Building your dream home can be a fun and exciting adventure.
However, the decisions that have to be made and the process you go through can be extremely taxing. Building a new home for your family is much easier with a professional on your side to help you select the right builder, to fight for your best interests, negotiate on your behalf, and ensure that you receive the best product and service possible. The builder’s sales people are friendly, but keep in mind that their primary objective is to work for the builder’s best interests, which may not coincide with yours. Scott Rathbone and McGraw Realtors are excellent partners to entrust to work for you to get your dream home built with top quality at the best possible price. Scott has worked with many Tulsa Builders and helped many clients build their dream home. If you think that building a home in Tulsa is right for you, contact Scott for more information about different neighborhoods, builders, and floorplans or to set up a meeting with some local builders to view floor plans and homes in person.
New Construction FAQ's:
How long does it take to build a home? To build a home from scratch (no slab) takes anywhere from 3 months to a year. Various factors affect the timeline, such as the size of the home, custom plans, changes to the original design, time of year the build is started, inclement weather, and other unforseen delays. The average build time in the Tulsa area is probably 4 to 6 months. If you want new construction, but don't have 4-6 months to wait, you can look into model homes or spec homes (homes built by the builder that are not pre-sold). Many times you can find a spec home that may not be completed yet, where you can select many of the finishes in the home.
I have heard that builders are not negotiable on their prices, is that true? Not necessarily. While many Tulsa builders do not negotiate the prices quoted to build custom homes, 'spec' home prices are often negotiable. The longer a spec home sits without selling, the more negotiable the price becomes. Model homes are also a good way to get a new home with possibly discounted or free upgrades. Builders often have optional upgrades in the model homes, and discount them because the home is not truly 'new', plus these homes were often built months prior to selling and construction costs may have been lower at the time they were built compared to current construction costs. It is best to consult with your Realtor and let them help you negotiate with the builder to ensure that you get the best deal possible on your new home.
Will a builder accept a contract that is contingent on the sale of my home? Although they prefer not to, some builders will sometimes accept a contract for one of their homes on a short contingency with a 'kick out' clause. In other words, they will agree to sell you a home if you can sell your home in, say 45 days, provided that if another qualified buyer brings another contract on the home they will give you 24-48 hours to remove your contingency and purchase the builder's home. You might be able to do this by getting a 'bridge' loan or by some other means (consult your Realtor or mortgage company). If you cannot do this, they will no longer be legally bound to sell the home to you and may proceed with the sale to the second buyer.
How do I know if a particular Tulsa builder has a good reputation? There are many ways to investigage a Tulsa builder before making a committment. A good place to start is by asking your Realtor about them, but don't just take their word for it. Ask the builder for a list of prior clients for references. Check to see if they are a member in good standing of the local homebuilders association, and check them out with the Better Business Bureau. Also, ask your friends and co-workers what they have heard about the builder. Word spreads fast about good and bad builders.
How much money will I need to put down to start the construction process? This can vary from builder to builder and frome home to home. I have had clients start to build their new home for as little as $500 down (similar to 'earnest money' deposit). Smaller homes and spec homes will have smaller deposit requirements. Larger homes and custom-built homes or homes with a lot of non-standard upgrades will require a larger deposit, possibly up to as much as 10% or more of the purchase price.