In a community known for exclusive, luxury homes and spectacular gated communities, it’s no surprise that locals seek out unique opportunities. Building a custom home in Park City can be a great way to curate a one-of-a-kind Park City living experience.

Maybe you’ve always dreamed of building a home from the ground up, maybe the idea of being the first person to live in a space appeals to you, or maybe you are just looking for something so special that it doesn’t currently exist in the market.

Regardless of your reasons for building a custom home, there are some things you should know before you get started.

Here’s how to build a custom home in Park City.

Identify the Dirt

The first thing to consider when buying land to build a custom home is really the land itself. This is the most important aspect of your new property because it’s unchangeable. Consider the location, the geography, the terrain, and more.

It would even serve you to have a few architects look at the land and provide their opinion before you buy it. Due diligence is important.

Wondering what it’s really like to live in Park City or Deer Valley? Read these posts next:

• How Luxurious is Deer Valley?
• What to Know About Living in Deer Valley and Park City
• Beyond the Slopes: How to Enjoy Park City Living Year-Round

Build a Team

You’re likely not going to be building the home from the ground up all by yourself. You’ll need to hire a team of architects and builders to get the job done.

In our experience, architects and builders are intertwined, they work closely together, so it’s important that your architect and builder (and their contractors!) have a good relationship.

For many people who build custom homes, building a team takes the longest. You need to interview, vet, and make sure everyone on the team works together towards your vision.

If you’re an investor, building your team can include hiring a property manager. Learn more about how to find a great property manager in Park City here.

What’s the Difference Between a Spec Home and a Custom Home?

You might hear the two phrases thrown about interchangeably but in truth, a spec home is quite different from a truly custom home. Here are just a few of the differences to consider:

Spec Homes

• These properties are usually built and sold by investors looking to turn a profit.
  Since the homes are built with the intention of selling them, many builders try to limit the amount of customizations in order to appeal to a wider range of buyers.
• This is not to say that spec homes can’t be unique or special, they are usually spectacular builds with a lot of quality finishes and features.
• However, they tend to appeal to the market. For example, if the home is being sold as a secondary vacation home, you might see something like two primary bedrooms. Or if it’s being sold for permanent residents, you might see a greater emphasis on building a family room or having dedicated offices to work from home.
• Budget is usually a greater concern in building spec homes, as the intention is to sell, and the investor wants to turn a profit.

Custom Homes

• In most cases, a truly custom home is built by the person who intends to live in it.
• The level of customization can be extensive, as the end user is the one calling all the shots.
• Budget is important here, but it’s common to see custom home projects exceed their initial budget. Sometimes the heart wants, what the heart wants, and the wallet just has to accept that custom marble countertops are a necessity.

How does Park City and Deer Valley compare to other resort towns? Read these posts next:

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• Deer Valley Vs. Aspen

How Much Does it Cost to Build a Custom Home?

That answer depends entirely on you! Whether you’re looking to build a home from the ground up or purchase a spec home, your budget can vary. However, some costs to consider include:

• The initial cost of the land.
• Hard costs such as building materials. (In many cases, you can expect anywhere from $800-$1,000 per square foot in hard costs.)
• Architectural fees.
• Builder and contractor costs.
• Landscaping and final touches.

Discover the best gated communities in this post right here.

How to Sell a Spec Home

In many cases, a spec home may be sold while it’s still under construction. This makes the selling process slightly different than with an already existing property.

First of all, with a spec home, it’s essential to know exactly who the buyer will be. Are you appealing to families? Vacationers? Professionals? Once you know who will be lining up to buy the home, you and your agent can work together to highlight the best features and cater your marketing strategy to appeal to the right type of buyer.

Another thing to consider is change orders. These are amendments to the original contract and in homebuilding, they can quickly get out of hand.

For example, let’s say the original scope of work budgeted for regular kitchen drawers and cabinets. But the buyer would prefer soft-close. That’s a change order. Or let’s say you opted for brass fixtures in the bathroom, but the buyer wants matte black–that’s another change order.

As a result, we always recommend that spec homes be sold after completion, or when the home is almost finished at least. Delaying your listing to get further along in the construction could help you avoid costly and time-consuming change orders.

Learn more about selling a home in Park City with these posts next:

• How Long Does it Take to Sell a Vacation Home in Park City
• How to Sell a Park City Home with Discretion
• How to Find the Best Real Estate Team to Sell Your Park City Vacation Home

Work with an Experienced Team

Building custom homes can get complicated if you don’t have experience. That’s why we recommend working with an experienced local real estate team who knows the land, understands the market, and can help you find the right architects and builders to make your dream home a reality.

Here at CMFH, we’ve seen it all, so we know what it takes to build a custom home in Park City without headaches. If you’re thinking about building or buying a custom home in Park City, get in touch today. You can call us at 435-647-8035 or email info@CFHparkcity.com to speak with our team.