WHAT IS A CONSTRUCTION DRAW SCHEDULE, AND WHY IS IT IMPORTANT? In many custom projects the draw schedule governs when your builder will receive a certain sum of money, generally called a “draw”, at various stages during the project. The draw schedule is important because an accurate description of these milestones may promote your goal [...]
San Antonio Hail Stats Tuesday night's hailstorm on the 12th of April was pretty devastating. For San Antonio residents, this is not the first time they have experienced severe weather conditions. In 2001, a storm caused a massive $120 million in hail damage when hailstones of 4, or even 5 and a half inches, were [...]
Typically in a custom home project there will be "allowance" items, which usually are budgetary amounts that are preset for certain selection items such as flooring, plumbing fixtures, appliances and the like. For instance, if a builder quotes a $600,000.00 fixed price contract amount to construct your home, and you have a $40,000.00 allowance budget [...]
Be Wary of a Builder-Driven Choice of Construction Lender Many of you that are contemplating building a custom home will likely end up borrowing money from a construction lender to finance the construction. The construction draws that the lender provides generally fuel the construction. Some builders may attempt to steer you to a builder-friendly lender [...]
