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Stapleton Builders: The steps to getting your new construction home-Step 6

This is the conclusion of our blog series that gives helpful hints into the process of buying a new construction home. The previous steps were, finding the home, negotiating and contracting, timing deadlines, design center and walkthroughs. Of course if you are looking at Stapleton builders or building a new home anywhere please call the KnopHomeTeam to get customized and personal advise into your process.

How exciting, you have finished all of the steps to get your home finished and now it's time to go to the closing table. It is a very exciting time but this is certainly not a time to let your guard down.

Your orientation is usually a week before closing and your final walk through is usually the same day as the closing and by now you should feel good that your home is completed and ready to move into. The closing represents the time when the buyer and the seller do all of the paperwork transferring ownership, the loan paperwork is all made official so that you have a loan for the home and the warranty is officially transferred to you and your new home from the Stapleton Builder.

These final conversations with the lender are crucial. You may need some last second info for the lender, so even though you are in the middle of moving you should keep a file that has all of your loan information in it. A lot of times a final underwriter will need to see some of the same pieces of paper that you have already given the loan officer. Hopefully, a couple of days prior to closing you will receive "the figures". These are the numbers that show how much you need to bring to the closing and represent everything prorated to the day of closing. Your Realtor should go through them with you and catch any final errors and explain it to you.

This final number on the buyer side, is what you will need to go to the bank and get to close on the home. You should go to your bank and get a cashier's check made out to yourself. That way if something happens at closing you can go back to the bank and deposit it. You will also need to bring your I.D.s, in fact some title companies and lenders want you to have 2 forms of identification.

Another thing to double check are your move-in details. Calling utilities, setting up moving vans, and delivering new furniture are all things that you should have in place. You want to be as organized as possible. but also have contingency plans in case the timing of the closing changes. This unfortunately can happen, even if you have done everything right, and preparation is the best plan.

The KnopHomeTeam will offer advice when it comes to closing, that is essentially: Do what makes you the most comfortable. We will go over the figures and prep you for some of what you will see at the closing. The lender will do the same for their docs and the Stapleton builders should do the same regarding the warranty and final walkthrough paperwork. The title company's closer will give you a summary of each piece of paper you sign as you go through the package. Some people are readers and want to read every word as they go and others are much more comfortable not reading. Either way the most important part is to feel good about it and to surround yourself with knowledgeable people that you trust who can answer any question you have.

The process of buying a new construction home can long and somewhat grueling. This can also go for the closing. The paper that goes into a closing feels like the same amount of trees than it actually took constructing your home. You will also need ice for your hand from all the signing. However, after you sign all the papers, put your hand on the deed and wait for all the copies to be made, you will get the set of keys that make it all worth it. It is an amazing feeling walking into your home after that. It feels different, it's yours. So crack open the champagne, show the kids their room, heck even order a pizza to the new address. Enjoy this time you deserve it. Congratulations.

If you are thinking of buying a new construction home from a Stapleton builder and want your own champagne moment. Please call

Damon and Katie Knop

The StapletonHomeTeam

Distinctive Properties

Stapleton Builders: The steps to getting your new construction home-Step 5

This is a continuation of the KnopHomeTeam's blog series that will help future homeowners as they go through the process of buying a new home from a builder. If you want to catch up with the series read the previous steps that include: finding the home, contracting, deadline dates and design center.

You have chosen your home, you have contracted with a Stapleton builder, you have told them how to build the house to your specifications. Now they are building it. WOW how fun. As they near the end there begins to be several opportunities for you to walk the home with the builder for different interaction.

Most builderswill have 3 set walkthroughs that are part of their contract process. On top of these mandatory walkthroughs, as they build, you can also go by in several different stages. Not only is it fun but it's important to keep an eye on the construction process. For this you will need permission from the builder and also practice safety regulations, such as wearing hard hats and not going into the home during certain stages. If you don't live close your Realtor can go by occasionally to keep in touch with the timing.

