Who Can Truly Afford Having a Custom Home Planned for Them?


Quick Answer

In order to determine who can afford to have a custom home built, the answer really lies in the pricing and the dedication of the people who want it. The higher the price, the more trouble the middle class will have in paying it off.

Continue Reading
Related Videos

Full Answer

Custom home plans can range from the high hundreds to several hundred thousand. Most of the determining factors are the size of the house intended and the materials used, although a big chunk of the price will go to contractors to build it.

A large determining factor for the price of a custom home is whether the person building it has any money saved up, or if it is all going to be done on loans. If done on loans, this will cost more as far as interest due on the loan. The second factor is the square footage of the house. Generally, a custom built home will be priced around $1.50 to $2.50 per square foot, this does not include special additions like specific tile, labor or any appliances. Another factor to consider is how many payments will be involved to pay off the construction of the home and how much the monthly payments will be. A middle income person can easily afford to build a custom designed house if they can budget well. It more depends on how hard they work to pay it off. If the person gets a second job or scrimps and saves to pay it off faster, it is more available as an option.

Learn more about Real Estate

Related Questions