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Buying a new home is one of the most exciting decisions a person can make in their lifetime. It is also a financially significant decision. As with any financial decision, research is crucial. Listed below is some basic information you should know and questions you should ask before embarking on your home building experience.
REFERENCES
- Every Builder should be able to provide a list of customer references.
- What professional and trade references can the Builder provide?
- What professional trade associations (ie. National Association of Home Builders)
- How long has the builder lived or worked in the area?
EXPERIENCE
- How many years has the builder been in business?
- What is the typical size of the homes the Builder has completed?
- What is the typical price range of the homes the Builder has completed?
- Is the Builder organized?
- What building trade experience does the builder have? i.e. ever work as a mason or carpenter?
- Has the Builder ever failed to complete a project?
BUSINESS BACKGROUND
- Does the builder have multiple jobs running at the same time, and if so, how will this affect your home?
- Is the builder readily available for questions?
- Does the Builder perform a certain aspect of the building process?
- Does the Builder supervise his own jobs or is there an assigned job supervisor?
- How does the Builder choose his subcontractors?
- How are change orders handled?
- Is the builder responsive to your need for changes?
THE CONTRACT
- Does the Builder complete their projects in the agreed time schedule?
- How thorough is the contract?
- Is the payment schedule detailed in the contract?
- How does the Builder handle payment for extras?
- Does the Builder provide you with a specifications book?
- Does the contract specify a mortgage contingency?
SERVICE AND WARRANTY
- When does the final walk through occur?
- Will there be periodic walk-throughs during the first year of ownership?
- Does the Builder contract with a warranty company?
- If you need a warranty service call, how do you contact the Builder to schedule it?
- Who will handle warranty service calls for the Builder?
- Make sure that your Builder is financially sound and able to finish your new home or renovation.
- Research your Home Builder before you sign a contract.
Once you sign the contract you are married to the builders do not find out then he can not finish the project! The collaboration between you and your Builder should make building a new home a rewarding experience.
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