One of the attractions of Canyon Lake is that all our homes are unique. Most planned by a lot owner, who in conjunction with an architect and contractor, designed and built their dream home.
Over the years certain times have been more attractive to build a home versus buying a pre-existing home. Building a home becomes a lot more attractive when two things happen:
1. Lot prices are cheap like they are now. This allows you to reduce one of largest single cost items of the project.
2. Prices for existing homes go up dramatically and it becomes more cost effective to build instead of buy. That is starting to happen again as the current market continues to move up in price.
The added benefit to building a home is you are more likely to get a home that has more of the features and amenities you are looking for. Currently in Canyon Lake there is some pent up demand from buyers who are looking for turnkey homes in the mid price ranges and having a difficult time finding exactly what they want.
So does it make sense to build your home instead of buying something that’s already out there? There are a few questions you should ask yourself first.
– Do you have the time and patience to wait for your new home to be built? A modest 2500 s.f. home can be built in 4-6 months, but you also have planning, bidding, and the lot purchase escrow period that can push you out additional months.
– Do you have the patience and imagination that it takes to pick fixtures, colors, appliances, flooring, landscaping, etc.? Building a home is an involved process and even though you have contractors and architects helping you out, you still have to make a lot of the decisions. It means quite a bit of time looking in catalogs, online, and the home center. It can be a lot of fun though. Looking at model homes in other subdivisions are great for inspiration and ideas.
– Do you qualify for financing? Construction loans are making a come back but they can sometimes be harder to qualify for. You may need equity and reserves. If you are able to pay cash for your lot, that often times becomes your equity and makes it easier to get the loan. The good news is that many construction loans don’t require you to make a payment during construction and when your home is built, you can roll your construction loan into a conventional 30 year fixed loan.
So how do you get started? First thing to do is meet with a good local builder who has experience in Canyon Lake or meet with a real estate agent who has experience with building. Then you can start looking around at lots that might suit your general needs for the type of home you’re thinking of.
In Canyon Lake, there are only about 300 empty lots left and only about 25 for sale at any given time. The challenge is finding one that is affordable but is also buildable. Some lots that are upslopes for instance can require an excessive amount of excavation and retaining walls making the project very expensive. Most of our lots are upslope or downslope, so it’s a good idea to get your contractor involved when you start looking so they can tell you if it’s feasible. Once you have a lot picked out, then you can start working with your builder or architect on some plans that will suit the lot and your needs.
It’s a lot of work from start to finish, but the reward is having the home of your dreams with all the features you want and the satisfaction of having a hand in designing and building it.
Contact me if you need a good contractor referral or you’d like more information about available lots for sale. -Justin