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Frequently Asked Questions
Your architect or mine?
Architects, like many other professionals, base the cost estimate of a project and their fees upon the anticipated time and the difficulty of the design. Although they do not charge by the hour, they attempt to assess the client based on the changes involved and a client’s ability to make decisions. If a client is able to start with a general concept and then make modifications based upon specific individual needs, as happens when using our architect, there is a significant time and cost savings. Our budget process is more accurate based upon our familiarity with the architect and thus our bid is more likely to be lower than if we were using an unfamiliar architect.

How do we specify designs, details, and features found in our home?
Forrest Homes utilizes a team approach, which allows us to involve different skill sets. The architect designs the layout and determines the room sizes and flow of the home. Chris uses her decorating skills, experience, and vision along with client input to assist in making selections while giving particular attention to cost and impact on the budget.

How much time does the project take from start to finish?
Once the lot is identified and secured, the preliminary plan process, which usually takes a minimum of three months, can begin. This is based upon the preliminary plan acceptance, which then allows us to prepare the drawings to enable the engineer to design the foundation and structural plans. Typically, this requires two-three months and can be done simultaneously with the completion of the architectural plans including elevation, lighting and interior details. Once the engineering, final architectural plans and documents are prepared, the city inspects the plans (typically taking two-four weeks.) We work to demolish the home and close into the construction loan so that once we receive the city building permit, we are ready to begin construction. The construction process requires eight-twelve months depending upon the size and complexity of the design along with the homeowner’s ability to make selections. Changes are inevitable but through our construction communication process, plenty of time is allowed for selection decisions. This minimizes change orders, which can slow the building process and add cost.

What is the estimated building costs?
Building costs are based upon the size, design specifications and features of the home. Our computerized budget program allows us to arrive at a quick estimate based upon the size and allowances of the specifications. Without the cost of the lot, homes run from $150 to $250 per square foot.

What is the bank construction draw process?
Once we determine the budget for the home, the bank specifies percentages for various stages of completion and releases funds based upon completed status. The bank hires an inspector who visits the home to monitor periodic stage completion based on our funding requests. The band funds the draw request, with the homeowner’s approval, allowing us to pay vendors and subcontractors for completed work. We have the vendors and subcontractors sign lien waivers stating that they have been paid.

How is the project financing handled?
We have working relationships with several local banks. We ask that you meet with their loan officers and collectively we determine compatibility. Our preference is that one of these banks provides the construction loan to the buyer. The buyer will deposit 20% of the project cost with the bank at the loan closing and pay monthly interest costs during the construction process. At the completion of the home, the buyer will obtain a loan to pay off the construction loan and then close on the home.

 

 

 


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