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Build A New House

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Frequently Asked Questions About Building A Home.

1.  How long will it take to build?  If your home is going to be site built, an average build time is usually 90 days, from foundation.  Contingent on weather, market conditions, and availability of materials. Once under roof , most builders will be able to give you an estimated closing date.

2.  Do I need earnest money and/or a construction deposits? A minimal earnest/good faith will be given when the contract is presented to Builder for acceptance. After acceptance, an additional deposit may be required to begin construction along with a pre-approval letter. In most cases  all monies will be held by a neutral party, usually the Title Company and applied at closing.

3.  How does Financing work when building a home? Very similar to a traditional purchase. The total balance, & mortgage payments are not due during the building process, then due at closing. An exception would be a written agreement prior between you & the Builder. Traditional mortgage programs are available for a new home, being, union grants, USDA (Rural- down payment assistance program),  conventional, & FHA.Your are welcome to use your own mortgage professional but may be required to speak with the Builder's perferred lender as well.

4.  Define Base Price-Base price is formulated by adding the following factors; square footage, ground, standard features, market demand, and all devlopment costs when constructing a home.

5.  What is a standard feature? A standard feature is what a builder has already included in their base price. Pay close attention to the Builder's standard features, they will make a HUGE differance in your bottom line & actual purchase price. Whereas; an option is a feature that will be at a additional costs – over and above the base price.

6.  What type of warranty will I have? Most Builders will have 3 walk thru's, (1) prior to closing (1) 2-3 months after closing (1) at the 11th month.  In addition most builders will  purchase on your behalf an additional warranty, to include; structural. Please visit: http://bondedbuilders.com/. for one example.

7. What if I want to make changes to the floor plan? Then ask! Its is every Builder and Realtor's goal to make a home yours. Some interior design changes will not incur any additional costs. Some exceptions would be additional square footage, upgraded options, and custom elevations.

Contact our team, we like to make it simple, easy, with minimal stress. There are many details to building a home, again use an experienced team, Builder, Realtor, and mortgage professional. Not all Realtors are experienced in the niche market of new construction. 

Looking to build a new home? Contact us directly on www.nolanrealestategroup.com