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 Building Vs Buying
 Buy the Lot First
 Cost per foot
 Should You
What will it Cost
How Long
Cost per Foot
What is a Spec Home
 
 
 
 
 
 
 
 
 


Frequently Asked Questions

 

Do I Buy The Land First?

When should you buy land? That depends on what is most important to you— such as the location or the house itself. Desirable locations don’t stay on the market long. And desirability is in the eye of the beholder. A fantastic, scenic hilltop view may be more important to you than proximity to food shopping or an in-ground swimming pool. Many people balance a variety of factors depending on why they’ve chosen to build.

A general rule of thumb to start with is: 1) Decide what kind of house you want; 2) Select a builder who is capable and willing to build that design; 3) Have your builder review the site before you buy it. As you begin to make choices, you’ll discover what’s important to you.

Good builders should be able to tell you before you buy whether any unusual topography is going to result in higher costs to build. Have the builder walk your potential lot(s) and give recommendations and guidance to where the "hidden" costs might be. The builder can also advise you how your dream home might fit on the lots which you are investigating. Can it have a walkout? Will a pool fit? Most builders will do this free of charge and without any additional commitment from you.

 

Building Vs Buying

New homes offer numerous advantages including:

Convenience: Kitchens in new homes have dishwashers, microwave ovens, garbage disposals, and other modern appliances built-in for convenience. New homes are built with convenient central heating and central air conditioning. There are more electrical outlets, as well as outlets for cable TV, telephone and computer networks. Bathrooms often have convenient features such as vanity cabinets, large mirrors, and whirlpool tubs.

Energy Efficiency: Because of better windows, more efficient heating and cooling equipment, better control of air infiltration, and greater use of insulation, new homes consume half as much energy as homes built prior to 1980. Old homes tend to be drafty and less comfortable. Also, frost and condensation are more likely to appear on windows of older homes, drip down, and cause deterioration of wood trim and walls.

Less Maintenance: The technology of home building has improved tremendously through modern construction techniques and materials. New homes are built better than ever before. They are solidly constructed and well designed for today's lifestyles. From air-conditioning systems to roofing shingles and windows, modern building products work better, last longer and look better. The result is a brand new home that is far more comfortable and easier to maintain and more enjoyable to live in.

You will get what you want: Why live with other people's taste in interior decoration? Why spend the next few years redoing the previous owner's home improvements when you can get what you want from the very start. From layout to cabinets to carpeting.

Technology: Installation of modern technology and conveniences including satellite TV, home theater, home networking, security systems and more.

 

Cost per foot

Cost per square foot is a commonly asked question of builders. Each home is quite different and the items included or not included make a major difference in the cost per square foot. There are probably 10,000 variables that can impact square footage cost due to home design, specifications, site conditions, and much more. Therefore, builders cannot give a set price of "X dollars-per-square-foot" cost until all the questions associated with the complexity of design, foundation, roofing, porches, trim, fixtures, flooring, counter top materials, etc. are known.  Every project is priced according to the materials and labor. Greg and Kay will work with you, suggesting alterations and options which can be used to achieve the desired budget.

 

What are Spec Homes

Spec homes are homes that a builder constructs without a customer. Oftentimes they are show-homes that are built to display the builder's craftsmanship and attract new customers. Sometimes they are built in anticipation of customers that have not shown up yet. Sometimes they are used as offices until the final home in the development is built.

Spec homes are great for potential customers because they give you the opportunity to evaluate the care and detail that go into the home building process. If a builder has a poor paint job on a show home, how much care will he put into building your home?  Spec homes can be deceptive, however. Sometimes the finish-out in them can greatly exceed what the builder considers to be standard. For example, almost every spec home will have crown molding, but not all builders consider crown molding a standard option included in the base price. Ask the builder what his base package includes. Walk a spec home with him and ask what is considered an upgrade. For example, right now most of the new homes have brushed nickel plumbing fixtures and door handles. Is that standard or an upgrade? Most homes have 10 foot ceilings with 8 foot doors downstairs and 9 foot ceilings with 6 foot 8 inch doors upstairs. Is that standard or an upgrade?

 

How long will it take to build?

The biggest factor in building is of course weather. Other factors are size of the project, location, materials, etc., but as an average, the normal 2000-3000 square foot house, will take approximately 6 months from inception to completion.
 

What should I look for in a custom builder?

The following are the top ten qualities that you should consider when you evaluate the potential builders of your new home:

Strong Reputation: Check references not only of recent customers, but also of people who have lived in their homes for a number of years. Poor quality may not be apparent immediately.

Experience: This is a major investment for you. Make certain that the builder has the experience and qualification necessary to build your home the way you want it. You don't want someone learning on the job.

Trustworthy: You want someone who you can trust. You will be relying on the builder to make hundreds of important decisions, and you need to be confident that he will treat you fairly. If you have the feeling that you are going to have to check everything he does, I would recommend that you find another builder.

Understanding and Caring: Building a custom home is a dream come true. You've probably spent years thinking about it. Now you want to work with someone who will take the time to help make your dream become a pleasant reality rather than a nightmare. You probably will change your mind during the process and the really good builders will try to work with you, while controlling costs.

Encourages You To Inspect Homes Under Construction: When a builder is really proud of his work, he will want you to see it under construction. Look at the quality of the framing, the insulation, the plumbing, the windows, and the craftsmanship and attitude of the subcontractors. This means much more than a glossy brochure or fancy web site.

Long Term Relationships With Quality Subcontractors: Most builders subcontract out much of the actual building process. The best builders have strong long-term relationships with their subcontractors. That is the only way to maintain a high level of quality and service. Builders who constantly switch subcontractors in search of the lowest price, often end up with lesser quality and longer building times. Instead of being partners in building a quality home, the subcontractors see themselves more as mercenaries, and they lack the pride that it necessary to build a great home.

Good Communicator: Part of building a home without having any unpleasant surprises is having a builder that has strong communication skills. They must be willing and able to constructively discuss any issues that may surface while building your home.

 

What should I ask my lender?

Start with, "What type of loan is best for me?" If you've done some groundwork, you should have a pretty good idea of the type of loan you need. But a lender may offer options you haven't considered, or even something you haven't yet heard about. Follow up with these important questions.

What will my closing costs be?

At closing, you'll be required to pay a number of fees such as transfer of title, origination and appraisal, attorney services, credit report, title insurance and inspections. Lenders are required to provide an estimate of these costs to you within three days after they receive your application, but you can always ask for an estimate sooner.

Will I be charged points?

Sometimes you'll have to pay points (one point = 1% of the loan amount) in order to "buy down" your interest rate. Before proceeding with your loan application, find out if there are any points attached to your loan.

What items must be prepaid?

Some expenses, such as the first year's property taxes and insurance, must be paid at closing. Your lender should let you know what's required.

How long will I be guaranteed the quoted interest rate?

This is called "locking in" a rate. When you apply for your loan, your lender will lock in the agreed-upon interest rate for an agreed-upon period of time (generally 30 to 60 days prior to your home being completed and your loan closing). 

 

 

 

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