Many homeowners want a newly constructed home designed by a local home builder because they want to customize everything! With new construction, your home can be built any way you want. You can customize the floorplan and layout, as well as the sizes of rooms, and even where you want your switches and light sockets to suit your specific lifestyle. When it’s over, you’ll enjoy being the first to hang a photo on a wall or experience that “new home smell” created by new home building materials. Of course, there are numerous other advantages to building a new house in Sarasota, particularly when the cost can be comparable to that of an older home.
You’ll find improved low-maintenance building materials that can last a lifetime in today’s new manufacturing and construction era. Then there’s the ability for your own protection in today’s modern building options, which employs more sophisticated engineering, safety, and design techniques. Here are a few reasons for building a new home in Sarasota:
- Air quality in the home (so important)
- With a fortified structure, you can withstand hurricanes.
- Building materials that don’t need maintenance
- Savings on homeownership with new building
- Reduced insurance premiums
- Reduced utility costs
- Houses that use little to no energy
- Better floorplan designs
And a lot more!
Cost of a New Home Per Square Foot
When it comes to the cost of a new build, it is commonly believed that the price would be higher, but this can be a fallacy. Existing homes continue to rise in price due to supply and demand, and since newly built homes can take a year or more to build, most people never consider it, opting instead to remain in an older home that continues to rise in price to match the price of new construction homes. When you equate the cost of a 60-year-old home to a new construction home of comparable size and character in most markets, you’ll find that the newly constructed home costs anywhere from 0% to 2% more. When you consider the cost savings of owning a modern-built home, which includes annual repairs, insurance, and monthly water bill expenses, you’ll see that the older home is draining your bank account.
So, how much do you plan to pay? The most often asked question is how much per square foot. It’s the equivalent of asking to buy a car by the pound. The cost of bedrooms versus the cost of the kitchen, or if the garage and covered porch are included in the price, both influence the price per square foot. In reality, you can have the same total square footage house plan for two different designs, and the square foot price difference may be as much as $60 or more.
If new construction house prices are measured apples to apples, they would be very close to existing home prices. Even if a home is brand new, the bank appraiser and tax assessor will value it based on what other homes in the area have sold for. Homebuilders won’t sell homes for more than a bank would allow, but existing homes are eager to match today’s sold rates.
What is the Average Time to Build a Home?
In most cases, the construction process does not begin before the building permit is given. This indicates that the home builder is free to proceed. So, there are two parts to this question: pre-construction and construction.
Elements and time periods that the contractor has no power over prior to construction:
- 30 days for new construction.
- 15 days to choose a house design.
- 30 days for the architect to change the plan and matching building lot information.
- 45 days from the time the bank or appraiser reviews the completed proposal and approves the loan.
- 30 to 60 days for project approval by the Building Department
The actual construction tasks are described in the Building Process section below, but the total time period will vary between 12 and 18 months. It is possible to complete a well-built home in six to nine months, depending on the weather, home design, and building systems. The building inspection process is one of the main factors for the longer timelines; unlike other states, Florida has a very comprehensive inspection list. This is also to your advantage since some states can only have four checks for the whole house, allowing for bad workmanship to go undetected. It’s not unusual in Florida to have 25 or more inspections. When a contractor must pack up his job and return to finish after the local building inspector has reviewed his partial work, the time limit is extended. For instance, before starting to mud the drywall joints, the drywaller must conduct a screw inspection.
Factors To Consider When Selecting a Custom Home Builder
First and foremost, meet with many builders to gain a deeper understanding of how each one operates. Some can try to persuade you to sign a special deal if you sign today, while others will be there to justify every move and stand by your side to ensure you’re making the best decisions possible. The easiest way to figure out who you’ll be dealing with for the next few months is to conduct an interview. Be sure to ask good questions during the interviewing process such as:
- How long have you been working in this area?
- Do you specialize in luxury new construction?
- How often do you switch subcontractors?
- Is there a warranty on your homes?
- Do you have a physical office?
- If you have a license and insurance?
- Do you have a sample construction contract I should look at?
- What banks have you worked with for new construction loans?
- Do you outsource big chunks of work or specific items?
- How do you think your price structure stacks up against the other options?
- How much customization can I do?
Once you’ve finished the interviewing process and asked a few basic questions, you’ll be able to say who you feel most at ease with. Contacting the new construction lending bank and agreeing that they will authorize them for construction is the most critical follow-up. Each new construction lender will conduct a thorough background check to ensure that they are able to share the risk of construction with your preferred contractor.
The Vision Group LLC is a great option for new luxury construction in Sarasota, Fl. They pay attention to the details and have the experience in this area to educate and inform new clients on the many options and their pros and cons.