re: Buying a lot from a builder

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How does this usually work?

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In my experience the builder will require a deposit to begin construction. You'll agree on a set of plans and price.

Pro: It is easy to finance b/c the builder finances the construction and you just buy the home after construction is complete.

con: I've seen the builders able to charge more for a package deal b/c it isn't like you are getting multiple bids. They are usually dictating the terms and you are along for the ride.

Pro: The builder will most likely keep you in line with the allowances so you don't overbuild for the subdivision.

Con: You will most likely have less control over the design of the home. Most of the time builders have plans already chosen or he may limit what you can do. Sadly this can somewhat be a positive b/c many first timers to construction have no idea what works and doesn't work.