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Signing A Contract With Home Builder - What Do I Need To Know
Posted on 6/14/22 at 4:37 pm
Posted on 6/14/22 at 4:37 pm
Meeting with a builder next week. Never built a custom home before. What should I make sure is included in the contract? What should I look out for?
39
Posted on 6/14/22 at 4:37 pm to GAFF
Dont let him frick you with unknown cost increases
Stiff penalty for walking away
Stiff penalty for walking away
Posted on 6/14/22 at 4:37 pm to GAFF
quote:
What should I make sure is included in the contract?
the price
the scope
the schedule
Posted on 6/14/22 at 4:39 pm to GAFF
How high to pucker up.
Posted on 6/14/22 at 4:41 pm to GAFF
quote:
What Do I Need To Know
you will pay for 2 houses to get one built today, maybe even pay for 3 at these prices
Posted on 6/14/22 at 4:41 pm to GAFF
References references references
Posted on 6/14/22 at 4:42 pm to GAFF
Cost+ builder.
Ask for at least monthly statements on costs vs budget. If something looks out of whack, discuss it when them.
Make sure if they run into an issue, they discuss it with you and "don't use their own judgement".
Make sure your plans are good if he isn't providing the plans.
Ask about his one year list. I assumed everything was included for any issues, but my builder had excluded that he would pay to repaint for drywall touchups, and I had to pay for it myself.
Ask for at least monthly statements on costs vs budget. If something looks out of whack, discuss it when them.
Make sure if they run into an issue, they discuss it with you and "don't use their own judgement".
Make sure your plans are good if he isn't providing the plans.
Ask about his one year list. I assumed everything was included for any issues, but my builder had excluded that he would pay to repaint for drywall touchups, and I had to pay for it myself.
Posted on 6/14/22 at 4:43 pm to Cosmo
quote:
Dont let him frick you with unknown cost increases
He is 4 months out from possible start date. How does this normally work regarding price? If lumber sky rockets is it the same quote? What if it drops?
quote:
Stiff penalty for walking away
I’ve heard of people firing contractors before. How is this possible with a contract?
Posted on 6/14/22 at 4:43 pm to GAFF
Familiarize yourself with the contract. Particularly allowances.
Posted on 6/14/22 at 4:44 pm to GAFF
I have seen stories of builders building a house and then backing out of turning it over to you and selling it for more profit instead. Don't let this happen to you.
Posted on 6/14/22 at 4:45 pm to GAFF
quote:
He is 4 months out from possible start date. How does this normally work regarding price? If lumber sky rockets is it the same quote? What if it drops?
It’s my understanding that they lock in the price with the suppliers when you sign. At least that’s how my builder said it worked.
Posted on 6/14/22 at 4:45 pm to GAFF
quote:
? What if it drops?
If lumber prices go down, he should pass the savings on to you. I guarantee you he’ll ask for
more money if lumber goes up.
Posted on 6/14/22 at 4:45 pm to GAFF
make sure you have a well defined , explicit materials list including brand name and model number, especially for kitchen, bathroom and AC or you will get fricked.
Posted on 6/14/22 at 4:46 pm to Cosmo
Just went through this also for the first time. I had him get all new quotes from his guys and asked to go on the higher side. I rather him tell me a big number and come in under than vice versa
Posted on 6/14/22 at 4:47 pm to chryso
quote:
I have seen stories of builders building a house and then backing out of turning it over to you and selling it for more profit instead.
Damn, I would burn it to the ground.. but I own the land I’m building on so I should be clear of this.
Posted on 6/14/22 at 4:47 pm to GAFF
Your interest rate is going to bend you over n bang you
Posted on 6/14/22 at 4:49 pm to cubsfinger
quote:
I rather him tell me a big number and come in under than vice versa
So your price could change depending on the material price when the build starts? That’s one thing I’m definitely curious about.
Posted on 6/14/22 at 4:51 pm to GAFF
If I was getting a house built, I would spend the extra money to go to a attorney who specializes in construction law and have him review the contract and take his advice. And if TSHTF with the builder he would already be familiar with the contract to step in immediately to protect your interests.
I know of an attorney in NOLA that does this kind of work.
I know of an attorney in NOLA that does this kind of work.
Posted on 6/14/22 at 4:52 pm to GAFF
You need to consult an attorney who knows what he is doing.
Include items that you want. Hold back retainage. Damages for being late. Mark up for change orders. Cancellation clause. Etc.
Make sure he signs a clear lien paper when you pay him. Have him list his subs snd suppliers. Make sure he has insurance.
Include items that you want. Hold back retainage. Damages for being late. Mark up for change orders. Cancellation clause. Etc.
Make sure he signs a clear lien paper when you pay him. Have him list his subs snd suppliers. Make sure he has insurance.
This post was edited on 6/14/22 at 4:54 pm
Posted on 6/14/22 at 4:53 pm to GAFF
quote:
So your price could change depending on the material price when the build starts?
In today’s current market, 100%. No builder or supplier is going to hold today’s quote for any scope of work for months out, much less a calendar year.
Spec home builders are ceasing construction now due to the uncertainties in costs and material availability across the board.
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