Can I Afford to Build a New Custom Home?

Are you considering major renovations or an addition to your home? Do you spend weekends wandering models in new home communities? You may be surprised to hear that building a new custom home where you currently live can be an affordable or even a cost effective option.

Renovations

Major renovations to your home may result in very costly unforeseen expenses.  Often times, particularly when renovating an older home, issues exist that are discovered only after work begins. Renovation work will need to be done to current county standards and regulations. For example, once inside your walls, inspectors or contractors may find that your entire electrical or plumbing system needs to be upgraded. These costs can add up quickly.

Site Work & Land

The price of homes in new communities generally includes a high mark-up on the land and the site work done to prepare the lot for home construction. By tearing down your existing home and building on your lot, you can avoid some of the higher costs associated with preparing a new lot for home construction, such as new connections to public sewer and utilities.

At Classic Homes of Maryland, we will help you save on costs by assisting you through the site work process. Classic makes it easy by providing customers with a carefully selected list of sub-contractors, and guiding them every step of the way.

Impact Fees

Impact fees are another potentially large unseen cost to buying a new home. In some areas, such as Montgomery County, Maryland, impact fees can run as much as $40,000. This cost is already factored into the price of new homes. By building on your existing home site, you may be able to avoid certain impact fees.

Design Your Own Home

You may have noticed that many builders offer semi-custom homes, but with Classic your choices are limitless. We have an extensive library of floor plans to choose from, and that’s just the beginning of the customization of your new home. Once you’ve chosen your model, your imagination and budget are the only limits to how that floor plan can be modified to suit your needs. Every home Classic builds is unique.

If the plans in our portfolio don’t fit your needs, you can bring us your own floor plan, or visit the Plan Library to browse a database of plans designed by renowned architects.

Modular Homes

Some customers have chosen to build a custom home with us after first considering modular homes. These customers found that with the money saved by building on their existing lot, they could afford a custom built home instead. While modular home builders may offer some level of customization, the factory prepared pre-built nature of the process can be limiting.  Lenders will often have more financing options available for a custom built home versus a modular one.

Can I Really Afford to Build a Custom Home?

With prices starting at just over $100 per sq foot, you may be surprised by what you can afford.

Our standard features are exceptional, with kitchens that include granite countertops, stainless steel appliances, and maple cabinetry. Our standard trim package comes with elegant cased wall openings, oversized two-piece crown molding, chair rails and shadow boxes in some areas. And our homes are energy efficient, with Anderson Silver Line® Energy Star® windows, 2′ x 6′ framed walls with high density R-21 insulation throughout, R-49 insulation in the attic, and Energy Star® rated two zone heating and air conditioning.

If you’d like to know more about the feasibility and cost of building a new custom home on your lot, please give us a call at 301-256-4110, or fill out our information request form. Our sales team will be happy to walk you through the specifics of preparing your lot and exploring the possibilities of building a custom home to meet your needs, and your budget.

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