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What does “building my own home” really mean?
Building your own home can mean many things to different people. However, it typically means that you are actively involved in the home building process – in other words, you are not buying a finished home on a lot.
With our Owner-Involved Building Program, you are the general contractor of the home, with full responsibility for pushing the project through to completion. Many customers also complete some of the physical labor on the project in order to gain a sense of accomplishment, earn extra equity, or to build a larger house than they might otherwise qualify for. We help keep you on task, and coordinate much of the build process.
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What types of homes can I build with President Homes?
We serve customers building everything from starter homes, move-up family homes, vacation homes, to large custom homes. Our programs work for any type of home, including building a second home remotely. We even serve small builders who are building town homes and other investment properties.
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How much can I save by building my own home?
As with any investment, there are no guarantees on returns. However, our customer survey responses show that customers report an average of $54,000 in additional equity when they move into their new homes*. Your results can vary depending on how much work you do yourself, your choice of service plans, the type of house you build, and many other factors.
*Based on customer survey responses for the years 2001-2005
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Do I need to know how to frame, install plumbing, or roof a house on my own?
No, not at all! The majority of our customers focus on managing the project as the “GC” (General Contractor), and sub-contract the major tasks of the building project to suppliers they find. Of course, many also have friends and family who can help with parts of the project, and many customers complete some of the more familiar tasks such as staining the woodwork on their own. We help you find subcontractors by maintaining a database of verified service providers that have worked with past customers.
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How much time will I need to build my own home?
Most of our customers successfully complete their homes in less than 12 months – the average length of a standard construction loan. Many factors can affect this, including weather, contractor availability, and lead times for permits and other approvals. Of course, your ability to keep the project on track is also a key, and that is where we focus our efforts to assist you.
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How do I find land?
We can help you find land by directing you to developments that we know are open to owner-builders. Along with single lots in urban areas, acreages, or vacation lots that are marketed by our real estate partners.
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I can’t find a bank to give me a construction loan. How does President Homes do this?
We have a proven history with lenders for successfully assisting owner-builders complete their construction projects. In fact, it is our assistance with your build process that gives many banks the comfort they need to extend a construction loan to an individual buyer. Learn more about our lending programs.
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Can I finance my land through President Homes?
Yes, all of our lenders will finance land for our customers. In fact, most require that you roll any outstanding balance on your land into the construction loan. This is in order to protect the bank’s interest in the loan, and allows us to provide a greater selection of lenders to our customers.
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Do I need money for a down payment?
Depending on lending program you choose and the quality of your credit, you typically do not need money for a down payment. Of course, as with most loans, the amount of money you put down can affect the interest rate you qualify for on your construction loan. Your out-of-pocket money includes our minimal application fee of $400, and you may be asked by your lender to pay for the appraisal of your proposed home prior to closing on the construction loan (typically under $500). In addition, you may be asked for a refundable deposit for the drafting of your home plans.
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Will I have double payments for my existing home and the construction loan?
Your payment schedule will depend on the loan and the amount of time it takes to build your home. Many of President Homes’ lenders offer our customers the option of no payments during their construction loans. Ask your local sales representative about which program is right for you.
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How good does my credit need to be?
Credit scores are only one element of a lenders consideration for a loan. We work with a variety of lenders that provide a range of lending products to meet the needs of nearly all customers. Your local sales representative can walk you through these options, or you can begin our prequalification process online.
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Do I have to use President Homes’ financing services?
No, President Homes does not require that you use one of “our” lenders. We do not own any interest in a bank, and welcome cash customers. However, if you are financing your construction loan through a different bank, that bank must agree to our financial terms. We do believe, however, that you will receive the best service and rates from one of our proven lending partners.
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Do I have to use one of President Homes’ home plans?
No. However, we can create a design by using one of our home plans as is, modifying one of our plans, or designing a custom home more effectively than purchasing a plan from another source. Our design team is dedicated to designing your home – your way!
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Does President Homes provide any labor for the construction process?
No, President Homes does not supply any of the labor for the construction process.
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How do I find sub-contractors?
As the general contractor, you are responsible for selecting and managing your sub-contractors. We can help you do this by providing you a list of verified subcontractors that have done work for past customers. We also provide feedback on their performance based on customer surveys so that you can make an informed decision on who to use for your project.
When it is the most cost-effective solution for customers, we may have vendors install certain elements of our materials package. This is based upon regional availability, so you will need to check with your sales representative about your area.
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What materials does President Homes provide?
Once the foundation is installed, we provide the majority of the materials necessary to build your exact home, with the exception of some “fit and finish” items such as countertops, flooring, lighting, and appliances. Because there are so many finish options available, we have negotiated national savings programs so that you save money and benefit from a wider selection than any builder could provide you on its own. Learn more about the name-brand materials included in our package.
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What construction methods and materials are used for a President Home?
In most areas you have the option of loose framing materials or high quality wall panels. Our wall panels are designed and manufactured to the highest degree of quality and accuracy, and are just right for the individual planning on participating in the framing process. If you plan on hiring a framing sub-contractor, they may prefer to have loose framing materials, which we can also be provided. All of our homes are based on top quality design standards. We use 2” x 6” fully sheathed walls for durability and energy savings, and engineered trusses for the roof and floor systems.
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What services does President Homes provide?
We provide a range of services including finding and designing a home plan, finding land, securing competitive construction and end loan financing. We will also help develop and manage your budget, and find sub-contractors. We coordinate the ordering and delivery of your build materials, and manage vendor relationships with service level agreements to ensure top quality customer support. You also have the choice of our involvement with programs designed around your lifestyle, and we help you stay on top of the build process and schedule. Finally, we develop and maintain a series of online customer tools that simplify the management of your build process.
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Do I have to have internet access to work with President Homes?
No, you do not need internet access to work with us. However, once you see the online tools we have developed to help owner-builders manage their homebuilding process, we think you’ll want to make sure you can access the internet.
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Additional questions?
Please Contact us
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