The first of the Stapleton builderwalkthroughs is called the pre-drywall walk. This will help you understand the systems of the house seeing where the electric, heating and plumbing are behind the walls. This also gives you verification of where you have chosen to put lights, cable outlets etc. This time frame is usually about 6 weeks prior to closing and will give you the last opportunity to see the home prior to the walls being put up when you won't be able to see behind them anymore. This is also a time when you will be getting back with your lender because you can probably lock your interest rate and get them any updated information.

The main walk through, sometimes called the home orientation, is the most important one. The construction team will let you identify issues for them to repair or change. They will also teach you how to "use" your home. A neighborhood Realtor can also help you at this stage, figure out utilities learn the upcoming events of the block, organize moving vans and other things to help you prepare for the move in. How to change the filter, turn off the water and gas main, etc. This time frame is usually one week prior to closing. Enough time for them to complete the items on your list. At this point of your loan things should be pretty close to finalized, you should have an idea of the check you should be bringing to closing. You will also go over your warranty details and get all of the contact information and manuals to help you live in your home.

At the end is the final walk. This is to verify that those items from the previous walk were complete and you are ready to close. This usually happens an hour before closing and is hopefully a feel good time. The home is clean, ready to move in and will soon be officially yours. There is usually some sign off paperwork and at that time you are then moved to the warranty department of the Stapleton builder from the construction department.

Enjoy this part, it is really some of the best parts of buying a new home and is the most memorable part of homeownership. The home is now ready and you are ready to move in. In the final segment of the blog series we will go to closing and look at the ongoing aspects of owning your home.

Of course feel free to call the StapletonHomeTeam if you are thinking of buying a new home.

Damon Knop

StapletonHomeTeam.com

Distinctive Properties 

Stapleton Builders: The steps to getting your new construction home-Step 4

This is a continuation of our on-going blog series about what a buyer should expect when going through the process of buying a new home from a Stapleton Builder. If you are just picking this up feel free to start from the beginning steps.

You are cleared past all of initial paperwork and now you get into some of the fun stuff. THE DESIGN CENTER.

So depending on the timing of the construction of your home, and the Stapleton Builder you choose, you will have a few steps of going through the design process. By now you will have chosen structural changes in the home but now it's time for interior colors and finishes that truly make your home "yours". Some builders will have several steps and some do will try to do it all at once, but either way this step really takes a lot of brainstorming, communication, research and potentially some outside help.

The different steps include the basics of flooring, cabinets, counters, light fixtures and appliances. Within these basics you will need to figure out what is standard, which level of upgrade you want, and different colors. And of course how they all look together. The design center will have color palettes, drawer and tile samples, and carpet swatches so you should be able to put things together to see how they look. Also this of course is a great time to have your agent with you. They can give you an extra set of eyes, and also let you know what items are important to get or not to get for resale purposes. A good agent will have seen many color combinations together and can give great advice.

It is also wise to use and listen to the design center sales person. They also have seen several versions of the home and have some very relevant input. One major component in doing this however, is remembering that they do work for the Stapleton Builder and the upgrades are a key component in their profit margin of the house. Some buyers, hopefully with some help from their agent will have a friend come or even hire a designer to come with them to help if you don't quite have the designer eye. The key to this is to keep communication open and make sure you don't get too many cooks in the kitchen.

There are several other options depending on the Stapleton builder you choose. These can include a big list of items such as.

Electrical: Ceiling fans, AC, prewire for surround sound, security systems, canned lights, even what walls you want to put the cable and phone connections.

Plumbing: Sink fixtures, location of outside hoses, sprinkler systems, washer/dryer options, second sinks, laundry sinks and even low flow toilets.

Random stuff: Energy packages, solar, fencing and landscaping, decks, and custom items. Sometimes a lot that you have chosen may have a distinguishing feature that you may want to embellish on. i.e. a balcony off of a bedroom with a great view. These are usually a bit more difficult but sometimes are possible if you work with the Stapleton builder to get a price.

