Can I Afford to Build a New Custom Home?

Are you choosing between major renovations to your home and building a new home? Do you spend weekends wandering models in new home communities?  Read on.  Building a new custom home where you currently live can be an affordable and cost-effective option.

Renovations

Major renovations to your home can result in very costly unforeseen expenses.  Issues can exist that are discovered only after work begins.  For example, once the construction work begins, inspectors or contractors may find that your entire electrical or plumbing system needs to be upgraded.  Asbestos was used in homes until 1978, and manufacturers were allowed to ship their existing stocks of drywall, ‘popcorn’ ceiling finishes, and insulation until 1980.  All the asbestos needs to be removed when found.  Lead paint is also a potential problem. The United States’ Consumer Product Safety Commission (CPSC) banned lead paint in 1977 in residential properties, so if your home was built before the mid 1970’s, you need to inspect for, and then remove or encapsulate the lead paint.  These costs can add up quickly.

Site Work & Land

The price of homes in new communities includes a high mark-up on the land acquisition, and the site work done to prepare the lots for home construction. By removing your existing home and building on your lot, you can avoid some of the higher costs and markups associated with preparing a new lot for home construction.

At Classic Homes of Maryland, we can help you save on costs by managing your site improvement for you. Classic makes it easy by managing the process, providing you with a carefully selected list of subcontractors, and managing them every step of the way.

Impact Fees

Impact fees are another large unseen cost to buying a new home. In some areas, such as Montgomery County, Maryland, impact fees can run as much as $58,000. In new home communities, this cost (and the profit margin) are already factored into the price of new homes. By building your new on your existing home site, you may be able to avoid impact fees and the builder mark up for pre-paying these fees.

Design Your Own Home

Many builders offer semi-custom homes, where you can ‘customize’ from pre-selected options.  With Classic Homes your choices are limitless. We have an extensive library of floor plans to start from, which is just the beginning of our customization and design process. 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 that Classic builds is unique.

If the plans in our portfolio don’t quite fit your needs, our design process will start with an appointment with our architect to discuss your specific needs and draft and create your unique home.

Modular Homes

Many of our customers have found that there is little difference in the end price of their custom home and the final cost of a modular home.  They have found that there is a vast difference between getting their specific home built to their special desires, versus settling on a production line modular home.  While modular home builders may offer some level of customization, the factory prepared pre-built nature, and the requirement of fitting the modules of a home to D.O.T transport standards are very limiting.  In addition, lenders will often have more financing options available for a custom-built home than for a modular one.

Can I Really Afford to Build a Custom Home?

With prices starting at just over $120 per square foot, you may be surprised by what you can afford.

Our included specifications are exceptional, with kitchens that include granite and quartz countertops, stainless steel ‘smart home’ appliances, and upscale cabinetry. Our standard trim package comes with elegant cased wall openings, oversized crown molding, with chair rail and shadow boxes in some areas. And our homes are energy efficient, with 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 multi-zone heating and air conditioning.

If you’d like to know more about the feasibility of building a new custom home on your lot, 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 your new home

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