When Do You Pay The Builder in a New Construction Home?
Most people that are in their late twenties to early thirties are starting to think about working towards becoming home owners at this current point in time, and that has a lot to do with the somewhat higher level of financial security that they can start relying on. Having more money at your disposal will obviously make you want to put it towards a house that will be entirely within your legal right of ownership, but that can cause some confusion among those that have never taken part in this process previously.
One question that might be burning rather brightly right on the surface of your brain would be when you are supposed to pay a Wheeling custom home builder without a shadow of a doubt. As a result of the fact that this is the case, we are going to give you the most honest answer we can in this regard. To put it plainly, you don’t owe your builder any money at all until they are done with the project in question which is also referred to as the closing period.
All money will change hands at the closing, but you might also need to pay a small builder’s deposit at the very start. That’s actually quite reasonable since this deposit can give your builder the confirmation they need to start working. They have certain expenses that they need to bear before building can get underway, so they deserve a bit of a deposit which can also work as a good will gesture between the two of you. The lion’s share of the money will be paid at the very end, though.