Frequently Asked Questions
Home Plans
We are a custom builder, so we are happy to work from our plans or yours. We will ask that you make an appointment with one of our consultants to sit down and review the plans and to tour our showroom so we have a better idea of what you’d like to see in your home.
We will sit down and make any changes you would like to fit your needs or budget that make structural sense. We will talk about the things that are important to you and will often suggest changes to make the plan better or more affordable for you.
Pricing
Site Prep
There are three parts to the price of a custom home. There is land, house construction and site prep. Most builders, including Craftsman, separate the site prep from the cost to build the house. The reason is that the cost to build is based solely on the plan you have chosen. However, the cost to prepare the site (excavation, driveway, septic, well, etc.) is based 90% on the site you are using and only 10% on the house itself. So, our price includes everything in the structure of the house itself, from basement to shingles and everything in between.
Once we have a plan and visit your site, we can give you an accurate cost that will include a well, septic, excavation, driveway, possibly clearing, grading, and seeding. We will get accurate estimates on everything that needs done, handle all the work, and only charge you the actual cost of the work with no profit or overhead added. Craftsman will handle all permits for you and be right by your side to make your dream home a reality.
Financing
Yes, if you choose to build with us, you will need a construction loan if you plan to finance the project. Construction loans are different than loans you get when buying an existing home. With new construction loans, you pay interest only on the money that is dispersed during the construction of your home only. The disbursement of funds is based on each draw amount of the draw schedule that is provided by Craftsman. Lenders use the draw schedule as a timeline to pay the builder during the construction process. We generally request 6-7 draws total during construction. Our lenders will do their inspections and require homeowners to sign off on draw requests. After your home is complete, your construction loan will be converted over to a permanent mortgage.
Yes. We can recommend the best area lender for your situation, as well as provide you with a list of our preferred lenders. We are one of the only builders who will give you a contract price upfront, that will not change unless you choose to change something in the house’s design or materials. That takes a significant amount of the risk out for the lender and so they are frequently willing to offer better terms if possible. We also deal with the same loan officers at each of these banks, and each one knows our process and can thus move your financing forward more quickly.
Yes. When you apply for your loan, the lender will order an appraisal for the house and property together. Since the land is paid for, whatever value they give to the land will be considered as cash. You can even use part of it to pay for your down payment, etc.