Building a custom home is not exclusive to wealthy buyers who are looking to have an expansive house. As a matter of fact, today’s trends show that buyers these days mostly want a smaller home footprint. Especially retirees who are downsizing.
According to a National Association of Home Builders survey, about 42% of buyers will sacrifice square footage to have a home that’s affordable. Last year, the size of an average new home for a single family is below 2,500 square feet, which continues a five year trend where homes are becoming smaller. Unlike others who think bigger is better, a lot of today’s home buyers prefer a home that’s affordable, comfortable, and energy efficient.
Are you considering a small custom home? Here are a few things you need to consider.
How much can you afford?
Get in touch with lenders to get an idea of just how much mortgage you are going to qualify for before you begin anything else. Know how much a banker will most likely loan you, and how much your monthly payments will be. This will help you keep you within your budget once the design process starts.