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Custom
Homes
Welcome to our Custom Home Frequently Asked
Questions section. If you still have questions please contact us and we will do our best to find the
answers for you.
Q. I don’t live in Arizona and can’t be
there when the house is being built. Does this pose any problems to
Yarborough Development?
A. While some clients
make several visits a week during the building process, others see the
completed home for the first time when they arrive with the moving van! If you live out of state—or
even out of the country—our staff is very aware of your need for
information and will keep you updated through progress reports, pictures
(if requested), e-mail, and more.
Additionally,
our clients are given a password allowing them to view their home’s
construction via our Projects web page .
Your
file is updated regularly so your home’s construction can be viewed 24
hours a day, 7 days a week, from anywhere in the world! This is certainly beneficial for
clients who live out-of-state.
Q. Can I buy a new
home for zero down?
A. Absolutely! All too often, people never
build the home of their dreams simply because they don’t think they
have enough money for a down payment.
They’ve often been told they need twenty percent of the
purchase price—up front—in order to buy a home. This simply isn’t the case.
Over the past few
years the market has been flooded with low down payment mortgages: ten
percent, three percent, and even zero down. And while these mortgages
typically do charge a higher interest rate (usually around one extra
point on the interest for a zero down mortgage), they do provide an easy
way for someone with stable income and not much savings to get into a
new home.
Q. Given the recent
interest rate hikes, is it a good time to purchase a new home?
A. Yes. Contrary to popular belief,
it’s an excellent time to buy. Now
that the refinancing boom of the 1990s has waned, lenders are fighting
for whatever homebuyers remain. In 1998, Americans took on $1.5 trillion
worth of mortgages; in 1999, that number was down a whopping $220
billion. It is definitely a
good time to buy.
Q. If my credit
isn’t very strong could I still qualify for a loan?
A. Yes. Many investors may overlook what
buyers consider to be bad credit. However,
the better your credit…the lower your payments will be.
Q. How much per
square foot does it cost to build a home?
A. This is a very
dangerous way to price a home. There
are just too many variables to consider: house style, design, roof
pitch, lot conditions, interior and exterior finishes, plumbing and
lighting selections, flooring, roofing, house location, decks and
porches, garages, utilities, and landscaping. All of these affect the cost
without adding to the finished square footage of the home. Beware of contractors who bid
the job based on square footage; they may pad their numbers to cover
themselves for unknown contingencies.
Q. How much can I expect to spend in
construction costs—as a percentage—in relationship to the cost of my
lot?
A. As a general rule
of thumb, construction costs will be three times the cost of your lot. For example, if you have
purchased a lot for $200,000, you should allocate $600,000 for
construction costs, bringing the total cost of the home to $800,000. This is only a rule of thumb and
shouldn’t be used blindly—there are a lot of variables involved. However, for sake of figuring
this works fairly well.
Q. I want to have a
home built. Where do I start?
A. The single most
important decision you will make is the selection of your building lot.
Design, size, and the total cost of your home will all be impacted by
the property you choose.
Next, you will need
plans drawn of the home you want to build. Then your contractor will be
able to give you an accurate price to build the home. From this point forward, your
contractor will direct the building process.
Q. Why do I need to
choose a lot before I decide on a set of plans?
A. The
lay-of-the-land often dictates what and how you can build. The design
you want may not fit the required setbacks. Views, the slope of the lot, the
angle of the house in relation to the sun, existing vegetation, and
access to the building site—as well as other factors—can greatly
impact the size, style, layout, and cost of the home. Your architect will take all of
these factors into consideration when he designs your house.
Q. Does Yarborough
Development have pre-existing homes or lots for sale?
A. We prefer to build
custom homes that incorporate the unique desires of each individual
client. Occasionally,
Yarborough Development does have homes and/or lots in inventory that are
available for sale. Please,
contact us for details.
Q. I found a floor plan that I really like in
a plan book. If I buy sets
of the prints from the company, can you use them to build my home?
A. Some "canned
plans" are better than others, but none of them are designed to
incorporate local building codes. At
the very least you will need to have the plans reviewed by a local
architect or engineer. At
worst, the plans will have to be re-drawn to include the details
necessary to pass building department review. So, instead of spending hundreds
of dollars for plans that don’t work, it is best to take the floor
plans and pictures you like to a qualified architect and have him
develop them into build-able prints.
Q. Will I need to
make any building arrangements myself?
A. Yarborough
Development will take care of every detail of the your home’s
construction.
Q. I used to be in
construction. Can I save money by doing any of the work myself?
A. We allow customers
to act as subcontractors, provided they are qualified and are able to
work within our schedule. Homeowner
delays can cause problems in scheduling other subcontractors, and poor
workmanship can reflect poorly on Yarborough Development’s name.
Q. We are thinking of
renovating our current residence, what’s your advice?
A. The costs of renovating should be weighed
against the value of your house, real-estate values in your
neighborhood, and the availability of other properties that could meet
your needs. Often,
renovations are not—or are just barely—cost effective. And while some renovations can
bring higher returns on your investment than others, if you intend to
move three to five years after the renovation is complete, it may not be
worthwhile. Additionally,
it's easy for renovation projects to snowball when you begin to consider
existing conditions
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