Benefits of Building a Custom Home in Austin vs. Buying
As a custom home builder in Austin, you might guess which option we lean towards. However, there are significant benefits to building a custom home in Austin vs. buying one in this competitive market. Even more so in the luxury home space. That doesn't mean there aren't negatives to building a custom home. It is not for the faint-hearted.
For the past several years Austin has been in a very competitive housing market. Austin prices soared more than 60% from 2020 to 2022. Houses at all price points were selling like hotcakes with bidders fighting to get the home. Today, the market for most price points looks a bit different. Homes in the $ 100,000s and low $ 1,000,000s are selling at a price reduction and aren't as hard to find. However, homes in the $10,000,000 + price points are still rare with no significant price reductions. The ultra-luxury housing market is still competitive.
Benefits of Building a Custom Home
There are so many benefits to designing and building your own custom home. The primary benefit is in the name, as it is custom. A custom home can meet your family's needs and bring you additional joy for years versus settling for a house already on the market. When it comes to the cost being a factor, cost can vary on a custom home versus a house on the market. When it comes to the ultra-luxury home space building a custom home can be more cost-effective or similar to buying on the market. The best part of building a custom home is you choose your budget and pick which builder you work with which can impact cost.
Tailored Design and Customization
As mentioned, customization is the number one benefit of building a custom home versus buying on the market. No matter what, if you buy a house on the market, you will be making sacrifices. If you design and build your own home you can get exactly what you want. You can get a home that will grow with you for years to come. Your architect will help you design a home that perfectly suits your preferences, lifestyle, and needs.
A 2023 survey of homeowners' complaints found that the most hated aspects of their homes are size and layout. You can avoid these complaints by designing your own home. The layout of your home is almost entirely up to you when you build your house. Your architect will get to know your preferences and areas of importance to help you design the layout. You may want a more open space or a cozier space with separation between rooms. Size can be very dependent on budget. However, if a larger size is important to you, cuts can be made in other areas. The choices are in your hands. You can opt for a smaller home with higher-quality materials or a larger home with more budget-friendly materials. The builder you choose will work with you to define your budget and keep you on track as you design and build your home.
Quality Craftsmanship and Construction
Designing a custom home will offer more craftsmanship and quality than a mass-produced or older home. You can decide on your home builder and be a part of every step of the building process. So, the quality and craftsmanship is in your hands. That can't be said for a mass-produced home where the builder's goal is to build the home as quickly and cheaply as possible. Older homes can come with issues naturally as wear and tear has taken a toll. Often these homes require renovations and repairs which can cause additional stress and headaches.
There are so many builders to choose from in Austin. Not all offer the same customization and quality that others do. However, with proper vetting, you will have high-quality builders to choose from. Wherein, if you buy a mass-produced home you can't vet the builder or the quality of the work. At Taylor Wilson Construction, we hire only the best contractors and craftsmen. You will be a part of every step of the process with weekly updates on progress as everything is built and installed. You watch your home get built from the ground up, unlike buying a home on the market.
Austin's Best Properties Rarely Come Up for Sale
Homes in the luxury space in Austin rarely come up for sale. While home prices are generally going down with some oversaturation, this is not the case for the luxury home space. All the best homes in Austin are usually held and rarely come up for sale. This leaves potential home buyers in this space with limited options. This is why most people moving to Austin with a luxury budget, opt to buy a lot and custom build.
Negatives of Building a Custom Home
While there are a lot of benefits to building your own custom home, it's not perfect. Building a custom home is not for the impatient or for the faint of heart. Building a custom home will take longer than you think and will have problems outside of your control along the way.
Permitting Process Ardurous in Austin
The greatest challenge on building a custom home in Austin would be permits. Getting all the necessary permits to build your home can take several months to years. It involves a lot of back and forth with the city and unreasonable requests at times. This is especially true in the luxury home space. Luckily your builder will do the work for you to get the necessary permits. The patience and the process will be worth it when you get your dream home.
Time to Build a Custom Home
One major downside to building your dream home is the time it takes. After you get your permits it can take anywhere from 1-3 years to build your home the right way. At this point, it could have been a 2-year process to acquire the land and get the necessary permits, so you're looking at a 5-year timeline potentially. However, timelines vary drastically depending on the type of house you're building and where. Many production homes can be built in a year or less.
If you're interested in building your dream home in Austin, contact us today. We'd be happy to discuss the current state of the Austin market and show you our portfolio.