These are more likely to be the practical things, so this takes a different type of approach. Thinking about how furniture will sit in a room, how you will use the spaces and maybe grow into them with changes in your life, such as children.

At the end of the day the design center is about budget. Very few of us have the open checkbook to put everything in the home and make it look like a home model. So having an agent with you and having a good budget in place is the best way to not come out with buyers remorse. There are some items that are much more expensive to do with the Stapleton builder than to do afterwords with a trip to Home Depot. But there are some projects you want to get done as you build your home and that will be part of the warranty. Knowing that balance can be the difference of walking out so excited or feeling like you are in over your head.

Damon Knop

StapletonHomeTeam.com

Distinctive Properties

Stapleton Builders: The steps to getting your new construction home-Step 3

This is a continuation of our series helping home buyers by knowing in advance what the process of buying a new home from a Stapleton builder looks like to avoid unhappy surprises. Step 1 was finding a home and Step 2 was negotiations and contracting. As always feel free to contact the StapletonHomeTeam for a personalized meeting to help you in your buying adventures.

So now you are you under contract, now what?

The builder has definite drop dead dates that would put your earnest money deposit in jeopardy. For this reason it is important to have a Realtor working on your behalf and to have good communication with your builder representatives. Each contract is different but here are the general rules of thumb.

Lending: Most buyers have done some level of being prequalified with a lender, but to whatever level you haven't completed that process that is usually first priority. Getting an application in and an approval letter are usually a pretty quick deadline(10 days to 2 weeks). Of course if you are buying a new house that hasn't been built there are several things that can't be finalized. If your home will be ready in 6-10 months many things can change with your finances and lenders typically can't lock in interest rates until about a month prior to closing. If you do make the move to a builder preferred lender then a lot of this will be repeated but pay attention because you should always be comparing rates, fees and service.  A big question to ask especially an environment with rates on the rise is what is there longest rate lock?

Document review: That big orientation manual you get at closing has lots of documents. From Soils reports for your home to homeowners association documents. Title work will also come either by email or in the mail and also need to be reviewed. They are all important and all have their own time frames for review, usually relatively quick after contract. There are too many to list and the deadlines can mean losing earnest money loss if you come back later and find something you don't like and want out of the contract. All of these items are a great thing to rely on your Realtor for as some are more crutial than others to make sure you have taken time with.

Design center and options deadlines: As part of building the house, Stapleton builders will have many stages in which you will need you to make your options and all will have deadlines that you must hit. Some items may need to be known at time of contract, these are structural and are items that would need to be submitted with the permits to build the home. These can be things like fireplaces, major electric, room changes such as making a loft a bedroom and 3rd car garage. You will have several other time frames but a lot of them are accomplished in one big visit to a design center where you will choose your cabinets, counters etc. I will go into that in my next blog about the very fun(but stressful) step of doing your design options.

This is a time to stay on task to keep the excitement going so don't let down your guard. A good Stapleton builder will help you by keeping in touch once a week or so and as needed as things come up.

The next post will be the process of making your home, YOURS, with upgrades and selections. So stay tuned and as always feel free to call the StapletonHomeTeam for any of your buying or selling questions.

Damon Knop

StapletonHomeTeam

Distinctive Properties

Stapleton Builders: The steps to getting your new construction home- Step 2

This is a continuation of our series helping home buyers know what to expect in the new home buying process. Please read part 1 if you missed it. 

Negotiation and contracting

One of the most critical parts of the process and one that you definitely need a great neighborhood Realtor to help with is the builder negotiations. Let us dispel some rumors. First of all, Stapleton Builders are part of the Builder Realty Council and Home Builders Associations that set rules in place that make sure that they can't use a potential Realtor commission to try to negotiate a price with you and alleviate your ability to have your own advocate and representation. That being said many will lead you with that impression, and some even do it in some ways. The bottom line is however is that having a Realtor during the process is not only crucial but will most likely save you money and time. Here are some examples of how.

