Another builder question (Tampa: real estate, how much, lawyer)

[BrandyWineVkus]

Hi guys, my wife and I are planning on getting a house built from Neo Homes (https://www.neohomes.net/).
They quoted me $280+ per sq.ft. Anyone has ever had any experience with this builder?

[EngGirl]

Originally Posted by BrandyWineVkus

Hi guys, my wife and I are planning on getting a house built from Neo Homes (https://www.neohomes.net/).
They quoted me $280+ per sq.ft. Anyone has ever had any experience with this builder?

They are only 3 y.o. in business under this name and based on what I could gather are not building many houses which is a good thing - there is a chance for better quality in construction. However, it's harder to find someone with reviews and experience too because of low volume of their work. They are on a higher end, so I expect great quality for the price they are quoted.

Word of advice - make sure you hire an attorney to review contract before signing anything. With the smaller builders like this one you have more chances to revise something in contract to protect yourself vs. when you go with nationwide builders where you either sign or out of the deal and contract only has builder's interest.

Out of curiosity, are you using them to built on your lot?

Good luck!

[BrandyWineVkus]

Thank you so much for reply!!

I am not, they offer land options, mostly in 33603.

It is a bit tough for me to figure out the per square foot cost. Any suggestions, as how they arrive at $280+ ?

[TampaMan2022]

Originally Posted by BrandyWineVkus

Hi guys, my wife and I are planning on getting a house built from Neo Homes ([url]https://www.neohomes.net/[/url]).
They quoted me $280+ per sq.ft. Anyone has ever had any experience with this builder?

We paid our initial deposit with them in August 2020, we're at least 1 month from our home being completed. This has been a terrible experience and I wouldn't do it again--we almost walked away from our initial deposit and I wish I had at this point. If you do move forward be very detailed on what's included vs. what's not included and be mindful of the allowances they gave you.

[Lillie767]

Originally Posted by TampaMan2022

We paid our initial deposit with them in August 2020, we're at least 1 month from our home being completed. This has been a terrible experience and I wouldn't do it again--we almost walked away from our initial deposit and I wish I had at this point. If you do move forward be very detailed on what's included vs. what's not included and be mindful of the allowances they gave you.

To the OP:

Forget the cost per square foot number. You need a detailed bid based on your floor plans. Your architect should be able to assist by providing the builder with plans.

Always remember that allowances are not real prices. They are just a number, actually a placeholder, until you pick out the items. An allowance of $10,000 for flooring doesn't buy much in a 2000 sqaure foot house. If you want wood, you'll pay more. How much more depends on what product you select. Tile? Vinyl (luxury or otherwise!).

Kitchen cabinets are also a major cost item. Will the allowance provide enough for the wood cabinets you want or only fiberboard?

Countertop allowances rarely provide for high quality granite or quartz. The builder may say he can get granite for the allowance amount, but there is very cheap granite in addition to better granite.

Does the allowance pay for Peerless and Glacier Bay faucets or Moen or Delta faucets?

This is part of the reason to select a good real estate/construction lawyer so they can review the contract and explain your risks. Don't depend on the builder or general contractor to show you the pitfalls you may experience. You need someone who has a fiduciary responsibility to YOU.

[Lisaatric]

I sell kitchen cabinets in Tampa and we’ve had several customers who close on their brand new homes, tear out all the cabinetry (in one case the floors too), and start over. I have not seen a builder here who used anything other than junk. It makes me so angry. It’s less costly for people to start over than to pay for the upgrades through the builder. Be careful!

[marc3565]

Buying New build with the dramatic inflation going on can be risky today

https://www.wtsp.com/article/money/c...9-329ea0d39361

[Lillie767]

Your attorney should be able to explain the escalation and allowance clauses in your contract. You have an attorney, right?

[jean_ji]

Originally Posted by marc3565

Buying New build with the dramatic inflation going on can be risky today

https://www.wtsp.com/article/money/c...9-329ea0d39361

With the included clauses there is no contract for the buyer, only the builder.

A new spec house near us is finally ready after ten months and the contract was cancelled, citing increased costs, the night before closing. The buyer is devastated thinking they had a contract and finding out they didn’t.

Along with increased supply and labor costs cancelling a contact which is understandable, those clauses are also being used just to get more money from another desperate buyer and is not acceptable.

[bentlebee]

Builders don’t adjust their contracts. You either agree or walk away, there is no lawyer that has been able to adjust the builders contract to make it better for the buyer. That is wishful thinking and not factual advise. Having a lawyer explain the contract to you is something else, if you do not understand what you sign then consult with a lawyer.

An experienced realtor can help with the process too. But don’t go with someone with no experience in new build homes and hardly no sales. There are plenty of people who now get their license and never have any sales.