For some homeowners, remodeling simply isn't the best option. In today's quest for getting precisely what you want in your home surroundings, many homeowners opt to custom-build a new dream home, either ready to finish or from the ground up. If it's indeed a "dream home" exact to all your specifications and personal style, then custom building is the way to go.

Tom Manley of Manley Custom Homes is firmly on the custom side of the fence. "Sometimes you can do a remodel and it's very dated," he says. "The only way to get exactly what you want is to build a custom house."

If this is the route you decide to take, your set of decisions are likely to be more involved and obviously costlier than remodeling. Nonetheless, starting the process with good information at hand is certainly advantageous.

Hesitancy to build a new home in today's economy is understandable. Doug McSpadden of McSpadden Custom Homes offers this advice to homeowners and builders: Be prepared to pay more for your custom home than the comp will currently support while recognizing the market is beginning to turn and will come back.

So, if you make the decision to build from scratch, where do you begin?

It's imperative for prospective homeowners to be educated on a myriad of topics relevant to the process. From gaining a reality of what is required to comprehending how these components dovetail together, the journey to a custom home – though intricate – is certainly worth getting exactly what you want. It goes without saying, but we will emphasize, that embarking on the road to a custom home requires mental preparedness and research. To fully experience the joy and satisfaction of creating your new living space, you must first understand the required time, money and effort needed to complete the project.

Ask yourself why you are building a new home. What are your goals, now and in the future, for the house? What is it you must have to make this home the one of your dreams? Understanding the motivational factors behind your decision to build is key in setting reasonable objectives.

Do Your Homework
Your first responsibility is to learn as much as possible about the custom-home building process. Research-worthy items are location options, including neighborhood, schools, and proximity to work and entertainment; builder reputations; and desired amenities. You may find it helpful to compile a comprehensive bid document – specifically outlining expectations – to show prospective builders who are bidding for your work. This gives you more control over where your money is going.

Choosing Your Home's Team Members
Assemble a "dream team" of professionals who will turn your ideas and file of desirable styles and layouts from magazines into a well-planned design implemented with professionalism and the highest craftsmanship. This team generally comprises an architect or house designer, a builder or general contractor, a real estate agent or broker, and an interior designer. Selecting the team members upfront facilitates a cohesiveness of the design process from day one since everyone embarks on your goals at the same time.

Developing comfortable communication with and among all team members is key. Most home projects, from start to finish, require 12 to 18 months; this often includes many weeknight and weekend hours. You will be spending a good deal of time with these professionals, and they will become very familiar with each other, so it's important to make sure personalities and work styles mesh seamlessly during your project.

Decisions, Decisions, Decisions
You will certainly be giving your decision-making skills a thorough workout. A new home has hundreds of materials, which could ultimately lead to hundreds of decisions. If you don't think you have the time and patience to handle this aspect, you may be better off working with an architect or house designer or selecting a builder who will customize an existing model. This is one of the first places where an architect, house designer or professional interior designer easily earns their fees, for obvious reasons.

Temporary Double Mortgages are Possibility
The ideal scenario is to sell your current home just in time to move into your newly finished custom home. This rarely happens; be prepared to support two mortgages, at least temporarily. Your goal is to avoid additional expenses related to finding alternate housing if your current home sells quickly, along with the associated costs of moving twice and possible storage needs. Also, as tempting as it is to make last-minute changes to plans, tread cautiously as these can add up to additional thousands on the mortgage.

There May be Surprises
"Expect the worst and hope for the best" is at times the mantra for those in the throes of a custom-home project. If the best-laid plans hit a wrinkle, be prepared to cope – calmly and optimistically. Realize that even the most reasonably set terms are not etched in stone. The best way to handle a kink? Stay involved and rest assured your stellar team of professionals was hired by you because they excel at what they do and know how to quickly handle any issues to get back on track.

If you have taken the proper steps to adequately prepare yourself before entering the elite custom-home owner arena, chances are you will be nothing short of thrilled when seeing your "dream home" completed. It's worth every second of planning!

Preparing for the custom-home building journey

Establish realistic expectations

Perform extensive research

Build your dream team

Understand the time commitment

Prepare for decision-making

Realize financial capabilities

Expect the unexpected

For a complete list of resources for this article please click here.