Building a Home: What to Expect
Building a new home can be confusing whether you have done it ten times or never at all. The sheer number of products to be selected can be overwhelming for anyone. This outline is designed to give you an idea of what to expect when you build with Stewart Construction.
1. Qualifying:
Most people have a price range that they feel comfortable in, however, we encourage everyone to meet with a mortgage broker or banker to be qualified at the current interest rate, as well as to get an idea of the down payment requirement for the type of loan (if any) that you will be getting. This should be done as early as possible to be sure that the plans you are considering fit into the budget you have set.
2. Preliminary Plans:
Once you have decided on a price range that you are comfortable with, we can start to look at plans.
- Bring us your own plans. We can have them engineered for the building department, if necessary.
- Bring us a sketch of what you like. We will design the plan in our CAD system.
- Bring us your ideas. We will work with you to create the plan of your dreams that will fit your budget and lifestyle.
- Look through our plan books. There are many home plans available to get ideas from that can be customized to fit your taste.
3. Lot Deposit/ Architectural Deposit:
Once you have decided on the location for your new home, a refundable lot deposit will hold your lot for 60 days. During that time, we will complete the plans and specifications for your new home. If for any reason within this time you change your mind, your lot deposit will be refunded. Your plans, if completed, will be yours to keep for the cost of the architectural deposit.
3. Contract:
After we have a preliminary plan and specifications we can give you a final price and sign the contract. Payment plans vary based on your situation and your lender. If you are getting an end loan, after a down payment as required by your lender that is placed in escrow, we can finance the construction for you. If you are getting a construction loan, we will structure our payment schedule based on your lender’s requirements. If you are not getting a loan, we will structure a payment schedule based on the stages of completion of the home. We like to be flexible to meet your needs.
4. Shopping:
The fun part! Shopping for everything from carpet to siding. One of the great things about building custom is your ability to decide on everything. We will accompany you and guide you as much or as little as you like. We even have a few skilled interior designers at our disposal to help if needed. Our specifications are merely a starting point from which you can customize everything that will be installed in your home, and we are always open to new ideas.
5. Change Orders:
We understand that you may want to change certain things as we go through the process of constructing your home. All changes will be documented through Change Orders, which will specify what is to be done and how it will be paid for or credited. There is no fee for a Change Order other than the cost of the change.
6. Closing:
When the closing date is set, we will have a final walk-through of your new home to determine if there is a “punchlist” of items that need to be completed prior to move-in. If there are items that cannot be completed prior to closing (such as a lawn in winter), we will have you escrow money until we are able to complete those items.
We encourage you to meet with Todd at your new home while it is being constructed as often as you like to see the construction in progress as well as to meet the people who are doing the work. This is a good way to learn about the systems and construction practices that we use to build with and to become familiar with the intricacies of your individual home.
