Let’s face it, deciding whether to build or to buy a luxury home depends on some very specific issues. Buying an existing luxury home rarely provides everything you want in your dream home. In most cases, compromises are made, and the feasibility and practicality of a renovation or remodel is usually considered before the purchase is made. The coordination of a purchase of a home and new construction can be challenging, and the buyer most likely will not see their dream home in the first year. If you find an existing home that meets all of your criteria - grab it if you can. In those special cases where your childhood dream home hits the market, don’t miss the opportunity to at least consider the purchase.
More frequently, your ideal luxury home must be built. The good news is that in addition to building the home to your own specifications, you also are able to choose the location. Location is an important factor for a variety of reasons, one being that if you build in a planned community, the community and HOA have a set of standards for everything from footprint of the home on the lot, style of home, exterior materials and colors, and a variety of other rules that you and your builder must be aware of. Building on your own purchased land outside of a planned community provides greater freedom in your build, but sacrifices the amenities, location, and often access to utilities that you will find when building in an HOA. More than 60% of homes in the United States exist in HOA communities. Because of this, find a local builder who is familiar with the style standards of the HOAs you are considering. Your personal needs and preferences, and those of your family are critical in your style choice. Stage of life, personal mobility, lot size, mixed use needs, the use of au pairs, or the high frequency of extended visits from family members must be considered. For example, a single level luxury home provides full and convenient access to physically disabled family members without an elevator, yet it stretches the boundaries of planned lot sizes and raises the building cost.
When we build a dream home, we are often, by nature, starting with the dream. That indoor half court basketball for the grandchildren, the hideaway writing room that guests don’t know about, and the wine grotto can begin to take shape and become necessities before you consider your budget if you aren’t careful. Beginning with your budget will not only keep your luxury home within the boundaries of your anticipated budget, it will also help your builder know how best to guide you through the process, and can help you build most anything you are thinking of within the budget you’ve committed to.
A luxury home requires time. With an average of 18 months to build, your choice between buy or build may be made for you at this time. While the purchase process can be lengthy, with financing, a buyer can be in their home often in under 90 days, which is much faster than the building process for a fine home. If you decide to build, find a builder who has the systems and commitment to be transparent throughout the build process. For instance, our company provides daily updates on each project and frequently includes photos and videos for the owner, so the owner a) sees progress, b) can view their new home from afar, and c) can ask any questions necessary. Communicating your deadlines to your responsible home builder, will help them order your project, and the builder will be able to discuss the permit process, timelines for preferred subcontractors and specialized custom work. Communicating all aspects of your preferred timeline to your builder.
Find a builder with the connections with architects, designers, engineers, and key subs that will lead to your project being done well and on time. A connected and respected builder smooths out the wrinkles in the timeline as best they can. There are of course, issues beyond their control when supply chain challenges arise, but a good builder is able to keep you engaged and informed on the progress of your new home.
Matching your dream home with the right piece of acreage or lot is also something that ideally should be discussed with your builder. Discuss the broader scope of how you would like to use the property. Are there other buildings that you wish to add later? Are there outdoor features that must be considered before the excavation takes place? Your builder may be able to incorporate those projects into your build, using the designers, subcontractors, and landscape artists within their network. The builder also has the ability to match style and materials in a more convenient and cost effective manner.
As you wrestle with the ‘Build or Buy’ question, first and foremost consider these questions:
Can I find what I want already built? Is a new luxury build in the budget? Will it be ready when I want it?
We wish you the best, and if you are considering a new build in Flagstaff, or want to remodel a fine Northern Arizona home, we want to be your luxury home builder.