Before you start researching floor plans and selecting kitchen cabinets, you need to decide if you’re ready to build a new home. 

Being “ready” to build your own home isn’t just a financial thing. It also has to do with how much time you have, your capacity for making decisions, and your ability to have realistic expectations throughout the process. 

Waiting until the time is right can save you from making mistakes like choosing the wrong builder, building more house than you can afford, or settling for a lot in the wrong location.

In this blog, we highlight 5 ways to tell if you’re ready to build a new, custom home.  
1.You Have Realistic Expectations About the Homebuilding Process

If you’ve watched any of the popular home renovation shows on TV, you’ve seen just how quick and easy they make the process look. These shows often lead viewers to believe that a home can be completely renovated in a matter of days, with minimal issues, and within a pretty low budget. 

Now, we aren’t trying to tell you that building a new, custom home is terrible, or difficult. It’s not. We just want you to understand that it’s not a quick, seamless, or stress-free process. Once you have realistic expectations of how the process works, you can breathe a whole lot easier. 

2.You Are Ready to Settle Down

If your career takes you to different areas every few years or so, it’s probably not a good idea to build a new home. If you plan to have a family one day, but you’re unsure of how large your family will get, or which school system you prefer, it’s smart to wait before building a new home. 

If you’re feeling set in your career, and you have no plans to move out of the area, it might be time to invest in your own, custom home. If your family has outgrown your current home, this is also a sign that you’re ready to build a new home.   

3.You’ve Done Your Research on the Area

Before you commit to a certain city, neighborhood, or lot; do your research. If there’s a lot or a property you have your eyes, on, take some time to look into the following:

• Crime rates
• Property taxes
• School systems
• Cost of building on developed vs. undeveloped land
• Access to Utilities – Electric, Gas, Water, Sewer, Internet 
• Proximity to amenities like shopping and groceries
• Proximity to work

Once you’ve found a site that checks all of your boxes, you’re ready to move forward. If you’re having trouble finding the right place to build, don’t rush it. 

4.You’ve Weighed the Pros and Cons of Building vs. Buying

If you’ve considered buying, but you still haven’t found the “right house”, it may be time to build. We’ve had customers come to us after years of searching for the perfect home, only to find that building that home was the right decision all along. 

Pros of Building a New Home:

• More energy efficient – saves you more money “Lower Utility Bills”
• Completely customizable to your needs and lifestyle
• Fresh updated floor plans, designs & styles 
• No bidding wars
• Less maintenance 

Cons of Building a New Home:

• Long process/time commitment
• Could be difficult to find financing
• Lots of decision making 

Pros of Buying an Existing Home:

• Developed landscaping already exists
• Window treatments like blinds and curtains already installed
• Older and more unique architecture

Cons of Buying an Existing Home:

• More maintenance
• Higher utility bills 
• Outdated floor plan
• Expensive renovations
• Bidding wars that drive up the cost of the home

Bottom line: build only what you can comfortably afford.

Before you start meeting with homebuilders and designing your dream home, talk with a lender you trust about what you can afford, and how much money you can realistically put down on a new home. After a down payment, make sure you still have enough cash in your emergency fund. 

And, not only should you know what factors contribute to the cost of a new home, you should know how much it costs to build in your particular area. Costs vary widely on the type of home you are wanting to be built; such as size, basements, single level, multiple stories, finishes, detailed features throughout, and how it’s constructed. Costs can also vary widely from city to city and state to state based on property costs, utility tap fees, permits, regulations, and other misc.factors. 

Are You Ready to Build a New Home in the Evansville Area?

Custom Homes by Modern Structure is an Evansville, Indiana based home builder specializing in modern floor plans, multifunctional amenities, energy efficiency and sustainable living. 

Have you met all of the items on this checklist? If so, you’re probably ready to start planning and designing your custom home.

If you’re ready to start the process of building your dream home, give us a call to schedule a consultation. Our building consultations are designed to walk you through the entire building process, and answer any questions you have. 

To schedule your free building consultation, fill out this simple form or call us at 812-306-8438.