First Time Builders Archives - Preston Homes of Texas

Questions to Ask Your Custom Home Builder

February 27, 2015 by Lance Poling

Preston Homes of Texas is the premiere custom home builder in Hill Country, Texas. We have nearly 20 years of experience in providing the central Texas area with custom homes of superior quality.

The decision to build the home of your dreams is one of the most significant choices you will ever make. In addition to making that decision, you also have to select a custom home builder that can make the home of your dreams a reality. At Preston Homes of Texas we understand that these decisions can be a bit overwhelming. We want to guide you through the process of custom home construction in order to help take some of the stress and intimidation out of building your dream home.

Beginning the Process

The first step in constructing the home of your dreams is to assemble a list of potential contractors. There are many ways to go about finding local custom home builders. An internet search is always a good place to start, and checking with your local Better Business Bureau is a great idea. Additionally, check with real estate agents in your area. Ask family and friends if they have had good experiences with a custom home builder, or if they know someone who recently has moved into a custom home they love.

Once you compile a list of potential builders, it is time to begin asking questions. Because building a custom home is such a momentous occasion, you want to be absolutely positive that you are hiring the perfect custom home builder for you. You will be working closely with your builder until your home is complete, so you want to be able to trust your builder implicitly to execute the plans you have for your dream home.

Questions to ask Your Custom Home Builder

Since finding the right custom home builder is so important, you will want to ask plenty of questions. The following list of questions is a comprehensive list of questions that you should be sure to ask any potential custom home builders:

How long have they been in business?
Will they provide you with references of recent buyers or homeowners?
What are available options and how customized can the house be (if using a floor plan from the builder)?
Are you able to up or down-grade appliances?
What, if any, are the additional fees relating to the home or the specific development chosen?
Do they offer a warranty? If so, what is the duration of the warranty?
What are the estimated property taxes?
Is there an established change order policy?
How often do the projects go over budget? What is the average overage amount?
Do they offer a written expected timeline for the project?
Is there communication during the project? Who would the builder have you contact if there were questions and concerns during construction?
What is the protocol if construction is not finished on the agreed upon closing date?
Are there any major development plans for the area within the next 5 years?
How is the school district rated?
Are there conveniently located doctors, day care, dentists, grocery stores, etc…?
Are there emergency services in the area?

The Custom Home Builder you can Trust

Since 1997, Preston Homes of Texas has been in the business of turning dreams into realities. As the National Association of Home Builders notes, “When you’re thinking about buying a new home, selecting the right builder is a key step in creating the home of your dreams. You should feel comfortable asking a potential home builder every question that you think is important.” We want to make you feel as comfortable and excited about building your dream home as possible.

Preston Homes of Texas is an award-winning custom home builder. We have an A+ rating with the Better Business Bureau and are a third generation family business. Our impeccable homes and superior customer service make us the custom home builder that you deserve. We would love to meet with you to answer any and all questions you may have about the process of building a custom home. Contact us today to find out how you can stop dreaming about your ideal home, and how you can start living in it.

Custom Home Building: Important Options and Decisions

June 26, 2014 by Lance Poling

Custom Home Building - Home Theatre

The benefit to custom home building is that you get to design and select nearly every single element that comprises your home.

Make the most of the custom home building process and do not let the vast amount of options and decisions overwhelm you. Work with your custom home builder to find the custom options that are right for you and your family.

When you decide that custom home building is right for you and your family, you give yourself the ability to turn a dream into reality. The decision to select custom home building is a significant one. However, it is only the first in a long succession of decisions, options and considerations that come with the custom home building process. Together with your designer and builder you will have a variety of decisions to make such as what building materials to use and how to landscape your yard. Selecting the right custom home builder can give you peace of mind that you will be making informed decisions based on expert knowledge and advice that comes with years of experience.

Custom Home Building Material Decisions

One of the larger decisions that comes with custom home building is deciding what materials to use. Many people find that they do not know enough about building materials to feel comfortable choosing these items on their own. An experienced builder can walk you through the list of pros and cons to each material. In addition, your builder is able to tell you what materials work best given your location and climate.

Green building materials are becoming increasingly popular for a number of reasons. When you choose to use green materials for your custom home building process, you choose materials that are not only sustainable, but also energy efficient. The National Association of Home Builders suggests “Green building is a practical response to a variety of issues that affect us all – like increasing energy prices, waning water resources and changing weather patterns.”

Green building is a broad term that encompasses everything from site design to water saving plumbing fixtures. Custom home building allows you to choose green materials and enhancements that help save you money and improve the quality of life for your family.

