Navigating New Construction: Pt. 2
As you can see, Larry & Kim’s house is now complete! They closed on the property just as the last piece of sod went down. As they are settling in, I’m recounting the second half of the building process. For those of you who clicked on this link to see cool pictures, there is an album below. Scroll on.
However, if you kept up with the our original "Navigating New Construction" post, then here is the remainder! Hopefully this serves as a useful resource for those of you that are contemplating whether or not building is going to be your next move.
Where I last left off, Larry and Kim were officially under contract. They had an agreed upon floor plan and spec sheet, outlining every detail about the house. Various categories are broken down into allowances, so that they are able to go to showrooms and pick their finishes within a certain price point, so that they can stick to their original contract price.
At this stage, we proceed to…
STEP 4: The selection process is one of the more demanding phases for buyers. In order to make it easier, Key Homes delegates an employee to oversee this part of the build. She even provides buyers with a “selection schedule” for them to meet with each vendor and think through the available options. The takeaway here is to focus on the finishes within your budget. It’s easier said than done, but you will be glad you took that approach! As boring as it sounds, part of having a really good building experience is being realistic throughout.
Also, remember that just because you are not maxing out your budget on an item, doesn’t mean that you won’t have plenty of amazing options. What matters is how it all comes together! It can be a huge help to bring a designer on board to help you make confident decisions. They are fantastic at helping you to visualize how all of the finishes will coordinate when it’s all said and done.
STEP 5: During the initial period after you sign a contract, you won’t see much progress at the building site. Don’t worry! They are securing the proper permits before they begin. Once the paperwork is squared away, foundation and framing will quickly take shape. As framing is completed, a meeting should take place to discuss electrical and plumbing. These are the next contractors on the list and you will want to have a say in how the electrical and plumbing is placed throughout the house.
TIP: From here to completion, we encourage that every buyer visit the site periodically to witness things first-hand and be a part of the process.
STEP 6: Appraisals are handled a little differently here compared to a resale. With a new build, your lender will order an initial appraisal prior to the house being completed. The appraiser will tour the build and utilize plans and spec sheets to come up with the appraised value. Once the property is fully completed, he will return for his final appraisal. This final domino should trigger a clear to close from your lender!
STEP 7: Completion also calls for a final walk through at the home. Key Homes refers to this as a home presentation, and they use it as an opportunity to explain important features of the home.
STEP 8: This final step means that your hard-earned closing day has finally arrived. Everyone wants peace of mind when taking ownership to their new home, so warranty information is critical! Key Homes uses the closing to walk you through the various warranties that come with the home. You will walk away with a detailed folder and a set of keys!
That wasn’t so hard, right? I bet you’re ready to build now!
Now for some inspiration! I love how Larry and Kim’s finishes came together. They are “survivors” of the process and are looking forward to living here for years to come.