Stapleton Builders rely on Realtors to bring them buyers, so they do marketing towards them that buyers don't have access to, so sometimes incentives that they tell you in the sales center are different and can be pointed out.

Realtors can pull comps to justify true value for the home both in new and resale, essentially making sure that they didn't give your next door neighbor a better deal than you and to make sure you are making the right decision.

Realtors that work with Stapleton builders a lot can use past negotiations to point out something you may not have received without that knowledge. i.e. "we know, that you included the basement for the Jones's for that same price"

A Realtor can also help you identify items in the design studio that can be better values. Some upgrades are better to do with the Stapleton builders designers and some are better saved on your own once you live in the house and without the big mark up that a builder charges.

And most of all what a Realtor brings is an advocate for you during the process. Market knowledge, fiduciary responsibility, legal coverage, familiarity with the contracts and an extra set of eyes at walkhroughs etc are priceless entities that even if they did cost you money would be worth it. But the bonus to you is that it doesn't cost you money, the builder pays the Realtor so these are free services to you.

As part of this blog series we spell out some of the truisms of the Stapleton builders that you may think put them in a negative light and are out to get you. We do not think this at all. But as business people they and their sales people, design studio, construction and warranty employees have a responsibility and allegiance to their company, so doesn't it seem fair that you have someone working on your behalf?

Once you have figured out that this is the house for you and have done most of the preliminary negotiations, you sit down and write a contract. This for some is on the first day into the sales office and for others after weeks of dissecting the issue. Neither is wrong, it just depends on the buyer. But again for either situation having a Realtor is key.

The contract can be very intimidating. It is usually over 100 pages plus many scary items such as a booklet of disclosures, HOA documents, homeowner manuals and warranties. Some people are readers, some are skimmers, some want to hear the important parts and some say "just tell me where to sign".

The sales manager at the other side of the table will obviously be very familiar with the contract and is usually good at presenting it in a friendly fashion, that for the most part hits the important spots. But let's say for instance you are a reader. You can certainly ask to see a copy to take home with you for a night or two. Or have a separate consultation with your Realtor prior to sitting down and signing. Most builders will take some kind of reservation check to hold a home for you if you just need a night or so to either review the contract or need to think things over or get your financing in order. Occasionally they will have a home that has multiple parties interested or is perceived as one that will go quickly. In this case they may not take a reservation, especially over a weekend. If contracting immediately is what is in order there are sometimes rites of rescission time frames to cancel and it typically takes the builder a couple days to get a contract signed so if for some reason you have buyers remorse you do have a little window.

The process itself usually takes about an hour and half(depending on your questions and skills of the sales manager to making you comfortable with it) It certainly makes things more productive if you are prepared with a couple of things.

Having financing in place or at least know what the plan is for financing. It may change some terms of the contract or even who is on the contract. For example if dad is cosigning does he need to be on the contract?

Also make everything easier it to have everyone there at the same time. Yes it's possible to do FedEx or a couple of visits. But to make it the smoothest have everyone that needs to be there present. i.e. Husband and wife.

Even if you are a reader you are going to get too much information to read it all, this can be very scary and intimidating as well, some of the bigger items you are receiving and are signing about are things that you will have time to read later. HOA documents, Title work etc. With these items, when you are asked for signatures, you are simply saying you have received them and you will have a review period that is written into the contract. As you finish up with all of the signatures this is also when you will need to give your earnest money.

Wow, everything is signed. Congratulations! All done right?

Well this is when having a Realtor really is necessary. Many clauses of the contract refer to drop dead dates from everything to approving soils reports, to lending to design center. All of these dates coincide with risk of losing your deposit money. A good Stapleton builder will help you through these steps but once again a Realtor is your best protection to keep you on task with reminders and assistance through the next few weeks and months.

Those steps are what our next blog will include. Please comment below if you have questions or items you would want me to include in the next step of the series. Or as always feel free to call the StapletonHomeTeam for any other questions or if you just want to go buy a house.