Interior Options

Custom home building gives you the ability to select many of the features and fixtures in your home. Consider some of the following options you have with custom home building:

Lighting Fixtures
Custom Counters and Cabinetry
Flooring Options from Hardwood to Carpet
Plumbing Fixtures
Windows and Doors

This list is not exhaustive and there are other areas of your interior that you can discuss with your builder. Love movies and entertainment? Add a home theater to your home. If fitness is important to you and your family, ask your builder what can be done about building a custom gym in your home.

The truth is that anyone can build a house, but it takes someone special to build a home. Let Preston Homes of Texas be your custom home builder and allow us to turn your vision of a dream home into a reality.

Financing a Custom Home: What You Need to Know

May 27, 2014 by Lance Poling

Financing a Custom Home

Financing a custom home is a critical financial decision. Make your dream custom home a reality through proper research for financing a custom home.

Financing a Custom Home: The Available Loans

The first step in financing a custom home is similar to the first step made for any financial decision: review your personal finances and know your options. Typically when financing a custom home your option is to apply for a construction loan. Realtor.com notes that there are two options for construction loans when financing a custom home. These options are a one-time closing and two closings. In one-time closing construction loans, your lender approves an interest-only loan for 6-12 months during the construction of the home. When your custom home build is complete, the loan converts into a 29 year fixed-rate-loan. While this type of loan only requires you to pay one closing fee, it also requires an appraisal after the build and a conversion fee.

Many lenders view a one-time closing loan as far too risky and will require financing a custom home with the use of a two-closings construction loan. This is an interest only construction loan for the duration of your home’s construction that then is refinanced into an end loan to pay for the purchase of your custom home. As the name implies, this requires that you pay two separate closing costs.

For those in the beginning stages of financing a custom home, that is without immediate plans to build, there are lot loans available. A lot loan is simply a loan towards the money required to purchase the land on which the custom home will be built. These are often short-term loans and are not to be confused with the construction loan. Loansafe.org discusses the distinction between a lot loan and a construction loan, stating “…they are actually very different because with a lot loan the mortgage company will lend the borrower money for the land in which they intend to start building their home, and a construction mortgage is cash for the building to begin including the needed materials and the workers to begin construction.”

Financing a Custom Home: Your Obligations

Once you have decided upon the type of loan that works best for you in financing a custom home, you will need to complete the application process. The application process for financing a custom home is not much different than a loan for traditional homes and requires much of the same information. However, financing a custom home means that your loan professional or representative will also ask for a copy of the construction agreement with the company you have chosen for construction. This construction agreement must state the cost of your home, the lot value and possible upgrades. You may also be responsible for supplying a deed to the lot, a land contract for the lot on which you are building and floor plans for your custom home.

Once you have completed the loan application and submitted the necessary paperwork, you will wait for a response from your lender. If you are approved for a loan for financing a custom home, you will be financially responsible for any closing costs incurred.

Financing a Custom Home: The Building Process

Many lenders require your builder to purchase insurance on the structure prior to construction beginning on your new home. This protects you from any damage or theft that occurs during the construction process. One thing to be particularly cognizant of is cost. Often during the building process the cost of the project increases. When applying for a loan for financing a custom home, it is important to remember that you can reduce the amount of the loan if needed, but you cannot increase the loan amount once paperwork is signed. Thus you want to find a reputable builder, such as Preston Homes of Texas, to ensure that you are kept aware of the entire construction process.

It is not only important that you research lenders, but your builders as well. Preston of Homes of Texas is proud to offer work of the highest quality for your custom home build. We work with our clients every step of the way to insure that they are informed of the entire custom home building process. Contact us today to find out how to get started making your dream home a reality.

Questions to Ask Your Architect Before Blueprinting Begins

February 19, 2014 by Lance Poling

The construction of your home is the time when your dream becomes a reality. To ensure that what is built is exactly as you’ve envisioned it in your mind’s eye, it is crucial to find the right architect. Your architect’s blueprints will represent the home you and your family enjoy for years to come. So before blueprinting begins, be sure to get some important information from your architect. Here are some questions to ask your architect.

View a Portfolio

Your architect will be leaving his or her own mark on your home. Every architect has his or her own style. As your potential contractor if he or she has a portfolio you can view. Then, be sure that you and your architect have similar style preferences by seeing if you like the architect’s past work.

