It’s no surprise that people are choosing to build in Vail Valley. I mean who wouldn’t want to live in a beautiful area that provides awesome amenities and things to-do throughout the entire year?
In addition to the obvious reasons why one would want to live in Vail (or surrounding areas), real estate is also on the rise. According to recent analysis by Land Title Guarantee Company, 17 percent of Eagle County real estate was purchased by Front Range buyers during the 4th quarter of 2015.
In addition, there are also a large number of buyers coming into the area from other parts of the United States and other countries, making a great area for a second home – either to live in or use as an investment property.
The one challenge clients often encounter when they decide to make the wonderful decision of building in Vail and surrounding areas is lack of planning and guidance from professionals. It’s not uncommon for people to purchase a vacant lot before they actually crunch the numbers and consider what it will cost to build the home of their dreams.
Todd Morrison, owner of PCW, summed it up perfectly, “People get very excited about the idea of building on a lot with amazing views, but they do not think about the extra added expenses that it involves. It could be up to 30 percent more expensive than a normal flat lot.
Over years PCW has worked on an endless number of custom home builds in Vail, and the mantra has always been to look out for their clients’ best interests from day one.
“When you buy a lot on a hillside or with long easements there is significantly more site work involved in preparing the lot to build. That means that there is more manpower to complete the project, which equates to a higher price tag. This is why it’s extremely important to work with a professional who can educate the buyer prior to these decisions being made,” Todd explained.
This is why it’s extremely important to work with a company that has extensive experience building in these types of areas. They can ultimately save you a large chunk of money and help you avoid not-so-happy surprises.
Kim Bradley, an experienced agent with Slifer Smith & Frampton Real Estate who specializes in working with clients looking to build custom homes explains, “There are many things that may look appealing at first to a buyer, like a long easement or the lot being situated on a hill. But these can drive-up the cost of a build, which some buyers don’t realize. Our job is to educate buyers before they are too far down the line in the process. It is important to consider how the lot will affect the resale value in the future.”
When Kim works with clients, she takes several proactive steps to ensure that costs and expectations are clear from day one.
- Request the buyer to narrow down their lot selection to three so that each can be analyzed from a build cost perspective.
- Plan for an architect in to look at the lots to discuss design plans and how the home could potentially be built to reap the most benefits (like taking in the views).
- Plan for a builder (like PCW) to visit the sites. Usually, at this step, the buyer is informed about costs and various options, which allows them to plan budget accordingly.
- Finally, there is a process of elimination of three lots based on costs, benefits and time needed for completion of the home build.
Like Kim, Todd urges clients to work with someone who knows the area because they’ll know what they are looking at from a cost and time perspective from day one prior to the project commences. If something is too expensive, alternative decisions can then be made versus finding out in the midst of construction and it being too late to turn around.
Here at PCW, educating clients is a huge part of what we do. We don’t want there to be any surprises midway through a project. This is something our clients tell us time and time again that they’re very grateful for. The only thing better than a custom home is a custom home that is scoped out from day one with all factors considered. It definitely makes the process better for everyone involved.
If you have any questions about a custom home build in Vail or a surrounding area, please don’t hesitate to contact us! We’re here to help and answer any questions you might have.