The process breaks down into plan design, pricing, contracting, financing and selections.
Plan Design
To begin designing your new home, we will meet with the Draftsman and Interior Designer. It is always helpful to bring in pictures of rooms, ceilings, kitchens and any details that you like. We too will have pictures to show you different ideas. When you are ready to move forward with plans, we request a deposit to get started. This deposit is accounted for in the final contract price and is fully refundable after any drafting bills are paid, if for any reason the project does not go forward.
Pricing
After the plans are at 1/4" stage, an elevation of the front of the home is complete and the site plan is developed, we can give a formal quotation for the project.
Contracting
Once we have agreed upon the Floor plan, Specifications and Pricing, we sign a Contract and continue moving forward on plan completion and engineering. Once the plan is complete and is engineered, we will review in detail the final set of plans, making sure that the interior architecture (ceilings, niches, arches) have been incorporated. At this point, we submit the plans and contract to the Bank for Appraisal and Loan closing, if you will be using a Bank.
Once you arranged financing with a bank or decide to pay cash, we are ready to submit the plan to the Building Department.
Financing
Bank Buyers: The process of applying for a construction loan is determined by individual banks. The bank, after agreeing to the loan, will have you sign loan documents and bring in the funds you are providing as your equity in the loan. This is the “closing” you will often hear about. In general, after you have closed on the lot and the construction loan, we receive a deposit and any other funds needed for current expenses. Once we begin construction, we submit for draws (request funding) using a draw schedule the Bank supplies. The Bank helps administer the draws and other items. They collect Releases, have the survey of the home on the lot reviewed and handle the draw requests. We suggest Suntrust Bank (Audra), BB&T (Celeta), First Florida Bank (Michele), and First National Bank (Al).
Cash Buyers: We open a joint checking account in the name of Stonebridge Homes and yourselves. In this account we have you place the final 10% of the contract amount. All other funds other than the ones already disbursed at closing and in the joint checking account remain in your possession. This closing is just between Stonebridge Homes and yourself. It covers the first distributions to begin construction. We request draws from you based upon completion of certain items. Draws would be paid to us by check or wire. Again, we will provide releases, surveys, and insurance to you.
The final 10% is released to us from the joint account by both parties signing the final check. It is requested at the time of completion of home or no later than three weeks from the issuance by Orange County Building Department of the Certificate of Occupancy. The Certificate of Occupancy means the home has met all of the County building codes and is ready for occupancy. We use the three weeks to tidy up all the loose ends (punch out work).
Design Selections
After signing the contract, we will have you begin on making design selections for your new home. We have a studio in our office in downtown Windermere for our clients' convenience. It is well stocked with samples of the items you will need to be selecting. We also have a very talented In House Designer. Kristin graduated from the Interior Design program at Florida State University and has many years experience in this field. She can also supply furniture, drapery and accessory services as she has done for our past clients. She will join in on trips to our suppliers... or drive around with our client to select an exterior paint color and roof tile!! For our out of town clients, Kristin can put together a design scheme based upon your input and send to you for your approval or set aside consecutive days to work with you on one of your visits to Central Florida.
