts, which means that they profit from the interest rates on loans that they lend. In order to make up for this, they jack up the prices of materials and construction materials. When you add up the amount that you’ll have to pay on top of the initial capital gain you make, you might find it difficult to pay back the amount in a short period of time. If you have a steady stream of income though, you might not mind having to shell out more money to make use of the builder’s services.
– Building Contracts – You could get lucky and land a low cost and attractive project home in one of these low rate builder firms, but this also has its drawbacks. Contractors who offer low capital gain projects tend to charge higher than usual for their services, so if you happen to land the job, you might end up having to fork over a big amount of money for their services. You should always opt for a building contract that has an open market clause so that you can negotiate the price further down the line if you find that the project is not financially feasible.
– Custom Home Builder Options – There are a number of different custom home builder options available if you want to employ the services of contractors to build your dream home. Some of these include: stained glass, stainless steel, custom door sets, hand painted details, custom cabinetry, crown mouldings and wood panelling. As you can see, there is a wide array of options when it comes to the style and finish of the project. You just need to be cautious that you do not get into a binding contract with a contractor that is beyond your budget. This would ruin your chances of getting a good quality finish.