What is a Custom Built Home?
What does it mean to custom build your own home? At SG Home Builders, we use the hashtag #CustomBuild within our social media posts to show our followers what a custom build looks like. However, when clients are initially looking for a builder, they often do not understand what having a custom build home means. Today, I want to define the meaning of a custom built home.
Spec Homes vs Custom Homes
In the basic sense, a custom home is built with the end user in mind from the very beginning while speculative (spec) homes are built with the intention of being sold to someone else. Builders typically don’t use their own money for custom homes – the owner usually finances the land and the cost for construction with their own cash or construction loan. The opposite is true of spec homes in that the builder is building the home with their money, and the intention is to sell the home once completed. Hence, the builder is speculating whether or not they will profit on the home once complete.
Custom Spec Homes
Speculative home builders can also build customized homes, which is what we do at SG Home Builders. Our projects range from craftsman style homes in Naperville, to modern designs in the heart of Lakeview (Chicago). Many speculative builders will customize their homes so that they only build the same project once. The next time they take on a project they will develop an entirely new plan set, colors, design, etc… to customize the home from top to bottom. What custom spec builders are trying to do is avoid the cookie cutter mentality and showcase their skills, often seeking higher prices than standardized speculative homes because of the attention to detail.
Custom Build Details
Speaking of the details, what I believe makes a custom build project special is the uniqueness of the finishes. I understand that some clients want to custom build, and will end up with a home that looks like every other home on their block. However, it is the details of your custom home that you will always appreciate the most. It may be the way your architect designed a knee wall to decrease your excavation costs, or it may be the golden laced paint that you used in the powder room. Whatever the details are, you as the owner will know them better than anyone else.
Custom Build Pricing
Another significant aspect of custom homes is the way the pricing is put together. With a big builder, they often have their selections detailed. Your options will be limited (if available) and come with a set price. So, if you want to upgrade the countertops to a higher end style, the price will be figured out before you make the selection.
With custom homes, your pricing will not be defined until your architectural plan set is completed and your builder has time to review with all necessary tradesmen and suppliers. It is nearly impossible to set a specific budget with a custom home builder from the start, because you are working with a one of a kind home – custom projects do not have a previous budget to review that is exactly the same as your existing home. The details matter to give you the custom home you want, and the details will affect your custom build home pricing.
If you are looking for more information on what a custom build home project will look like for you and your family please reach out, Ryan@SGHomeBuilders.com or 847-602-7641.