Selecting a builder

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New Home Construction

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Warning: This presentation attempts to the be as accurate as possible while depicting the Construction Loan Process. Differences between processes could be a result of timing, construction methods, environmental conditions or builder practices. Use this presentation as a guidebook as opposed to an exact process.

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Advantages of New ConstructionOver an Existing Home You will get to decide on many of the design features including colors, flooring and cabinetry. New construction will conform to the latest building codes, especially important in hurricane affected areas. Builders typically warrant their homes for a period of time. The new appliances that come with your home are usually are covered by manufacturer’s warranties.

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Will reflect the latest style and current trends in construction. Energy Efficient Pre-wired for cable TV/Internet. You can even select the outlet locations. Advantages of New Construction Cont.

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/ http://www.nahb.com Finding a Builder Contact your local builders association for a list of members. Visit the National Association of Homebuilders website for a list of local associations Search sections in the Newspaper

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Parade of Homes New Construction Guides Developments Sections Featuring Builders Newspaper Sections for Builders

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How long has the builder been in business? Does the builder hold the necessary licenses? Where can you see other houses completed by this builder? Research the Builder

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Builder’s References Homebuilder Association membership? Is the builder acceptable to your lender? Better Business Bureau? Ask customers of the builder about: Quality of finished product? Responsiveness? Overall Satisfaction?

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Meet the Builder Does the builder or superintendent communicate effectively? Do you feel comfortable with the answers you receive? Visit a construction site and look at the quality of the work. Remember, the devil is in the detail.

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Upon completion of your home, most builders will walk through the house with you and note any problems that you point out. This is called a “punch list” and the builder will then discuss with you the best way to correct the problems. punch list n. a to-do list (of items requiring immediate attention); any list of significance. Punch List

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Some problems can be fixed immediately and some may take longer. Get a copy of the list Discuss the dates of completion with the builder Punch List Cont.

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Construction Loan Documents Construction Loan Agreement Notice of Disbursement Options Draw Schedule Florida Lien Law