Gather References

You will be working with this architect for a long period of time on a crucial project. Ask your potential architect for a list of past clients you can contact. Take some time to contact these past clients to ask:

What it was like to work with the architect?
Did the architect finish your project on time?
Were the clients happy with the final result?
How has the architect’s work held up over time?
Were there any problems during the design or build stages? If so, how did the architect handle the problems?

Insurance

Different states require different minimum levels of insurance for architects. Some architects try to cut their costs by having the bare minimum coverage. This can leave you liable for anything that occurs during the build that should have been covered by the architect. Find out what insurance your state requires, what kind of insurance your architect carries, and if he or she has minimal or substantial coverage.

Talk Models

Nowadays, technology is everywhere, including in architecture. Many architects have adopted technological advances and can offer you a three-dimensional model of your future home. But some architects prefer to work with classic two-dimensional models. Think about which you would rather see, then ask your architect if he or she works with two- or three-dimensional models.

Know Everyone Involved

A home build takes numerous teams and team leaders including your architect, contractor, construction workers, interior designers, and material suppliers. This many people working on a single project is at risk for interpersonal conflict and communication problems. To ensure that everyone is on the same page, on schedule, and supplied with everything they need to complete their part, get a list of everyone involved, their phone numbers and, if applicable, their email addresses.

Get a Timeline in Writing

The number one complaint of people constructing their own home is that their project was not completed on time. While hiccups in shipping of materials, availability of construction staff and other issues cannot be predicted, it is important to ensure that your architect knows that you are expecting a home constructed in a reasonable amount of time. Discuss your architect’s availability and create a schedule of events to ensure your project will not be delayed.

How to Create a Realistic Custom Home Budget

February 18, 2014 by Lance Poling

Building the house of your dreams (and within your budget).

Overview

You have decided to build a new custom home. Now, how do you create a realistic custom home budget that will help to you to get from where you are, to where you want to be? Keep in mind that no one should expect to know all the in’s and out’s of a building project without putting in some time and effort.

Additionally, costs can and do vary, and although you may end up with a good estimate, you will need to be somewhat flexible and add in buffers for the unexpected. You can begin though, with some rough estimates.

One great way to find out what things cost is to drive around and look at recently built homes. Picks ones that are close to the size and style of your custom home. See what the asking price for the newly constructed homes (and the price of the land itself). Then you can subtract the cost of the land and get a rough idea of what to expect.

Create a Custom Home Budget

You do not have to be completely alone in this process. A good builder, for instance, should be able to help you avoid common pitfalls. You can also talk to your mortgage lender, do some online research or invest in a book about the process. For example, Amazon.com offers “Building a Custom Home for Dummies.” It is available in both electronic and print formats for a nominal price.

Budget Calculator

There are other helpful tools out there, and many are free. For example, you can find a budget calculator at http://www.building-cost.net/ to help you crunch the numbers. You might also want to check with family or friends who have been through the process themselves.

Essentials of a Custom Home Budget

First, you will need to choose a location for your custom built home. This is also an instance where taking your time really pays off in the end. You will need to add in the cost of the land (as well as any additional work such as clearing it). You are going to have two main cost categories: “hard” and “soft” costs. Your hard costs would be made up of the cost of the land, the materials and the cost of labor. The soft costs would be all the other costs, including “hidden” costs such as additional fees and other, indirect costs.

Moving, Landscaping, Lighting and More

Remember to allocate a sufficient amount of money for things that many people forget to include such as the cost of moving, how much you want to spend on landscaping and any additional fees or costs such as building permits, inspection fees, development fees and costs associated with closing.

What is Important to You?

After you have read a few books (or done some online research) and gotten a good feel for things, you are going to need to decide which things are must haves and which things are optional. For instance, can you live with one less bathroom if it allows you to put in a patio? Your answers will be determined by your family size, lifestyle, tastes and needs.

You Can Have the Home of Your Dreams

Building a custom home can be a wonderful experience if you are prepared to put in a little legwork and think about what you really need and want. Again, that is where a good contractor can truly shine. If they have been around the block a time or two, they can advise you about what to expect.

It is always better to be prepared than to go broke because you did not think things through. A good home builder or general contractor can make the process so much easier and enjoyable by assisting with many of your concerns to insure that no areas are over looked.

Image credit for How to Create a Realistic Custom Home Budget: Tax Credits

Questions to Ask Your Mortgage Banker Before Building Your Custom Home

February 14, 2014 by Lance Poling

Questions to Ask Your Mortgage Banker Before you Build Your Custom Home.

Before You Build, Get the Facts

When it comes to getting exactly what you want, nothing comes close to having your dream home custom built to suit your wants, personal style and needs, but before you break the ground, there are some things you need to know. When you build a home, you are in charge. You have complete control over the location, the size, the architecture and the little details that will create the exact look and feel of your new home.

