FAQ

How do we know we’re getting a fair price?

We recommend that our customers compare the quality and features of our models with others in the marketplace. Customers also need to compare the services that competing builders provide. Further, an appraisal will likely be conducted by the lender to assure that the home is a good value compared to similar homes in the marketplace.REMEMBER: DESIGN + QUALITY + SERVICE = PRICE

How long will it take to build my home?

Every home, site and customer is different. It simply takes a certain amount of time to complete each of the tasks in designing and building a new home. Our intention is to build the home as quickly as possible while maintaining quality. Once all decisions have been made a preliminary schedule for your home is generated, and a final one is generated once the home is closed in.

Will Landsted work with my architect?

Yes. However, if budget is an issue, we recommend that Landsted begin dialogue with your architect early in the design process. Years of experience have taught us that design done apart from cost analysis almost always results in a plan that far exceeds the budget.

Will Landsted competitively “bid” my plans?

Usually not. Bidding is very common in commercial construction where the specifications are very consistent. Specifications and quality levels vary widely in residential construction. Again, experience has taught us that bidding rarely, if ever, produces an “apples to apples” comparison.

Do I need a real estate agent to buy a new home?

Landsted, LLC, is a real estate brokerage as well as a builder. If you have a real estate agent working with you when you contact Landsted, please let us know. We need to make sure that real estate agency guidelines are followed. If you don’t have a real estate agent, our staff will be able to assist you with the necessary documentation. The price of your home will be the same whether or not you have a real estate agent.

Who owns the plans?

Unless otherwise arranged, Landsted retains ownership of the plans. The customer will be supplied with a set of working drawings, but the plans may not be reused or reproduced without the written permission of Landsted.

How will my new home be financed during construction?

Every customer has a different financial situation. Some customers pay cash, while others use some form of financing. If the home is being financed, most people find that a construction/permanent loan works best. This type of funding pays for the home as it’s being built through periodical “draws”. Landsted operates on a retainer plus monthly draw process. At the contract signing, we receive a retainer as compensation for design, bidding, asset allocation, and mobilization. Thereafter, at the end of each month the lender is invoiced for the amount of work completed that month. The lender typically inspects the home and forwards the appropriate amount to Landsted, who in turn pays each supplier and trade contractor by the 10th of the following month. Lien waivers are collected for each payment and are returned to the lender. By the time the home is completed, approximately 85% of the total contract amount will have been paid out. The balance is paid after the final walk-through. At that time, the construction/permanent loan simply converts into the long-term loan. The value of this type of loan is that there is one closing and one set of closing costs. In most cases, the customer pays interest monthly based on the amount of the loan that has been drawn from the lender. Because this is a home loan, the interest will likely be tax deductible. (Since each case is unique, we advise that you check with your tax advisor as to the deductibility of loan interest paid).

 

Can I do some of the work or provide some of the materials myself?

One of the advantages in purchasing a home from Landsted is that you will receive a completed home with a full warranty. Products and services supplied to the job outside of the contract are generally not warranted (see your Limited Warranty for more information). For our customer’s convenience, Landsted has made the investment to have virtually all of the products and services required to build a new home available in one location. Plus, the purchasing power we enjoy assures our customers that the products used in their home are provided at the best possible price. In addition, each home is scheduled to be built as quickly as possible. If the schedule is delayed by forces beyond our control, the closing date will likely be extended. The bottom line: it’s unlikely that you’ll save money by supplying your own labor or materials.Whether you are currently building your home with us or are considering the possibility, we offer our sincere thanks. We are more than simply homebuilders; we are also homeowners, and as such appreciate the importance of making the right decision on this, your largest single purchase. This is a decision made on trust. It is through customers like you that we can pursue our passion of providing a clearly superior product through design, craftsmanship, and process. We will never take your trust lightly.