When you hear

the word "custom" associated with the home building industry,

you probably think of a one-of-a-kind home with everything you ever dreamed,

right down to the door knobs, at a price reserved for people with large,

six-figure incomes. At one time, that was probably correct. But things

are changing.

Today, there

are myriad custom home options and a variety of different levels of custom

home builders. There's still the fulltime, custom home builder who builds

a few homes each year. There are higher volume builders, who will customize

a home by moving walls or adding square footage. There are even higher

volume builders who offer custom options in just a few areas of the home,

such as kitchens with sunrooms, and kitchens as part of the family room.

Keep in mind

that a custom feature is not the same as an optional feature. Options

are usually standard features that are perceived as adding value, such

as built-in cabinetry, granite countertops, crown molding, or finished

basements. Custom features, however, are very personal. What one homeowner

likes, another may abhor. So the added value literally is in the eye of

the beholder. This is one reason why most builders will ask for you to

pay for custom features up front.

the definitions and boundaries of custom home building, builders have

given homebuyers more opportunities to build their dream homes without

starting from scratch. To customize or not to customize hinges on two

things what you want and how much you are willing to spend.

If you know

what you want, have a budget in mind and do decide to plunge in, consider

these four important steps at the beginning the process.

Select a

builder. The first step is to decide on a builder. You can begin by

interviewing several builders who have been recommended to you by friends

and associates who built custom homes. Contact your local home builder

association for a list or recommendation of custom builders in your area.

Be sure to talk with the builder's referrals and look at their work. Any

builder should be willing to show off custom work he or she has done in

the past. Make sure you feel completely comfortable with your builder

before you tackle such a large project.

Choose a

homesite. By choosing your builder first, you get the benefit of his

or her assistance as you make decisions about the lot, the architect and

the financing. Have the builder evaluate the lot you're considering and

comment on its appropriateness for the home you have in mind. Working

with your builder to select the right lot can help ensure you don't discover

any unexpected problems or costly modifications that need to be made to

it before you start building. Involving your builder up front can also

prevent you from overspending on the lot, preventing you from building

the type or size of home you were planning.

Design plans.

Most architects are happy to include builders in the planning process.

The design/build team of owner, builder, and architect allows all three

to comment during the design phase and make innovative suggestions. Your

builder can be extremely helpful to you as the plans are being drawn,

commenting on construction details and costs to help keep the home within

your budget parameters.

Research

financing options. Now you have a builder, a lot and architectural

plans. Most home buyers now need a construction/permanent loan in order

to finance their dream home. The banks will reserve the right to approve

the builder you choose. Many banks offer extremely attractive loans that

initially finance the lot and construction and then convert automatically

to a mortgage loan. These construction/permanent loans have made it very

easy to finance a custom home. Some custom builders may be willing purchase

the lot for you. When the home is completed, you can roll the amount of

the home and lot into your mortgage.

With some research,

careful planning and a little know how, building your dream home can become

a reality.

(Chad Floyd,

who is with Chadwick Homes, is president of the Home Builders Association

of Midwest Georgia, which serves a membership of approximately 550 builders

and associate members in Fayette, Coweta, Spalding, Heard, Meriwether,

Pike, Upson and Lamar counties.)

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