Yes, we can provide you with a floor plan, elevation drawings, estimate and a mini-contract, these three items are all the loan institution needs to complete your loan approval.
Our home building consultation is the opportunity for us to see what you have in mind, we go through a detailed question and answer session where you have the ability to tell us about everything you want in your home. When this session ends we have a good estimate of what it will cost to build your home.
Typically the bank or loan institution will require that you establish a "construction checking account" this provides a place and way for you to document funds disbursed for the construction of your new building. When this account is opened we are ready to get started. Mr. Spacemakers will submit a disbursement with details of expenditures, with receipts attached, this will be emailed to you for your approval, once you have approved it, you will forward to your bank, the bank will then move funds to your construction account and then you can pay the invoice.
Most general contractors charge a fixed fee for the entire build. You agree to pay the fixed price, no matter how much it costs to build you will pay the agreed price, any time the project comes in under the fixed amount, the builder gets to pocket the savings. Mr. Spacemakers builds your home for a fixed fee, which is a percentage of the estimated cost for the entire project. Any portion of the build cost that comes in below budget, you, the homeowner, get to reap the savings.
Construction loans are among the most risky loans for banks. This is why banks send out inspectors periodically to verify that work on the project has been completed. Here's a scenario; say you have selected a home builder and he is charging you $200,000 to build your home, and your contract states you will pay 4 payments of $50,000 each. You write the first check for $50,000.00, 1 week later the builder dies, now his estate has your $50k, and it may take years to get it back. When you control your building account, and the money paid from it, you greatly reduce the risk.
Absolutely! There's nothing worse than living in a brand new home for 2-3 months and being served with court documents regarding unpaid bills. Now you have to hire a lawyer to fight the lien. When you control your building account, you have a record of every invoice that's been paid, and you know when you move in that all of the bills have been paid.
Yes it is true! your best bet for a construction loan is a local bank or credit union, these institutions are closer to their customers and located in their local communities and have the ability to check on the building progress at any moment. You can see us for a list of local financial institutions that we have worked with. Keeping business local is good business, and gives you the best options.
There are a lot of factors that influence the time line for constructing a new building. Weather is the number one cause for elongated build times. Once the building is in the dry (enclosed with roof, windows, and doors) the building process speeds up dramatically. Second to weather is the details of your home, the size, features, functions, specialty items you may want, these all impact the time line. Lastly, there is a limited number of qualified laborers needed. Often scheduling these laborers is a major cause of delays, after all, while your project is important, it's probably not the only project happening in your town.
You have the most important part of the new construction, you will need to determine the interior finish out, i.e., choose the paint colors, flooring, counter top type and color, bathroom fixtures style and color, door knobs, cabinet knobs, hardware style and colors, light fixtures, ceiling fans, socket colors, brick, stone and mortar colors, styles and types, exterior windows and doors types, styles, colors, interior doors types and styles, trim styles, cabinet styles, wood, colors, the list is long and time consuming, but worth the effort.
Concrete floors are becoming more common, there are a few things one should consider when going the concrete floor route. Concrete floors will need periodic maintenance, clear coat added at intervals, they are not a worry free solution. Concrete floors will show every surface defect, and certainly surface fractures are visible. Winter months can make concrete floors seemingly tough on bare feet. Concrete surfaces are extremely hard on the back, just ask someone one who stands on their feet all day. Concrete floors are beautiful, and just remember, if you decide you hate it, you can always cover it up with standard flooring options. From a cost perspective, Stained concrete flooring is about $2-3 a sq ft, the same price as vinyl plank and some other flooring options.
We use Benjamin Moore paints, Benjamin Moore, started his paint company in 1883, and they still produce the highest-quality paints and finishes in the industry. Unless you choose otherwise, we will utilize satin or semi gloss on walls for easy cleaning, oil-base on Doors and trim, flat on ceilings. It typically takes 7-10 days to paint your home. Cabinet Finishes can be either stain, paint or pigment wash.
Today's homeowner has more accepted options for interior wall finishes than ever before. There are many trends today that may not be trends in the future. We encourage our customers to finish out the walls and ceilings in sheetrock, and then if a current trend such as ship lap or barn wood is desired, then place that over the sheetrock, this gives you the ability to change the look of your room at anytime in the future. We've utilized barn wood, tin, tongue and groove planking, wood flooring, laminate, plastic, sheetrock, plywood, just about any surface you can think of to finish the inside of a home. It's your home, it should be your choice, and we are all about what you want, where you want it, when you want it.