Building a custom home will be one of the most rewarding experiences you’ll ever undertake. It might also be one of the biggest financial and personal challenges of your life.
Your personal home is often your biggest personal asset and even though there is considerable satisfaction in creating your dream home, it’s important to treat the whole process like the financial investment that it is.
For example, lets take a 3,500 Square foot custom home being built somewhere within the Steamboat city limits. You start with a lot for say $400,000 (although it’s likely to be higher) and approximately $200 + per square foot for the construction. Therefore, your building costs are 3500 Sq. Ft. @ $200 /foot = $700,000. So, you’re in it for at least $1.1M and that’s not including contingency costs or the compounding interest bill from the construction loan. Wow ...
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