According to recent studies, three out of four luxury homeowners thinks that investing in real estate just might be more profitable long-term than stock market speculation. Not only are luxury homes in high demand, but new home builders are now able to work with architects who have business partnerships with contracting firms. More than half of luxury home owners say that job success and titles are meaningful, but that building the home of their dreams is a far more telling indication of success.
Once the time has come to break ground and to get underway, a new home builder may have to wait up to a year and a half to see their dreams become reality. “Design/Build” contracting firms may be able to accomplish projects on a shorter timeline, and studies show that overall, homeowners who build their own homes may be facing even longer wait times.
A new home builder who is beginning the process of creating their custom, luxury dream home may want to establish cash reserves of at least 10% above their expected budget, contractors recommend. Building a dream home can run into delays in the case of unexpected weather or questions from local administrative bodies regarding construction permits; luxury home builders may also want to make some additions to floor plans before the home is complete.
A custom home designer should be able to have a series of exploratory meetings with land owners who have decided to build: established architects and designers should be current with luxury home trends and be able to discuss a wide range of amenities that may suit homeowners’ lifestyle and decorating preferences. New trends in home entertainment, pools and outdoor living, and eco-friendly appliances can often spark further conversations about design, aesthetics, and comfort.
Homeowners who have already built and furnished luxury homes can be a fantastic resource for the newer custom home builder. Friends, family, and colleagues who have successfully built their dream homes and who have spent some time living on the property may be able to speak to potential challenges or upgrades that they wish they had thought to install. For luxury builds, no detail is too small; taking the time to plan and design may offer builders more comfort and satisfaction when the build is complete.