Statistics from the Houston Association of Realtors (HAR) indicate that the Houston house market is on an uptrend. For the thirteenth consecutive month, single-family home sales, overall property sales, and total dollar volume all increased. On a year-to-year basis, home sales remain 25.9% ahead of the 2020 record pace.
A critical feature of the Houston housing market is new construction homes. Choosing the correct acreage home site is a critical part of the home building process. You may have to choose the right lot, floorplan, features, and local home builders for your dream house.
Here are five questions that can guide you as you build on your own lot.
1. Is The Lot Cost Included?
A common dilemma among first-timers is whether to purchase a lot first or identify a home builder then search for acreage homesites for sale. Choosing local home builders first can help you pick out a lot that will fit your floorplan and landscaping. You may have to inquire if the cost of the new home construction from your home builders includes the lot costs. Builders may have a premium cost on certain homesites such as cul-de-sacs which may affect the overall cost of construction.
2. Can You Customize The Floorplan?
You may have to figure out the standard features that the builder provides on the base floorplan. To build on your own lot, the homebuilder may expect that you spend big on statement pieces such as flooring and countertops. Inquire about the changes that you can make to the original floorplan. How much will the customization cost?
3. What Warranties Will The New House Have?
Your new home construction may enjoy ultra-modern appliances and systems. However, it doesn’t mean that no problems will arise. Most home builders provide labor and manufacturer warranties on the products used in home construction. The warranties may protect your investment if you require repairs or replacements. Inquire about what the warranties include and the period they will last.
4. How Long Will The Construction Take?
You may be under a tight time constraint as you build on your own lot. The home builder should be able to provide a rough estimate of the time required to complete your dream home project. The period provided should include the permit-collection time, which may take approximately 30-45 days depending on the local building department.
5. Does The Contract Have A Cost-Escalation Clause?
You may need to carefully read through the written contract provided by the builder to build on your own lot. New construction homes are notorious for last-minute surprises that often get first-timers off-guard. A cost-escalation clause in your contract allows the builder to pass on any additional, unanticipated cost. Construction delays can have you paying thousands of dollars above the estimated cost. Discuss with your home builder on the various cost-related clauses within the contract. If unsure, have an experienced real estate agent, or attorney go through the contract with you.
Getting to build on your own lot can be exciting yet stressful in equal measure. Answering the five questions above may smoothen your interaction with the local home builder. If you wish to build on your own acreage in Houston, TX, reach out to Stone Meadow Homes.