In our previous posts in this series we discussed the preliminary steps of building a Cincinnati patio home, selecting the right patio home community and floor plan selection.
Now on to the next steps, lot selection, pricing and financing.
Builders typically have tiered pricing for lots. Your "regular" lots will probably have no lot premium. But as lots get better (bigger, more private, wooded, etc.), the builders will add extra to the lot price.
Once you know floor plan and a desired lot, the builder's rep can take us through the next step: providing pricing information.
And while you might like the builder to just give you a printout of pricing for every option and let you peruse at your leisure, but that's not the way it typically works.
Instead, normally pricing involves a sit down with the builder's rep. They'll input your floor plan and lot selection and that provides the base starting price. For some builders, that base price may include a LOT of features like granite counters and a fair amount of hardwood flooring. In other cases, the "vanilla" starting point is probably not even close to what you'd want.
So now the process starts. The selection of the front appearance of the home, also called "elevation". Different elevations may have different base pricing. The room by room, questions are asked. Type of flooring? Do you want THIS or THAT? Keep repeating, making adjustments, inputting allowances for this and that, and an hour or so later, there's THE NUMBER.
Now that number is subject to change. If the price is too high, you can adjust some features until you hit your target price. And perhaps when you're making final design selections, you might find that a level down from what you selected might be just fine. And if the numbers are just grossly higher than your budget, it might be time to reassess what we're building and where.
In regards to financing, most major builders either own their own financing group, or are closely affiliated with the builder. Typically there will some incentive offered to use the builder's financing (either a lower rate or closing cost reduction). Even if you plan to use another lender, most builders will require you to get preapproved with their lender. Obviously, they're planning to front a LOT of money building your home, so they want to make sure loan approval won't be a problem.
Next up, contract signing and the next steps leading to the preconstruction meeting. We'll cover those details in the next post in the series.
Topics in the series:
Pricing & Financing your patio home
Making selections
The preconstruction meeting
The build process (including should I hire my own home inspector?)
Final steps and completing the purchase
Ready to get started? Just give Bill a call at 513-520-5305 and we can discuss how we can help you build that perfect patio home!
Serving the Cincinnati patio home market,
Liz and Bill aka BLiz
P.S. Need help selling your home? We don't just help patio home buyers, we also help home sellers of all types of housing, not just patio homes. So if you need to sell to buy, we can provide you one stop service.
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