Each year, so many people have a custom home built and are pleased with the results. You may be wondering whether you should do the same. It depends on a lot of factors. Some people are better off buying already built homes, and others are happier in custom homes. You'll have to decide which approach to take, and as you do, you'll want to make sure you're considering real facts — not the following myths.

Myth: Building a custom home is only for the rich.

You can find both pre-built and custom-built homes at a wide range of price points. If your budget is very small, then you might be priced out of custom homes. However, with even a moderate budget, you can have a custom home built. You'll just have to choose less-expensive finishes and perhaps opt for a smaller floor plan if you need to keep costs down. 

Myth: You have to find land before having a home built.

Buying land and then hiring a builder to build a home on it is one approach. But you can also look for a developer who regularly sells custom homes in your area. Developers usually include the cost of the land in their custom home building price, which means you can wrap the land cost into your mortgage. Working with a developer is usually the most streamlined way to buy land and a new home.

Myth: You can't get a mortgage on a newly built home.

You can absolutely get a mortgage to have a home built, or to buy a brand new home that a developer is building. Some banks won't issue a conventional mortgage; they'll want to issue a new construction loan instead. However, the idea that you can't secure financing for a new home builder is entirely false.

Myth: You must have a design in hand to have a home built.

If you have a design in mind, you can absolutely give that design to the builder and have them build the home to those specifications. But if you don't have a design, you can still have a home built. You can either hire an architect to draw your plans, or you can hire a design-build company that will design and build the home for you.

Having a custom home built is a great way to make sure you get the exact home you desire. Talk to a custom home construction company to learn more.