Custom Homebuilding Phase 4:
Finalizing Your Contract
You’re several steps closer now to living in your dream home. In the last phase you completed your floorplan, decided on an elevation, and selected your finishes. But before construction begins there’s some paperwork to finalize; the most important paper being your contract with your builder. This contract will finalize your home design and establish your budget and timeline. When the contract is finalized you’ll have a good idea when you’ll be moving into your dream custom home.
Finalizing Your Contract
During this phase the most important thing for you to do is review your floorplan and make sure all your selections from phase 3 meet your approval. During this phase you’ll speak with a custom home expert at Ilcor Builders to ensure that the floorplan you’ve designed and all your finishes fit within your budget.
Although you may want to rush through this phase and begin the construction process, it’s very important that you take the time to carefully review your contract and final home budget. Carefully review your budget, line by line. Your final home budget will also include the cost of your land and the cost of developing your homesite.
This is your last chance to make any changes without affecting your budget. Making changes or additions to your custom home after construction begins will cost exponentially more than it will now, and it will delay construction. So now is the time to make any last-minute changes.
If the projected costs for your custom home is within your budget and you feel comfortable moving forward, you will sign the documents and Ilcor Builders will begin building your dream custom home. If for some reason you’re not comfortable, want to make additional changes to your design, or the final home budget is beyond your means, you’re under no obligation to sign.
Most of us don’t have the ability to pay cash for a custom home. So, if you’re like most people you’ll be obtaining a home construction mortgage. Finalizing your mortgage will involve ordering an appraisal of your soon-to-be-built home and your land. The appraisal will take less than two weeks and Ilcor Builders will work with your lender or help you find financing.
When the contract is signed and financing is finalized you’ll move onto the phase 5: Drafting and Permits.
Take the First Step
When you’re ready, contact a custom home expert at Ilcor Builders to schedule your initial meeting.
Ilcor Builders has been building custom homes on your lot in Austin, Texas and the surrounding areas since 1963. We are a family owned business with over 50 years’ experience building custom homes. We would love the opportunity to discuss your custom home in our design studio in North Austin or in the comfort of your home. Please contact us at 512-476-7568 or request a free consultation.