Nc Retirement Communities-building A Custom Home, Part 3 Of 3
Building
Building
Building Costs
Current building costs in the coastal areas range from $110 to over $200 per heated square foot. Please note that price is indicated at a cost per heated square foot. The reason is it is customary in North and South Carolina to quote prices based on the heated or living space because they typically include the unheated areas such as porches and garage.
The size of the home and what goes inside will determine greatly influence the cost per heated square foot. The size of the home will affect the cost per square foot, through economies of scale and the inherit requirements of most homes. Many families will require a kitchen and bathrooms in their home, which are the most expensive rooms in a home. Therefore, if you build a 2,000 square foot home, you will need a kitchen and bathroom and the rest of the house are bedrooms, a living room, dinning area, etc. The percentage of the home occupied by more expensive rooms is greater than the less expensive rooms, resulting in a higher per square foot cost. A 4,000 square foot home will have more rooms, but not necessarily more kitchens and bathrooms, resulting in a lower per square foot cost.
Evaluation Builders
As a rule of thumb, families should interview three builders.There are four principal criteria when evaluating builders, including experience building custom homes, licensing, financial stability and previous customer references. The many architectural review committee assists families with ensuring that they will have a positive experience with the building process. The committee reviews and evaluates builders once plans are submitted. The review committee evaluates and requires:
Unlimited North Carolina General Contractor License
Experience Building Custom Homes
Financial Stability
Positive References From Previous Customers
Building costs vary from one builder to the next and it is important that when you are receiving quotes that you compare apples to apples. Unanticipated costs may arise from builders that charge separate fees for site preparation, sewer tap fees and other ancillary fees associated with building a home. While some include all fees related to the build, other may do not.
Other concerns are the products that are being used to build the home. A good example, which can save a homeowner money, is the use of particle board over plywood. This guide wasn't written to debate the merits of one product over another, but the point is know which products the builder will be using to effectively evaluate their offer.
Building Agreement
The building agreement will vary from one builder to the next and most often performance clauses are commonplace, ensuring that the work is done to the specifications and satisfaction to the client. Read through the building agreement thoroughly and it is advisable to have an experienced real estate attorney review the builder's contract.
If financing the work through a bank, the bank will set benchmarks for work to be completed and provide money to the builder over several benchmarks. Often, a bank representative will visit the job site and evaluate the work that has been accomplished before the provide money at each step of the building process. The number of payments will vary from one bank to the next, but all maintain a site inspection policy to protect the bank and owner's investment.
Review Plans
Prior to beginning construction, the builder will meet with or have a conference call the owner prior to beginning construction and filing for a building permit. If you have any questions about the builder or plans, now would be the time to address and concerns. Keep in mind that once the building process begins changes to the plan will incur costs, typically called "change orders". Change orders can add up and significantly influence the final cost.
Submit Plans to Architectural Review Committee
At last, things are under way. The builder will submit your plans to the architectural review committee. Upon receipt of the plans, along with the design review fee, you can expect to receive a response in 30-60 days, however reviews times will vary by community.
At this point you will be required to have a site survey done, if the builder hasn't already initiated one. The site survey will indicate and tag trees to be removed and detail the home building envelope. The review committee will visit the site to ensure that the home doesn't not violate architectural standards with regards to setbacks and unnecessary tree removal.
After the plans have been reviewed by the committee they will contact the owner and the builder by mail detailing and changes they require for approval.
Once the changes have been made and new plans developed, the builder will resubmit the plans to the review board for approval. This process may repeat if the plans do not correctly reflect the changes requested by the board. As stated earlier, this is where using an experienced builder and designer is crucial. Each submission to the committee requires a design review fee, which can add up if resubmitting multiple times.
Begin Construction
You plans are approved by the review committee and you are ready to begin your home. The builder will obtain a building permit from the local county government and contact an excavation company to prepare the property.
Construction Milestones
During the building process, whether using bank financing of simply or bank drafts to the builder, there are stages of construction review that vary whether being inspected by the bank, by the builder, our local government inspector.
In addition to structural milestones, the owners will need to make selection of appliances, paint colors, hardware, cabinets, etc. These selection can take place at anytime prior to their implementation and often can be accomplished in a few short visits, or in some cases not at all.
Closing
The weather has cooperated, the sub contractors efficient, and the builders predictions on target, now you are ready to take possession of your new home.
Prior to the closing the builder will obtain a Certificate of Occupancy, which requires the county building inspector to review the work and ensure that everything is appropriate to the North Carolina building guides lines.
Upon receipt of the Certificate of Occupancy, the builder will contact you to schedule a walk through of the home with the owner. It is here that you can thoroughly inspect the work of the builder, ensuring that it is to you satisfaction.
As you walk through the your new home you may observe issues, small or large, which you will want to note. The problems that you see make up what is commonly called the "punch list" and the depending on the scope of the issues you may wish to postpone closing until they are resolved. Often these are small inconveniences, which the builder can address after the closing, but depending on your situation you may request that the repairs made in advance of closing.
It is common for quality builders to return to a home up to 2 years after closing to address issues that developed over the course of the years typically caused by natural settling of the structure. The builder is not required to do these repairs, but considering many of their clients are developed from word of mouth advertising, many go above and beyond in the name of customer service. In most cases the builder will provide a 1 year warranty on their workmanship. You may also desire a home warranty through a 3rd party, but this is often purchased for older homes.
by: Darren Bouley
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