I dont know how much help/unhelp I will be. But we pretty much did everything into buying a new home and got out of it three months before it was done... so heres what I got from it.
Quote: Originally Posted by MikkiStreak Frank and I are starting to research home building in anticipation of actually beginning the process later fall/winter. Even tho I've been a homeowner before, I've never built, and I'd like to "smarten up" about this and see what this has been like for other people.
1) Whom did you choose for your home builder and why?
We used trend homes because at the time many of our friends bought homes from them. SOme of them bought multiple for the investment. We loved the style and at the time thought it was a great deal and in th price range of what we were looking for in a new home.
2) Did you finance using your home builders mortgage company? Any pros/cons to using theirs instead of your own?
We went to get out "quote" or whatever you wanna call it and they were giving us a HORRIBLE deal. My aunt was a mortgage broker at the time and because of that we were going to get a great deal through her. She also said NOT to go through them. This was just rend homes mind you, many new home builders offer great ones. Just not ours.
3) What do you know now (that the building is finished), that you wished you knew then (before starting the building process)?
Hmmm never moved in....
4) What didn't you expect in the process? (or, what "surprises" did you have in the process- both good and/or bad)
The whole process was very easy, almost too easy I felt like I should have been doing something/signing papers/ something but we just waited and did nothing
5) What advice would you give to someone starting the process?
Definietely research around as much as you can. I know thats a given, but seriously I feel like my FI and I kinda jumped into it because of the price and the market at the time andwere afraid we couldnt find anything else. Also the reason why we did not get the house was because of the market. At the time here it was at a point were people thought the prices were going to get higher (mind you it took 9 month to build the house) since the market here was soooo crazy it ended up dropping and the builder would not negotiated a price with us. If we would have moved into the house we would have been down about 40k. I know ridiculus. It ended up the builder is now out of business. So I guess what I am trying to tell you in this long drawn out story is try to predict the market. If it is crazy there like it was here you will have to really consider if it is a good idea or not.
6) What would you have done differently if you did it all over again?
Not done it. LOL
7) What did your builder consider "standard" options? And what did you choose for "upgrades"?
That was the other issue. NOTHING was standard... we didnt ever get doornobs I mean WTF!
What percentage of your final price was due to upgrades? (example: if the home was $200,000 and you spent $25K on upgrades...)
Our base price was aroun $200k and $40k in upgrades (we did the BARE MINIMUM in upgrades too... crazy)
9) What kind of timeframe did you have for this---- from starting to research, making a decision, then actually building and finally moving in?
It was about nine months (we told them we didnt want to do it about 6 months into is.
10) What was the easiest decisions you had to make? What were the hardest things to decide on?
Easiest would be the upgrades, the funnest part picking it all out.... hardest the upgrades figuring out how much everything is you want LOL
Any input you feel like sharing is definitely appreciated!!! This is new, exciting, but also where I have a huge learning curve to address and your input will definitely help us!