Not a bad choice. The inventory levels in Central Indiana are insufficient to service the needs of the market so it's still a sellers market right now.
Building is an awesome way to get what you want. Personally, I've had several homes built for me and I've built my own home. Custom features are awesome.
Before you build, let me share some thoughts with you...
Be careful in your builder selection. Make sure they are reputable and can perform to your standards. A little consulting and research will go along ways... Look them up on www.bagi.com (Builders association of greater Indianapolis)
Shop your financing. Banks and mortgage companies will vary a fair amount as to points and fees. Production builders often have in house financing BUT look at the whole picture before you commit. They may offer you $1500 in closing costs but it may cost you more in the big scheme of things.
Be careful not to go crazy on "extras". Builders like "extras" because they make a LOT of money on these. I choke sometimes at what a builder charges for some "extras". Some things you might be better to wait and have them contracted after you close.
Plan revisions after you start will cost you. Don't be pressured into "breaking ground". Study your plan carefully and thoroughly. Think through many possibilities and scenarios before you sign the contract. Again changes after the fact cost big time!
Don't settle for inferior quality. For example, if a corner is an acute angle after it's drywalled and trimmed, you'll look at that for the entire time you live in the home. Make them fix it right!
Stay connected with your superintendent. He is most likely more in touch with the project than anyone else.
Consider prewiring your home for technology. Security systems and audio are best done hard wired before drywall. It can be done wirelessly but generally is more reliable and cheaper in the long run if you prewire.
Use a realtor that KNOWS construction! Your realtor may/may not know a lot about construction. See below.
This is important!
Almost all builders factor in their cost for you to use a real estate agent. They won't give you a credit if you aren't represented by one. You will, however, be on your own if you don't name a realtor. We STRONGLY suggest using a realtor.
Choose a realtor that KNOWS construction!
Here's 50 questions your realtor should be able to answer if they really know construction. If they don't, come see me and I'll work with you. Click here if you want the answers emailed to you.
I know construction. I've designed/built my own home, worked construction and flipped houses. Let me guide you thru the process.
click here for the answers
Robert Haynes, Principal Broker
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