Why Build a Custom Home? Why Owner-Builder Approach?
10 Reasons to be Your Own Custom Home Builder in Boulder, Colorado Springs or Denver
There are hundreds of considerations to explore when you think about building your own custom home in the Denver Area. Here are just a few to help get your thinking going! Contrary to popular belief you can actually get a lot more for your money when you build it yourself! In many cases, a custom-built home can cost as much as 24% less than an existing home.
Not only are you getting more value for your Colorado real estate investment, you’re not inheriting someone else’s problems (or hidden problems).
The obvious benefits of building a new custom home in the Denver area is that newer is better. And of course, you can build where you want, once you find the land. Maybe you can even avoid those irritating HOA fees with the right location!
Why Be Your Own Custom Home Builder?
1. You’re a Control Freak! Actually, there’s nothing freaky about wanting control! When you know what you like, you know what you like! You decide the quality level. You control the budget. You get the floor plan you want. You get the colors/design you want. If you know what you want, building it yourself has many benefits!
2. Investment Opportunity. Building equity happens for a number of reasons. Over time, many properties naturally appreciate within their market area. But even more equity growth is possible when you are able to reduce building costs by managing some aspects of the building process yourself.
As a DIY custom home builder anywhere in the Denver, Colorado area you have an opportunity to reduce the markup on materials and eliminate middleman fees.
3. You’re a Good Project Manager. You know you’re are an organized person and you know how to pay attention to details. These are traits of the most successful general contractors. Why not put those skills to use and put a little more equity in your pocket?
4. You Have a Strong Relationship with Your Significant Other. Married, single or whatever, doesn’t matter. If you have another person in on the decision-making process of your new construction project, there may be a bit of stress involved (insert smiley face here). Communication and patience are key to a successful construction project.
You’ll have opportunities to debate floor plans, paint colors, subcontractor choices, budgets and more! So, being your own general contractor is very rewarding in many ways but if you have any doubts about the durability of your relationship, please take a closer look at our Turnkey Program.
5. You Have Time Available. If you are acting as your own general contractor, you can expect to spend an average of a couple hours a day working on various aspects of the home-building process. Many HomeWrights’ client have full time jobs but have a little flexibility in their schedule to check on things, meets subcontractors, etc.
If you have more time, then building your own custom home in the Denver area could be the best part time job you’ve ever had.
6. You Can’t Find/Buy What You Want So Build it! If you’ve been looking for the home of your dreams and it just isn’t showing up, building your own custom home is worth exploring. When you are clear about the must haves and the nice-to-haves for your next home, meet with one of the experienced HomeWrights project managers to explore your options.
There’s no cost to discuss the possibilities but there is a big cost to you when you compromise your dreams and buy a home that just isn’t right! You can make your new home more energy efficient than an existing home. You can build in lower maintenance features to make it easier to maintain. You can build what you want with HomeWrights Custom Homes!
You’ll Have Access to the Best (Vetted) Subcontractors!
7. You Already Own a Piece of Land. Wow, you’re miles ahead already! But, keep this in mind. Even though you own the land, it’s very important to do a lot more homework on the pros and cons of that particular piece of ground. HomeWrights encourages new home builders in the Denver, Pueblo, Colorado Springs, or Boulder areas to do a thorough evaluation of the lot location to minimize unforeseen issues.
For example, is this location accessible for fire and emergency vehicles? Has there been a soil test done to make sure it will support a solid foundation? Have utilities been placed? What will it cost to bring utilities? Is there an easement you don’t know about? Do neighbors have a say in what can be built? Are you clear on the zoning laws for that location? Are building rules the same in Boulder as they are in Colorado Springs?
Check out video with HomeWrights’ owner, Bob Hinz on our FAQ page as he tours a vacant lot and gives his opinion on its viability as a building location.
8. You Are Disciplined with Your Budget. Many HomeWrights Custom Home’ clients actually do come in at the budget they established before they began. Of course, there are surprises, changes, and opportunities that impact your construction budget but if you are able to be realistic about your expectations and willing to stick to a budget, you can build equity faster by being the Owner-Builder than hiring the design build contractor.
Part of the HomeWrights’ planning process includes nailing down a realistic budget, planning for contingencies, and being flexible in the construction process. If you are NOT good with sticking to a budget, the Turnkey approach might be a better decision for you.
9. You Can Make a Plan and Stick to it. Planning is extremely important to all aspects of a successful construction project. You do NOT need to be an expert planner or an architect, or a construction foreman, you just need to be willing to take the time to work with HomeWrights as we guide you through the planning process.
Then, your success will depend on how well you can stick to the agreed upon plan. But even the best plans require flexibility. You’ll need to be willing and able to flex and readjust as the building process unfolds. It’s kind of like taking a Yoga class. You have to be disciplined enough to show up for class and then you need to be flexible enough to get the benefits out of it!
10. You Have Good Credit (or you have the money). Obviously, the combination of both money and good credit helps! Building a custom home is a great way to put your money to work for you. You can often build equity faster by cutting out the traditional general contractor on your new custom home.
When you have a solid plan and stick to it, you can expect a substantial return on your investment when it’s time to sell because you are in a position to add so much value up front by using quality materials and the skilled subcontractors of your choice. And, it might surprise you where you should go to get that construction loan. Learn more about construction loans on our FAQ page.
Please give HomeWrights Custom Homes a call and we’ll help you make the best building decision for your unique situation. Call: 303-756-8870.