Custom home

What is a custom home?

A custom home is a house designed specifically for you by a hired architect. It’s built to your specifications rather than to a predesigned plan with no homeowner involvement.

Deeper definition

Many homes are production built, meaning a builder constructs several homes at once, all in the same neighborhood.

The builder typically has a few floor plans and uses those as guides. If a buyer purchases the home before it’s finished, he or she  might to get to choose a few elements.

However, with a custom home, you hire a builder to build a home specifically for you, and you can hire an architect to design it or buy a floor plan. You also can have the home built on your own land, instead of buying the home and land together.

If you’re building on property that hasn’t been built on before, you also may need to have utilities installed or have work done on the land to make it ready for a home. You’ll also need to research zoning restrictions.

A custom home is typically more expensive than a home built by a production builder. However, you also have more control over the process. That’s because you’re getting a one-of-a-kind home built according to your specifications.

You choose every aspect of the design and instruction, including how big the rooms are and where they’re located, as well as architectural details such as lighting fixtures.

You can specify any types of building techniques or methods you want the builders to use, such as incorporating environmentally friendly methods or perhaps building the home to withstand storms, high winds, earthquakes and other environmental hazards.

Custom home example

If you decide to move to the country, you might find land you like and have a custom home built on it. You start by determining your budget and designing the home within that amount. If you hire an architect to design the home from scratch, you can tell him or her details like how many bedrooms you want and how big the kitchen should be, and the architect will design the house according to your instructions. You get to be involved in every step of the process and can request the architect to make any design changes.

Are you thinking of building a custom home? Before you hire a builder, check out how much it might cost you.

Other Real Estate Terms

Net effective rent

Net effective rent is the average amount of rent paid per month. Bankrate explains.

Gross rent

Gross rent is the actual amount you pay for rent each month. Bankrate explains.

Fixture

Fixture is a common real estate term it pays to understand. Bankrate explains it.

Installment contract

Installment contract is a common term that every consumer should know. Bankrate explains it.

More From Bankrate