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What are best tips for construction of house?
07-30-2020, 06:50 AM
Post: #1
What are best tips for construction of house?
The process of building a custom home is often the most misunderstood segment of housing hunting. Said differently, a high percentage of prospective home buyers start out thinking they may want to build a custom home but then end up buying an already built “spec” home or working directly with a builder to modify a home that is in the process of being built.

The reason for the confusion is that most would-be “custom home buyers” have the basic sequencing wrong. They think that they will be able to find and buy a perfect lot, then hire an architect to design their dream home, then take the architect’s plans to a handful of builders who will eagerly bid out the project, then pick the builder with the lowest bid. The reality is that the order is usually reversed. That is, a home buyer ends up choosing a builder, and then together they identify the lot and build the house. The process is usually faster, smoother and less expensive for the buyer. Here’s why:
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07-30-2020, 06:50 AM
Post: #2
RE: What are best tips for construction of house?
First, let’s start with identifying a lot to purchase. To do so, it’s critical to understand the builder/new construction market. In our local real estate market (the DMV), you’ve probably noticed a ton of new construction. While some of the construction is “custom” projects in which a property owner has hired an architect and builder to construct a home on their lot, the vast majority of these projects are “spec” homes. A spec home is one where a builder/developer buys a lot and then designs and builds a new home on “speculation” that they will be able to sell to a consumer.
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07-30-2020, 06:50 AM
Post: #3
RE: What are best tips for construction of house?
When real estate markets are strong (like they are now), you’ll see increased spec home activity. Builders and developers invest enormous amounts of energy and resources into trying to identify the best lots on which to build a spec home. When they find a potential lot, they are prepared to pounce and quickly prepare a clean, cash-written offer with limited contingencies and closing terms customized to the seller’s needs (short or long settlement, rent-back period, etc.). They try to make it easy and simple for the seller to agree to their offer. There is a saying among spec home builders that they make their money on the lot purchase (as opposed to the ultimate sale of the finished home). The better the lot, the less risk it is to the builder. In fact, if the lot is good enough (and the builder has a good enough reputation), the builder might be able to presell the new home before it’s even built.
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07-30-2020, 06:50 AM
Post: #4
RE: What are best tips for construction of house?
How does a builder identify and price the lots they want to buy? It all starts with the “outsale” price. The outsale price is the eventual price that a builder anticipates they will be able to sell a new home for on that lot. From the outsale price, the builder backs out the hard costs and soft costs of building/selling as well as the profit margin they hope to capture. (Hard costs are the direct costs of the physical construction; soft costs are the “non-build” costs which include carrying costs, architectural fees, permitting fees, engineering fees, real estate commissions, etc.) Whatever is leftover is how much the builder can pay for the lot.

If a neighborhood doesn’t have any new construction there is more risk for the builder because there is no precedent for the outsale price. On the other hand, if a neighborhood has several newly constructed homes that have sold over the last few years, there is less risk for a builder as they will have supporting data with relevant, comparable sales. The more new-home sales in a neighborhood, the more that neighborhood has “turned over” and the less risky that neighborhood is to a builder.
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07-30-2020, 06:52 AM
Post: #5
RE: What are best tips for construction of house?
The best building method to use for your new home is an important discussion to have with your builder – and your architect, if you’ve hired one to create a custom home plan.

While most new homes in the U.S. are framed on site using conventional lumber (traditional stick framing), there are other ways to build a new home, including using light-gauge steel, modular homes that are built indoors and homes built with structural insulated panels and homes built with concrete. Below is an overview of the most common methods of new-home construction. Equipped with this information, you and your builder are ready to decide which method of construction is the best approach for your new home.
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07-30-2020, 06:52 AM
Post: #6
RE: What are best tips for construction of house?
As an example, let’s say a neighborhood of 200 homes originally built in the 1960s and 1970s has had a dozen “spec” home sales over the last few years ranging from $1.6 million to $1.8 million with an average close price of $1.7 million. The one $1.6 million home sale seemed lower because it was one of the first houses to turn over and on a busier street. The $1.8 million sale was more recent but on a relatively bigger lot and a relatively larger home.

A spec builder looking at that information might assume their outsale price is $1.7 million. The builder might also assume that it will cost them $600,000 in hard costs to build that home and $200,000 in soft costs. The builder might want to make $200,000 in profit. With this math, the builder could pay $700,000 for the lot. (Note: Our market has gotten so competitive among builders that the days of the simple “1/3-1/3-1/3 Rule” are over. Under the 1/3-1/3-1/3 Rule, the math was 1/3 for the build costs (hard and soft), 1/3 for the lot and 1/3 for profit.)
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07-30-2020, 08:22 PM
Post: #7
RE: What are best tips for construction of house?
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