In addition, you can build in energy-efficient features and other state-of-the-art benefits that might be difficult to find when trying to buy a home. The monthly savings on heating and cooling costs can be quite substantial. All of these things make building an attractive option. There are some considerations though and you need to do your homework. First, find the right lender.

Once you have a lender lined up though, you need to become an informed consumer and ask the right questions. Even if talking about finance make your eyes glaze over, you owe it yourself to find exactly what you are signing on the dotted line for. Asking questions up front can prevent problems down the road.

Don’t Be Rushed

Don’t let anyone rush you. Make sure to really talk to your lender. Ask how the funds will be dispersed during the construction. Do you need private mortgage insurance? If so, how much? How long are the rates you are quoting today good for? Will you be locked into a set rate or will there be a chance to adjust the rate later? How will the funds be dispersed? Do you have to leave funds in the bank for a certain amount of time?

Costs

How will interest accrue? What will the closing costs be? Additionally, make sure that you will have what you need (plus some) to cover unforeseen expenses. The last thing you need is to set things in motion and not be able to finish.

Find Your Custom Home Builder

After you have done your due diligence and asked the lender all the pertinent questions, there is one more thing to keep in mind. Make absolutely sure that you have a custom home builder that has earned a reputation for honesty, integrity and completing the job on budget and on time.

At Preston Homes of Texas, this isn’t our first rodeo. We know the ins and outs of creating a home that truly reflects your lifestyle, and that makes a tasteful statement about who you are. Let us show you how easy it is to have the home of your dreams.

Custom Home Building Checklist: 4 Things for First Time Builders

October 25, 2013 by Lance Poling

If you have been waiting for the storm to pass, now may be the perfect time to go for it.

Now is the Time to Build

Everyone knows that the last few years have been rough. For the longest time, it seemed that the economy just sort of sat there, somewhat broken and stalled out like a car, up on blocks in a darkened garage. Times are changing though, and that engine, while not exactly purring yet, does seem to be coming back to life.

Custom Home Building Checklist

Every month, jobs are on the upswing and economic indicators getting stronger and stronger. So, if you had your dreams of a custom home on the back burner, now may be the perfect time to get back into the game. Like anything in life though, big decisions should be carefully thought out. If you want to have the best outcome possible, you need to make sure that you have all of your bases covered. In the case of first-time home builders, here is a custom home building checklist to help you better prepare.

Location, Location, Location

First, know where you want to build. The three most important things in real estate are, in no particular order, location, location, and you guessed it, location. Pick a setting that fits your vision. Do you, for instance, prefer a more urban setting? Or, is a lakeside view retreat, your perfect landing spot?

Educate yourself about the local flavor and facts. Take the time to do a simple Google search and find out what makes the area tick. How are the schools? How are the taxes and how much development is the area likely to undergo? If someone is about to build an airport there, you might want to know about it. Make sure to pick a place that suits your lifestyle and your budget.

Create a Budget and Wish List

Speaking of which, make sure you create one. That is item number two on your new custom home building checklist. You need to know what you want to spend and plan out what you are willing to pay for it. If, for instance, you want a pool, then you also need to figure out the short and long range costs of not only building it, but maintaining it. Remember, it is all too easy to be carried away with a wish list. Condense it down to what you know you can’t live without- take time to realistically build a livable budget.

Learn From Others

Third, plan for contingencies. You cannot prepare for everything, but you should have a rough idea of some of the potholes along the road to your dreams. What are your timelines and what possible problems might crop up? Trying to envision potential problems and plan for them can save you both time and money when you are further in.

Be willing to do a little homework. Talk to people you know about their experiences. If you don’t know anyone who had a custom home built, then try looking online for information. You may be a first time builder, but you are certainly not alone. Other people have done it and you can learn from their mistakes.

Find a Reputable Builder

And that point, brings us to what is probably the most important item on the custom home building checklist, the builder. You need someone who is experienced and has an eye for details. You will want to select a builder who has a proven track record of success. The last thing you need is a fly-by-night builder leaving you in the lurch. You need someone who will be able to advise and guide you throughout the process.

Preston Homes of Texas is an award winning custom home builder that will take the time to learn about your needs and wants. They are experts at creating the feel, the ambiance and the lifestyle that you want.

For more tips and information on building a custom home, check out our facebook page.

https://www.facebook.com/pages/Preston-Homes-of-Texas-Custom-Home-Builder/167053993491382