We are looking to build our first home in the Wicomico area this coming year. No idea as to where to begin except that we are prepared to pay a large down payment if not the majority of the cost up front. We already have the land and are just looking to find a reasonable and fair home builder with a good reputation. Any idea's?
Recommendation's For A Home Builder...
- Thread starter lepgirl
- Start date
BoyGenius
Cyber Bully Victim
What if?
That's gonna be your fatal mistake. Let me pose these questions to you:
1. What if you put out a bunch of upfront money and they go belly up? The playing field is currently littered with the dead bodies of homebuilders and contractors at the moment.
2. What recourse are you going to have for shoddy workmanship? I'd rather have somebody's performance tied to getting paid.
3. What recourse are you going to have about them NOT performing work on the agreed upon schedule if they have money up front?
I think the smart way to do this is, and the way most banks do it, is to put them on the draw system: They do a little, they get paid a little.
opcorn?
That's gonna be your fatal mistake. Let me pose these questions to you:
1. What if you put out a bunch of upfront money and they go belly up? The playing field is currently littered with the dead bodies of homebuilders and contractors at the moment.
2. What recourse are you going to have for shoddy workmanship? I'd rather have somebody's performance tied to getting paid.
3. What recourse are you going to have about them NOT performing work on the agreed upon schedule if they have money up front?
I think the smart way to do this is, and the way most banks do it, is to put them on the draw system: They do a little, they get paid a little.
opcorn?
BoyGenius
Cyber Bully Victim
I would do a case search of any company or individuals you're going to get involved with:
Maryland Judiciary Case Search
There's a lot of mechanics liens being filed these days.
First decide what type of home you would like to build. Floors plans etc.
Get a quote for the turnkey package minus the land (which you already have).
Do you want to GC it yourself..stick build.. modular.. panelized?
Basement or crawlspace (poured or block).
Wicomico Shores or Wicomico County
Get a quote for the turnkey package minus the land (which you already have).
Do you want to GC it yourself..stick build.. modular.. panelized?
Basement or crawlspace (poured or block).
Wicomico Shores or Wicomico County
BoyGenius
Cyber Bully Victim
Here's the number one question you better ask yourself: when this home is done and built, if some unforeseen circumstance causes you to have to put a for sale sign in front of it, could you get the amount of money out of it, that you put into it?
The problem with homebuilding these days is land is still too inflated. Most existing homes with the same amount of land can be bought for less than you can build the same thing due to this land price inflation.
It can, will and is coming down.
Dukesdad
Well-Known Member
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