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We are looking at possibly building a home in a subdivision that uses several different custom builders. When going this route how do you negotiate? We will be working with a realtor but I am never one to not learn all I can.
We are a little worried about buying a house now that will not be done for another 8 or so months and having the market totally tank.
I don't know much about this... but I know if I was in your place I'd just send a canned letter to the entire development telling them you're looking to build in their neighborhood, and you'd like to find out if they had a good experience with their builder... I'd be sure and include a self addressed stamped envelope, and a pre-made form for them to fill out.
This will at least eliminate the builders who do shoddy work... people love to help if it's easy, so you should get a fair amount of responses. Just a thought...
There is one builder in particular that we are thinking of using. I have heard that he is amazing and the woman I have talked to did let me know that she has never heard a negative thing said about him or his work.
1. Use an online New Home Wish List including all your wants and needs. Provide this to each builder you are getting quotes from. Also, attach the wish list signed and dated by all parties to the final purchase agreement. This will protect you and the builder from discrepancies of verbal agreements which don't hold any water in court. Request that the wish list is referred to in the builder quote.
With today's economy builders are desperate and some times find ways to be the low bidder only to sock it to the buyer after construction has started, which sounds like what you may have ran into. A wish list off all your needs will help to eliminate some of these over runs. The builder that under bids the next builder by $10k isn't always the best choice. It's not the bottom line that the buyer should be looking at!
2. Utilize a Builder Interview and Rating System to choose the builder that best fits your needs. Get references from previous clients of the builder.
3. Check with the local Home Builders Association (HBA) and/or the Better Business Bureau. Ask the HBA if there have been ethics complaints against the builder.
4. Use search engines to check for any postings or news about the builder.
5. Have a plan that each builder is bidding from. Best approach is to have a plan drawn, but also the most costly if the plan isn't within your budget. Next choice, plans from magazines or online. Once you have the general cost of the home then have a plan drawn. Once the completed plan is finished it may change the price up or down as plans from magazines square footage can fluctuate when put on paper. Many builders include the plan as part of the building process. Plus the builder may have stock plans for you to choose from.
6. Tour the builders homes that are under construction, not just the model homes. For liability purposes the builder will most likely want to bring you on these tours.
7. Check with the local building inspector, many times they can't add their two cents, but some will.
Do your home work in advance, get organized, provide your wishes, protect yourself and GET IT IN WRITING!
If you would like to e-mail me I can let you know where to go online for some of these tools.
Home building can be a fun and rewarding process.
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