BUILDING A NEW CUSTOM HOME
WITH STONEMARK HOMES IN THE WOODLANDS EAST SHORE
The process of building a Custom Home begins with the selection of a Homesite on Olmstead Row. This site can be reserved by the buyer for a period of 21 days with a refundable deposit of $5,000. During this time the Stonemark Project Manager will take you through the steps of writing a construction contract, obtaining financing and developing the plans for your home.
FINANCING:
If your new home will be paid for through a mortgage loan, we at Stonemark recommend that the Construction and Permanent Loan be combined in what is known as a “One Time Close”. This type of loan provides many advantages for the Homeowner including:
1.
Ownership of the property during the construction.
2.
Tax deductions for interest paid by you as the home is built.
3.
Less duplication of closing cost. The loan closes and ownership of the Homesite transfers to the Owner only once with fees and closing costs paid at that time. Upon completion of the home the mortgage then “Modifies” into the permanent mortgage.
DEVELOPING YOUR HOME PLANS:
Stonemark Homes has designed 8 different floor plans for the Homesites on Olmstead Row. These plans are priced on our inventory sheet and reflect the total price of the home and Homesite with the standard specifications and allowances we have created. You may also modify, change or create your own design using our plans as a guideline or develop a completely new concept from scratch. To do this the services of an Architect or Building Designer are necessary for the development of pricing, obtaining financing and securing the required approvals and permits. Architectural/Designer fees are paid by the buyer and in most cases can be included in the financing of the home. New plans or modifications to existing plans are priced according to each individual design and specification.
THE CONSTRUCTION PROCESS:
Your home will be built by the same Project Manager you met during your first visit to Stonemark Homes. The Project Manager will serve as your construction manager, salesman, inspector and loan coordinator assisting you with all aspects of the home from the initial sale to financing, construction, decoration through the final closing. The actual construction takes place in 10 phases with review meetings by the Homeowner and Project Manager at each phase.
FREQUENTLY ASKED QUESTIONS
Is it more expensive to custom build a new design?
No, the cost for a first time plan with the same specifications and allowances as one of our completed homes would be the same.
How much will I have to put down to get the home started?
In most cases 20% of the sales price will be required as Earnest Money and Construction Fees. The financing is individually structured for each home and will differ depending on your needs.
How does the construction loan work?
The construction loan is a short term “interim loan” typically lasting 9 – 12 months. Payments are set up in a series of 8 -10 draws from the lender at each completed phase of construction. Interest is charged only on the amount drawn to pay for completed work. The draws are used to pay for the labor and materials used on the home with the necessary inspections, releases and submittals completed by the Project Manager and jointly reviewed with you. When the home is substantially complete the construction loan will be modified into the permanent mortgage.
Are there any restrictions on what I can build?
Yes, The Woodlands has established an Architectural Control Committee that must approve the home to be built. Stonemark Homes has developed 8 plans for Olmstead Row and received architectural approval for each one. In general, the exterior must use the “Italianate” style of architecture with the interior floorplan at the homeowner’s discretion.
Will someone help me co-ordinate the interior design?
Yes, we provide an allowance for consultation with an interior designer and also have selected our vendors from those providing showrooms with wide ranging extremely high quality selections.
Can I build in the space over the garage?
Yes, there are many options available to use in this 28’ x 21’ area. In the past we have put in full living quarters, storage space, game / media rooms, even a dance studio. This area can also be framed out and left for later completion by you.
Can I have a swimming pool?
Yes, each individual pool or spa must be approved by the Architectural Control Committee.
Are Summer Kitchens permitted?
Yes
Who takes care of the yard?
Each homeowner is responsible for his own yard. The Courtyard, Front and Sideyards are designed for hardscapes and shrubbery with groundcovers requiring minimal care. During construction the landscaping and sprinklers are done to the Homeowner’s design wishes. Most of our current Homeowners have expressed a desire to contract with a single lawn maintenance company when all the homes are complete.
Is there a Homeowner Warranty?
Yes, the Builder provides a 10 year warranty on your home