Maybe you’ve considered building a home, but must address the all-important question: Can I afford it? Luxury homes in Dallas come in all shapes and sizes. Chances are you can find a custom home that fits your needs and budget, but you’ll have to do a little legwork first. Here’s what you need to know about the home-building process:
Location, Location, Location
One of the biggest factors affecting your home-build will be where you build it. In Dallas, there is Highland Park, University Park, Preston Hollow, Lake Highlands, Lakewood, Richardson, Plano, Frisco, North Dallas...just so may options! Dallas neighborhoods range from very expensive to “up and coming.” Choose the latter and you may find you can get more house for your buck. Even better, you may find that your home appreciates over time. Keep in mind that as you price out property in different neighborhoods, taxes may vary considerably by location. You can easily estimate your property tax by talking to a local government branch, or looking up tax records of nearby houses with a similar value (or projected value).
Renovations Versus New Builds
If you’re currently in a home that can no longer accommodate your growing family, you might be thinking that a renovation is the best option. In some cases, renovations can be a cost-effective alternative to starting a new home from scratch. In others, however, a new build may actually be more frugal. For example, adding an addition can uncover unforeseen problems that may make working with your existing structure a cost-sink. This may apply to older homes, especially those built before the 1950s (when both asbestos and lead-based paint were used). Remember, these are most dangerous when disturbed, so you could be looking at costly remediation to make your home hazard-free. Lead remediation alone can cost tens of thousands of dollars. In other words: do your homework before choosing a renovation over a new build.
Consider Your Budget
A home cost in Dallas will vary greatly depending on the scope of the build and where you choose to build it. There is no set cost for custom homes, as each McClung home is completely unique and tailored to the individual. As a good rule of thumb, however, expect a new build to cost anywhere from $100-$400 per square foot. Having a home that meets your exact specifications, however, can be priceless.
Tony McClung will guide you through the custom home building process using his decades of experience and architectural design knowledge. For more information about our custom homes, please contact us.