New Custom Home Buyer Mistakes We See Too Often

Building your new custom home should be exciting and fun. Unless you've built a custom home before, you are likely unaware of the challenges some new homeowners face. You should know a few things to help you avoid the pitfalls of building a Maryland custom home.

Poor planning can lead to inconvenient mistakes that make living in your new home undesirable. When planning a Maryland custom home, you must consider your current and future lifestyle.

In this article, we look at some of the most common new home mistakes of first-time custom buyers: those that hurt resale value. These are the custom home-building mistakes we see too often at On Your Lot Homes, along with some tips on how to avoid them.

Mistake #1
Choosing the Wrong Location

Whether you plan to purchase raw land or have a particular lot in mind for your new custom home, you need to ensure that it is in the right location. At On Your Lot Homes, we sometimes have to walk away from a transaction because of an incurable defect that does not meet the client's needs.

There are curable and incurable defects when it comes to land. Sometimes, correcting the issue is still worth it; other times, it’s better to move on. We can help you identify the issues to make a well-informed decision.

Mistake #2
Not Planning an Exit Strategy

How long do you plan to stay in your home? Do you plan to sell your custom home in the future? While planning your home to meet your needs, considering your exit strategy is always a good idea. If you decide to sell it later, you should design your custom home to achieve the best possible resale value.

We know the last thing you want to think about is selling your before it’s even built, but remember, life happens. If you decide to sell later, you never want to hear your real estate agent tell you that if you only had done X or Y, they could have gotten you another $10K-50K in resale value.

On Your Lot Homes does a great job of adding tremendous value to the home-building process by sharing what the market wants so that you do not over or under-improve your home. In a new home transaction, our role is to provide guidance to our clients. We can help you select the amenities that will increase the resale value of your custom home.

Mistake #3
Not Designing for the Future to Avoid Costly Renovations and Maximize Resale Value

It is a common misconception that remodeling a home is easier or cheaper than new construction. Let’s say you built a 4-5 bedroom custom home at a particular price point. At the time, you may not have needed a third bathroom. However, now you desire one, or the market demands it to improve the resale value of your home.

Remodeling your custom home to include another bathroom in the future is doable, but it is a costly cure. The cost to add a third bath to a new custom home as it is built ranges from $7,500- $10,000.00. Alternatively, doing a bath remodeling after your custom home is built can run in the $20k-$30k range.

At On Your Lot Homes, we want future homebuyers to avoid having unnecessary renovation costs when setting the asking price to sell. Any number you come up with will likely reduce your resale value. To avoid this, we help you weigh your current custom home design needs against your exit strategy.

Mistake #4
Skimping on the Details and Cutting Corners

While resale value is important, you do not want to skimp on the details. Enjoy your custom home more by giving it the luxuries you desire. Upgrade to the amenities you feel will help you enjoy your home more, such as fine trim details, vaulted ceilings, a walk-in pantry, eight-foot tall interior doors, or an extra bath.

Materials, such as hardwood floors, marble countertops, and stone fireplaces, are expensive. While the prices are high, a new home builder can help you get the desired materials at the best prices to fit your budget. Use this to your advantage to avoid being disappointed years from now when you are stuck with a home you are less than satisfied with.

Mistake #5
Not Communicating and Doing Your Homework

Long lead times and tight schedules mean that communication is extremely important for avoiding delays in the construction schedule for your home. Stay connected and communicate regularly with your home builder. Make sure you have done your homework and fully understand what you agree to before committing to a site selection and design decision.

Custom Home Design Services

At On Your Lot Homes, our professionals are all trained to help you make the most effective custom-built home design decisions. Let us guide you in determining where it is appropriate to save money versus where you should absolutely avoid cutting corners in your new home's design.

Contact us today to learn more about home building and how to maximize resale value. For answers to your questions or to schedule an appointment, contact us today at (833) 289-6954 or reach us via email at build@oylhomes.com.