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Old 03-06-2007, 07:20 PM
 
Location: Fort Worth, TX
1,379 posts, read 6,415,908 times
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I know a few people have done this and/or are in the process. Do you know what the process is or is there something published that can help?

Thanks in advance!!
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Old 03-06-2007, 07:49 PM
 
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Full blown custom from plans or using a 'custom builder' that walks you through the process of customizing one of their plans ?
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Old 03-06-2007, 09:35 PM
 
Location: Fort Worth, TX
1,379 posts, read 6,415,908 times
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Custom builder...they actually had one house that we walked through it was a spec house that we loved, but they just sold it last Friday. It was one of those where we thought it was WAYYY over our budget and went in on a lark...turned out that it sold for a lot lower and in our budget.

With that we would want to make some changes and like some other ideas from another custom builder. Thinking we might be able to tweek it into something that melds it...
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Old 03-06-2007, 09:43 PM
 
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Typically you pick a plan you like, with a lot, then go through the build process.

I'm with Darling Homes now and they are excellent. They walk you through the entire process. It's actually alot of fund and something I'd only dream of doing in CA.
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Old 03-07-2007, 11:59 AM
 
Location: Fort Worth, TX
1,379 posts, read 6,415,908 times
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Yah this is actually custom from the start, we are going to have a new plan designed.

I am curious if anyone knows about having to do construction loans etc?
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Old 03-07-2007, 12:45 PM
 
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I looked at this once when I was in CA. There are alot of good books on the subject. I would check out amazon.com and see what they have there. It's not a trivial process and requires alot of time and planning. I figured I'd pursue something like this once I retire, for now, there are just too many pre existing plans I've found that work fine for me and my family. Good luck.
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Old 03-07-2007, 01:24 PM
 
Location: Fort Worth, TX
1,379 posts, read 6,415,908 times
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Thanks I will check it out. I am going to add it to my stay-at-home Mom duties fun fun!!
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Old 03-07-2007, 08:51 PM
 
1,883 posts, read 2,994,366 times
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Quote:
Yah this is actually custom from the start, we are going to have a new plan designed.
Be prepared to spend more than the spec home cost.A spec home is an " as is" home.The builder does not have to please anybody specifically.If you don't like something about the home,well,thank you for looking and please step aside and let the next guy in.In a custom home,the builder has to please the customer to get paid,and generally the bottom line percentage goes up to deal with it,and also all the time spent with the customer making decisions on various things that a spec home builder would make by himself in a short time frame.

Quote:
I am curious if anyone knows about having to do construction loans etc?
Construction loans aren't that difficult.You take your plans to the lender,they take them to an appraiser along with the address of the lot,and the appraiser puts a value on the proposed home.If your builder's cost comes in at around the appraised value, and your credit will let you have it,then you sign the papers on the loan.Most lenders will loan only 90% of appraised value,if I remember correctly from our home.Your builder generally has to sign some papers signifying him as the builder on the note.As soon as you borrow money to pay for the lot,or pay the builder,you start paying interest on the loan.When the house is finished,it gets appraised again by the lender's appraiser at an exact value,and the lender tells you how much you can borrow in the permanent mortgage.They generally want you to make a down payment to get the loan at or under 80 % of appraised value,and if you go over this you have to pay for a mortgage insurance policy until the principal gets down to 80 %. If you have room in the loan,you can roll the construction loan interest into the permanent mortgage.

The dangers in this are building a house where construction costs exceed the appraisal value (it happens occasionally),and you are forced to put down a lot of money to get the permanent loan amount under the appraisal value.Another danger is having the house drag on without being able to close at the end,when you are accruing interest monthly on $ 200,000 - 300,000 ( or more ).Since you cannot close the loan without proof that everyone who worked on the job has been paid,some builders use this to force you to quit nitpicking them at the end.You are accruing interest all the while you are trying to make people come back and fix things you aren't happy with ( if anything).

But,all in all you end up with a better quality home that will hold its value and increase rather than decrease with time than almost any spec house you can find,especially in those huge developments.
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Old 03-08-2007, 11:54 AM
 
Location: Fort Worth, TX
1,379 posts, read 6,415,908 times
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Thank you lifer! That makes a lot of sense!
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