It is said that the only way to have your ‘dream’ home is to design and build it yourself. Does that statement hold true for custom homes? Is it possible to find the exact location, style, and features you want in a luxury resale home? To answer this question it is important to look at the pros and cons of each side, while factoring in personal preference.
One major factor to consider is the luxury home market does not hold the same financial constraints as does lower-priced production-home markets. This places a much higher value on personal preference. In fact, personal preference is often what inspires the decision to build a custom luxury home. Though, before simply acting on that desire, it is important to know what to expect when building a custom home, and if what you are looking for currently exists on the market.
WHAT EXACTLY DO YOU WANT?
Assessing your needs will help determine your wants. Start with the big things first, like location, size, number of bedrooms, and such. Is this a retirement home, or somewhere you are raising a family? Schools, work, and family and friends are always something to consider when choosing a location. Most likely there is a specific upscale community that you are considering.
With the big stuff out of the way, you are now able to let your imagination run free. How would you want your dream kitchen? What exactly would your master bedroom and bath be like? What about the pool? Consult design and home magazines. Do internet research of luxury features and furnishings. Find out what is out there that sparks your interest. You may find that there are new and exciting products that will make your dream home perfect.
Remember, this is only the decision phase of the process, and probably the most fun part of it all (except for moving into your dream home!). Once you have a firm idea of what you want, it is time to start looking at the pros and cons of achieving your vision.
CUSTOM BUILD PROS AND CONS
The biggest pro for custom build is, of course, that you get to design your dream home your way. Again, this is the number one reason most people choose to build custom homes. But, there are also practical reasons to build custom. New technologies and construction materials mean new innovations in energy efficiency and cost savings, as well as comfort and safety. From how ‘smart’ or ‘green’ your home is, to the quality of the air you breathe, custom-built homes contain the newest and most cutting-edge advances in how we live. With pros like these can there even be any cons?
Yes, and they can be significant (sort of). There are two perceived detractors from building a custom home. It is either thought to be too expensive, or take too long. While this probably has been the case for some, it is not the norm. By far, most builders and architects plan and work meticulously to realize their initial budgets and timeframes. The average custom build takes between eight and nine months. Though, this does not factor in last minute changes made by the home owners. When build times do run long and go over budget it is most often because along the way the home owners make changes to the original design and features. Remember this if you decide to build. Changes during construction can delay your build and exceed your budget. This is why proper planning is essential when building a custom home.
IS WHAT YOU WANT ALREADY OUT THERE?
There are amazing homes on the luxury market right now. You can find palatial mansions, chic high-rise units, country-club customs with golf frontage, and more. Before deciding on building custom, consult with a Realtor and see what is currently on the market. If you were to take a look at some current resale homes, you would probably come very close to what you envisioned for your dream home.
The next step is to decide if close enough is acceptable. Is close enough ok for your dream home? Or, you could possibly remodel. That is a viable and often-used solution. Many owners of resale luxury homes make changes before they move in. It is important to look at cost versus reward in these circumstances. Will the cost of the changes increase the value of the home enough that they are worthwhile? Or, will you wind up spending money that you may never recoup when you sell the home.
For example, a couple buys a resale in a guard-gated golf community for 1.7MM. They spend an additional 600K remodeling to achieve their dream home. The couple tears down walls to make the original five-bedroom design into a three bedroom layout, with one extremely large master and two junior master suites. They renovate the kitchen, bathrooms, and even expand the landscaping and pool. After living there for eleven years they decide to move into a retirement community. They have 2.3MM invested in the home which appraises at 2MM, and they suffer a 300K loss when they sell.
These are very real concerns that should be addressed before you decide on a luxury purchase and remodel.
These are homes designed by the community builder that have multiple options remaining on how they will be finished. These homes are unique in that they are not truly custom designs, but instead offer a lot of customization choices. Often, the buyer can choose the outer facade and landscaping design, as well as interior options like number of rooms and kitchen layout, with all kinds of little bonus options for the details. Semi-custom homes are a fantastic way to get a personalized feel from a pre-designed floor plan.
These are great options for buyers looking to enter the luxury market, which may not be financially prepared for custom resale or new custom builds. In fact, many buyers use these as transition homes, and move from them into the custom-home market when financially prepared. The semi-custom market is always active, and a great starting point for many buyers.
RESALE PROS AND CONS
The biggest pro for luxury resale has to be the comparative ease of closing on the home. The time frame can definitely be shorter for resale. Another pro is that costs are more firm on resale homes. Unless you decide to do a major remodel, the fixed cost of a resale home is much easier to determine. Another pro is time frame. In a perfect world you could find, negotiate, and close on a property in a matter of weeks. The length of your search effects your times frame. In fact, according to Zillow the average buyer in 2014 looked at twelve homes over the space of twelve weeks before making a decision. Then, add on the negotiating and contract time. You could be looking at a period of three to six months. Other pros are based on location, finance, and, of course, the home itself.
The cons are many, but they can be insignificant. Most cons are based on getting a previously-used product. Mechanical issues will arise and warranties may be expired, things along those lines. Remember this is not a new home. There will be some wear-and-tear that comes along with buying a resale custom home.
The biggest con comes down to settling for someone else’s dream home. Despite how lovely and wonderful it may be, it is not what you envisioned. As stated, this is often the biggest motivation in designing and building a custom home: you get everything you want, exactly how you want it, and it is all brand new.
These are some of the most important things to consider when thinking about moving into your custom dream home. Take your time and consider all your options and you will make the right choice.
ASCAYA has taken into account all of these aspects and provides a refined and simple path to building your custom dream home. ASCAYA’S professional sales staff is fully prepared to assist you in every possible way. These dedicated agents are your best allies during the whole process. Also, every one of ASCAYA’S three-hundred-and-thirteen lots are build-ready, with all utilities pre-run. Are you ready to break ground on your brand-new custom home? Finally, ASCAYA’S prime location is the ultimate choice in next-generation upscale custom homes. The rigid standards ASCAYA holds itself to will usher in a new era of Las Vegas luxury living. If you are looking to build your custom dream home, ASCAYA is the place.