If we do decide to go with the custom build option, is it possible to negotiate with the builder on price? What’s the best way to do this?
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Negotiations are expected between a home builder and a home owner when an estimate for building a new home is provided. I would expect the builder to have a little room to negotiate the price, but if they are able to drop the estimate 15-20%, that means the estimate was too high to begin with, so you might expect them to be able to budge a few percent here and there.
There is always room to negotiate although I do not recommend going with the lowest bidder based on your results. Some contractors bank on change orders during construction and give a low number just to have the signed contract. If the original contract number is all inclusive then project “surprises” are minimized. There is a old famous saying… “you get what you pay for.” I believe this to be true in construction too.
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The first thing to do is actually pay for plans by an architect. The plans are then yours.
Once you have plans, you can bid them among multiple builders. This assumes that you have the lot already. But once you have multiple bids, you are assured to have the best price for the house you want, that you worked hard with your architect to customize for you!