Author: Tina Martin with Ideaspired.com
To start a new business is an exciting adventure. To move into your dream home equipped with a home office can be an even better one. As you embark on the journey to run your own business from a custom-built home, don’t buy into these myths about custom-designed homes. Today, I’ll be debunking the myths of custom homes for small business owners.
Myth 1: Custom Homes Take a Long Time To Build
There are several steps to build your dream home. The first stage is the design phase, then pre-construction and finally the construction phase. The build itself doesn’t necessarily take longer than any other home build, but the design phase can drag if you are indecisive.
Did you know that reports show that more than 30% of executives spend most of their time making decisions? As a business owner yourself, you probably already know how critical it is to make decisions as quickly as possible. Apply that knowledge to your home to get to the building stage faster.
Myth 2: Custom Homes Aren’t Affordable
Building a custom home doesn’t necessarily translate to building an expensive home. Like other home options, custom homes vary in price. On the lower end, Fixr notes someone may spend only $140,000 on a custom design, whereas others may spend $700,000 or more.
Your home is your investment, not only for your family but for your home business. Think about the features that are most important to you and your work, and do some sketching. How many rooms do you need? How big of an office space is necessary for you to work productively? Do you need a separate entrance to your office? Your decisions will impact the price.
When designing, it’s easy to get carried away. Remember when you select your interior that your budget could escalate. But the good news is that by working with American Housing Builders, we’ll help you design the home of your dreams while staying within your budget.
Myth 3: Architecture Knowledge Is Necessary
You don’t have to be an architect to custom design your home. Rely on your builder to understand design and architecture. It helps to know what styles you like so you can offer educated input, but you don’t need to be an expert.
Instead, focus on the design elements that your business and your family require. Don’t forget about storage. Not only will your home office need plenty of storage space, but your family could benefit from built-in options as well. Separate what you need from what you want, but be sure that your design fits your personality, your family and your comfort level.
Myth 4: Financing Is Unavailable for Custom Builds
Your financing options depend on your income, credit score and payment history. Those with a low debt-to-income ratio, high credit score and income to back up the cost of the build are more likely to receive a loan for a custom home.
During the construction of your home, the builder will have to draw from the loan to continue work on the project. In this regard, a construction loan makes more sense than a traditional mortgage. Construction loans are short-term loans. In addition to the normal details you have to provide for a mortgage, you may also have to provide details about your build. Once the house is complete, you can change your loan to a mortgage.
If you’re starting a new business, remember to consider business structure to further help with financing. While many business owners choose a sole proprietorship at first, this doesn’t offer the same tax incentives as a limited liability company. By choosing the LLC route, you’ll also keep personal assets separated from business liabilities.
Investing in a custom home design is a big move for anyone. Unfortunately, many people shy away from custom builds, assuming that they are too expensive, that they won’t be able to get financing or that it will take too long. Once you dispel the myths, custom-designed homes become more attainable. For a stress-free experience with custom-building the home of your dreams, contact American Housing Builders today.