How to pay & changes

Payment to us through “draws” from the escrow agent or bank:

Never pay for work upfront. After each stage of construction, a portion of the total cost is released from your construction loan to Craftsmanship Homes as payment. At every draw phase, the bank sends a neutral third-party inspector before releasing the agreed amount. Once the foundation is done, about 15% will be paid, and it continues that way. The contract includes a detailed breakdown. If you don’t own the land, it will be transferred after payment is made, before construction begins.

From Construction Loan to Traditional Mortgage:

You will apply for a construction loan, and once building begins, we’ll receive draws as outlined. The first draw will cover the lot cost and soft expenses. After the home is completed and you’ve received final occupancy, the construction loan, once fully paid, will convert into a traditional mortgage.

Custom vs. Customization Part 1:

This isn’t a custom home, but we can make small changes to the interior walls. Room sizes, and types can change. The stairs, exterior wall locations, window sizes, and window make and model can’t be altered. Exterior walls, as well as interior or exterior wall heights or thickness, must remain the same. Shower sizes, bath vanities, and bathrooms cannot be changed. Load-bearing walls or columns, elevations, and the standard features and options are also fixed.

Custom vs. Customization Part 2:

Door & window model numbers & quantities must stay the same, though their positions can be adjusted. Plumbing & electrical fixture model numbers & quantities also can’t be changed, but their placement can be modified. All choices must come from our database. The amount of standards can’t exceed the standard listed amount without extra charges.

Custom vs. Customization Part 3:

All changes have to be approved of beforehand by both parties. No changes can be made once construction begins. No changes can be made once the plans have been agreed to and signed off on. A 14k fee plus architect and management fees will be assessed if a change is made, after the agreement is signed. The builder reserves the right to reject any change for any reason.

The reserve is:

1/10 of 1% of your total price. and reserves the home for 10 business days and is non refundable if the home is not purchased within 10 business days. It is deducted from the final price of the home if the home is not purchased within 10 business days.

The deposit is:

The deposit cost ranges from 2% to 6% of the total price, depending on whether you own the land or we do. The home deposit is due within 10 business days after the reservation payment and is nonrefundable. It must be submitted with a signed contract and will be deducted from the final price of the home.

Soft draw and lot draw:

Once your loan is finalized with the bank, they’ll send us around 7% of your total construction cost. This will cover engineering, architectural, administrative, internal sales, and real estate commissions. If we own the lot, The lot cost will also be added, and the property will then be transferred into your name. This is the 1st draw during construction.

Paying with cash:

Before the home begins all the funds will be put into an interest bearing account with an escrow attorney. The homeowner will receive the interest amount. The money will then be released per the draw schedule as stated above. The third party inspector will come per the banks recommendations and will be randomly selected.

Disclaimers:

All details are subject to change without notice. Equal housing opportunity applies. No information is guaranteed, whether provided verbally or in marketing materials on this website, unless it is stated in a written contract.