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Real Estate Blog & Resources

How to financially prepare for your new home

IMG0024_A (1)One of the many financial advantages of building a custom home is that you build it to your specifications, financially and otherwise. Your custom home can be as grand as you want it to be, but custom homes can also be designed and built to be comparable cost-wise to already-built homes or new homes from a production builder. It all comes down to what’s right for you. To financially prepare for your custom home, you will want to take a few things into consideration.

Location

It goes without saying that more desirable locations will likely cost more.

Are you looking to live on the California coast where land is more scarce? Expect to pay a premium. Looking for something way out there, far from neighbors and amenities in a state where land is more plentiful? That will typically be a more budget option.

You’ll want to compare and contrast different locations, and once you narrow down a certain geography, start getting specific about what it is you’re looking for. Arm yourself with information about different locations and learn which ones charge a premium and why. A community with more amenities and more scenic land may cost more, whereas one farther away from work centers and area hotspots where no land improvements have been made may be a bargain—but would you want to live there?

Many of today’s land buyers choose masterplanned communities like those developed by SouthStar Communities in Texas’ top cities for great settings in combination with an array of desirable amenities. This gives them numerous options for masterplanned Texas land in the locations they love.

Size of lot

Often when it comes to acreage homesites, size matters. Larger lots are usually going to command a higher premium, especially in a more in-demand neighborhood. When you are weighing which lot to purchase, you will definitely want to think about how much land you want to meet your lifestyle expectations and contrast that against your budget constraints. Also take into consideration that a larger piece of land will require more upkeep, which can equate to higher costs.

Placement of lot in the community

Land in more desirable locations will command a premium. That’s a given. But specific locations within a community can also vary widely. Within Lake Ridge at Joe Pool Lake, the premier DFW lake community, an array of desirable neighborhoods and homesites are offered, ranging from The Sanctuary’s prime homesites with panoramic lake and skyline vistas, to the exclusive, gated, hilltop neighborhood of The Summit, offering 30-mile views, to special offers including newly released lake-view sites from $59,900.

At Vintage Oaks, the fastest-growing community in the Texas Hill Country, new homesites and offerings continue to be released to meet buyer demand. They include Silver Oaks, a new neighborhood of 1- to 2.42-acre view properties; Champagne Hills, Vintage Oaks’ first gated community in more than two years; and The Reserve, the community’s first home-lot packages with spacious, family-friendly home plans from two of the nations’ most respected builders, Ryland Homes or David Weekley Homes

King Oaks is Bryan-College Station’s favorite community, with land offerings including newly released 1-acre homesites, and 1- to 2-acre heavily wooded homesites available near the community’s exciting new Amenity Center.

Size of home

Once you have determined where you want to buy your Texas land, it’s time to plan your custom home.

How much room do you need? Are you thinking about a good-size home your family can grow into? Or maybe you have a palatial estate in mind. You’ll want to interview several builders to make sure they can accommodate your needs and check their price per square foot. Also keep in mind that many masterplanned communities require a minimum size to ensure property values in the community remain at a certain level.

It should come as no surprise that the typical equation is the bigger it is, the more it’ll cost. But that also depends on several other factors, including:

• Architectural detail—the more detail, the more potential for skyrocketing costs. If you’re picturing your perfect custom home flanked completely in Austin stone, it’ll cost a pretty penny. But it’ll be a pretty spectacular house.

• Interior features and finishes—This is the place where budgets can sometimes go out of control. Flooring choices, appliances, countertops, and outdoor amenities like pools and fully equipped outdoor kitchens can bring up prices tremendously.

It’s a basic equation of “the more you want, the higher the potential cost.”

But the bottom line is one that you determine. That’s a primary advantage of building a custom home. So if you want a 1-acre lot on which to build the perfect retirement home in Bryan-College Station or a larger lot in the Texas Hill Country for a sprawling equestrian property or a lake-view estate for everyday resort living, you can find and build exactly what you want.

For more information about building a custom home, visit SouthStar Communities. You can get more information on SouthStar’s premier masterplanned communities by visiting Vintage Oaks, Lake Ridge, or King Oaks.