Building a dream home that fits your life
When you’re building your dream home, you have the opportunity to customize every detail to make it completely your own. Learn more and get inspiration on how you can tailor different aspects to fit your needs and your personal style.
There are many reasons people choose to build their homes instead of buying. Sometimes, they build their own home because they can't find one that is just right for them. For example, they want to avoid compromising on a specific feature or layout, they want a non-traditional home, or they want to involve an architect to design the home of their dreams.
If you’re thinking up an updated kitchen that’s perfect for entertaining or you're creating your ideal walk-in closet, make sure to include how your spending can keep your home project on track and within your budget. Here are financial factors to consider and real dream homes to inspire you during your planning process.
Plan for nuanced costs
When you buy a house, there are a variety of planned expenses, like your down payment or closing fees. When you’re building a home, your expenses (both planned and unplanned) look a little different. Not only are you covering traditional costs like property tax and insurance, you’re also paying for building materials, new appliances and labor. Keep a close eye on the costs of each element so you’re not surprised when it’s time to make payments. It’s also a good idea to set aside money for any issues that arise during the building process (or demolition if you are completely remodeling a home).
Loans might look different
You’ll most likely need a mortgage to finance your dream home. When you build a house, you’ll take out a construction mortgage, or a self-build loan. Sometimes these loans have higher interest rates than a traditional mortgage, and require more work to secure. Be prepared to come with a construction timeline, estimate of costs and details about the house itself. The more detailed your plan is, the more likely you are to get a loan that works well for you. Connect with a U.S. Bank loan officer to learn more about construction mortgages.
Dream big and get inspired
When it comes to thinking about your dream home, it’s fun to think big and feel inspired. Here are just a few of the unique features you can add to your dream home!
Want to learn more about what it takes to build your dream home? Watch this video to uncover the cost of building a home.