Damon Knop

StapletonHomeTeam.com

Distinctive Properties

Stapleton builders: The steps to getting your new construction home- Step 1

We wanted to write a blog series that walks potential buyers through the process of buying a new construction home. We work daily with Stapleton builders, but this should be useful for any Denver or national builders. From the first timer to savvy Real estate investors, buying a new home has it's own set of circumstances that when thought out and executed properly can be a great buying experience, leading to a new home that you have built from the ground up to your own specifications. It can also be a nightmare especially when some of the steps catch you off guard. So let the StapletonHomeTeam teach you some of the steps and to help you set the proper expectations and to keep it fun.

Step 1: Deciding on a Home

This seems so simple right? Compared to buying a lived-in home, though there are several different things to think about that are now in your control. You can read my blog about deciding to buy new vs used home to help in understanding the differences. But the truth is when you are building a new house you should start off with a want list and then pick your builder accordingly. Obviously price is a big determining factor but most Stapleton builders have a range and most price ranges would give you a few different options. Also buying off of blue prints and rendering drawings can be tricky. Here are some of the major components in helping you create this list.

Price Point: This of course is the biggee but there are things to think about in this as you qualify. First of all quite often a Stapleton builder will give you a better deal if you use their in-house lender this is a tough one because as Realtors we understand the relationship aspect of the business and if you have a lender that has pre-qualified you, and they have treated you well you want to keep those relationships. But on the other hand sometimes it makes financial sense to hear what the builders have to offer when it comes to financing. The other big thing to contemplate is if your price is $300,000 you may need to make sure you are considering the upgrade options and/or how much flexibility you will have on price as you look at homes.

Floor plan: Do you want an open or a more traditional floor plan, number of bedrooms and baths, what kind of flex space do you want or need(an office that is open to the house or a private hideaway room to keep the kids toys), how the furniture you have or want to have will work in the spaces, square footage and the ability to grow into a basement are all questions to contemplate in regards to floor plan.

Outdoor space:  Do you like a big front porch, more of a private back yard, dog space or kid space, across from a pocket park, landscapable or just grass, or even no maintenance at all. Even if it's a condo with a patio or balcony, what are the rules for Barbeques or which direction is it facing for sun exposure or view? Especially in Colorado, outdoor space can be your entertaining space, kids space, pet space and it needs to be a priority in picking a Stapleton builder and what lots they have available.

Standards vs Upgrades: All Stapleton builders offer a standard set of finishes for their homes and depending on the builder and price point will also offer a variety of upgrades to add on to the home. Understanding these differences can make your experience go much smoother than it does if you don't and you get stuck with a "sticker shock" when you get to the design studio. As a general rule you can plan on adding about 10-15% of the base price to where you will end up after upgrades. However you certainly can plan on a lot more some times because you want to. If you didn't make the right builder and floor plan choice upfront you could end up spending more than you should have. The models can be very misleading and sales people for the builders are there to sell the homes and the upgrades. So it is important to have an experienced agent that knows what each builder offers.

These items are just a few of the aspects to take into consideration when determining a home that you would like, which in turn should determine the builder you will choose. There are definitely more options and we would love to help you personalize your search. Criteria such as location and schools usually need a little local knowledge and we love to help. But even smaller things such as, do I want laundry upstairs or down? Or which upgrades to do with the builder and which do I do on my own, are our specialty. We try to make the experience fun and save you time. With the eventual goal of your home-buying experience being the perfect combination of enjoyable and practical. 

We will continue on this series of " Stapleton Builders: The steps to getting your new construction home", with the next step being negotiation and contracting. Also stay tuned to this blog, for our on going updates from each Lowry and Stapleton builders that will update you with the latest in changes to their floor plans, latest availability, deals on spec homes and new lot releases. As always feel free to call the StapletonHomeTeam for any of this information as well, or any of your buying or selling needs.

Damon and Katie Knop

StapletonHomeTeam

Distinctive Properties