Part 3: Choosing a Builder
Once you are pre-approved for WI new construction financing, you need to decide what kind of WI new construction builder you want to work with. Do you want to work with a Madison area semi-custom new construction developer like Veridian Homes, or you want to go the whole a la carte route of buying a lot and hiring a custom builder such as Michael F. Simon, Hart DeNoble or Cornett Homes, to name a few.
Working with a WI New Construction Semi-Custom Developer.
The difference is this: WI new construction semi-custom developers build WI Homes as packaged deals, usually in subdivisions where typically the package includes the lot and the finished home. You will be given the opportunity to personalize your model by selecting from the semi-custom developer’s frequently large collections of finishes and features. Often though, the developer will determine which model goes with which lot and may have already completed much of the rough construction before you sit down to select options. Additionally, because a WI new construction semi-custom developer typically does its own new construction financing, you will not need to get a traditional construction loan. This type of WI new construction is financed pretty much the same way that you would finance an existing home.
Working with a WI New Construction Custom Builder.
The a la carte process, however, is a different kettle of fish. Working with a WI new construction custom builder you will have many more options with how you want your home configured. Custom builders often have their own architects and draftsmen on staff who can modify existing plans to suit your preferences, or you can bring them your WI new construction plans or even the idea for a plan and they will typically be happy to work with you.
When you work with a full custom builder, you will need to secure your lot and apply for a construction loan to finance the construction process. Unlike the semi-custom developer, custom builders typically rely on you to provide the construction financing which they will access periodically through draws.
Nelson & Associates is your New Construction Buyer’s Agent Specialist.
As a Certified Residential Specialist and Accredited Buyer Representative with years of experience helping clients purchase WI new construction, I would be very happy to work with you on your WI new construction project. Give me a call today, and we can get started right away.