Craftsman Custom Home Builders, proudly serving the Roanoke, Lynchburg & Smith Mountain Lake areas

  • Lynchburg:
    22174 Timberlake Rd
    Lynchburg, VA
    434-266-1070

  • Roanoke & SML:
    66 Builder's Pride Dr
    Hardy, VA
    540-912-0112

Getting a price on a custom home plan - Craftsman Home Builders

Often, by the time clients receive our brochure, they have already found a plan they’ve fallen in love with.  Whether it’s something they found online, something they’ve had drawn, or a plan they’ve created themselves, we can usually figure a cost to build the home on their property.  For a custom builder, pricing that home is a costly, time consuming process.  It’s very common for clients to tell us that they’ve gone to other builders, but never received any final pricing.  There can be a few reasons – the builder may be booked up for the year, the plan may be more complicated than they want to take on, but it’s usually just that it’s going to take them too much time to price.  Here are a few tips that will help you get better results when looking for custom home pricing.

Finally, if you’re understanding the complexity of what the builder has to do – estimating all the pieces and parts that go into a plan, estimating the cost of labor to put all those pieces together and estimating cost increases over 8 months – you’re going to have varying, sometimes widely, prices.  Because a builder happens to be the highest price on your home doesn’t mean he’s a “high priced builder”.  His estimating on your plans may have just come out higher (or everyone else is low) because none of them have built the plan before and none know the cost for sure.   So a word of warning, prices will always vary regardless of overhead or profit margins because everyone is estimating.  If you have two estimates at $275,000 and one at $225,000, STEER CLEAR! Of the fifteen to twenty homes we build each year at least three are for customers who had a contract with a builder and it never got started (after a long period of time and a lot of money paid to the bank) because the builder realized he couldn’t build it for the price he quoted.  Last year was out of the ordinary.  We had six, nearly a third of our customers, who came from another builder who didn’t deliver.  My best advice, which I give at all First-time Homebuyers Seminars that I do for builders in Virginia, is that price is undoubtedly important, but reputation is the only thing you can count on. Unfortunately, it’s impossible to compare apples with apples because there are a hundred places for a builder to reduce cost that you’ll never, ever know to ask about.  Ask for references from recent customers, check reviews, talk to local banks to see if they’ve had issues.  In short, do your homework to find out if the builder has a reputation for delivering on time and on budget.  You would do it before you buy a car, do it before you make the biggest investment of your life.

If you would like to talk with one of our highly experienced building consultants about finding the right lot and a free site inspection, building your new home or how financing works, please give us a call in Lynchburg at 434-266-1070 or Smith Mountain Lake at 540-912-0112.

Additional Articles

How does my lot affect the price of my home?

Did you know that there are actually three parts that make up the final cost of a custom home? This is something new to many customers when they start the journey, so we’re going to break it down for you here.

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What style custom home gives the best square-foot price

As you begin that journey, it’s important to keep in mind that price per square foot alone isn’t going to serve as a very good guide in comparing home building costs. It can still be useful, but you’ll need to dig a bit deeper to understand what that cost represents with any specific builder.

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In plain English, how does construction financing really work?

When clients come into our offices they have all kinds of ideas on how construction financing works. Construction loans, permanent loans and single-closing construction-perm loans are all possible options. And while they all work the same during home construction, they vary greatly at the beginning and the end.

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