The following is a list of additional costs to consider when building a custom home or when choosing a location to build your home. These are some examples of what to expect. Your particular situation may not require all of these or you may incur other costs that are not mentioned below. These are estimates from previous homes- all costs can vary in each situation. The following information is to be used only as a guide and does not represent exact numbers for your home.

PLANS

The cost to design a full set of plans (floor plan, electrical plan, exterior elevations, roof plan, plot plan and cabinet details) varies from $1.00 to $3.00 per covered square foot. Covered square foot means all air condition spaces, porches, patios, garages and anything else which has a roof. Interviews with several architects can be arranged to allow you to meet these professional and select your choice.

LOCATION

Property: In most circumstances the cost of the property is not included in the cost of a custom home. Neither are taxes and/or homeowner dues (if required).

Water Wells: Water wells are approximately $7,000 to $15,000 varying with the depth of the well. Depending on the volume and quality of water, a storage tank may also be required for an additional fee.

Sewage: Septic tanks (conventional and aerobic systems)- $6,000 to $10,000.

Electricity: The cost for the local electric company to provide power to the home site varies with each utility company. A fair estimate can only be provided by the electric provider in your area.

Propane Tank: An underground 500 gallon propane tank filled with gas is approximately $3500.

Home owner association (HOA) cost: The Dominion HOA as an example (as of June 2007):
- Plan submittal fee of $250 for plan review by the HOA architectural control committee
- HOA building deposit of $2,500
- Non-refundable $2,000 building permit fee

HOA monthly dues for all areas are $195 per month once a lot is purchased. The Cottage Estates has its own HOA in addition to the general Dominion HOA. Their cost is $80 per month prior to the completion of construction. Once a home is complete the cost is adjusted to $160 per month, which includes a lawn service. There is also a lot maintenance cost for the HOA to mow your lot until construction is begun. A lot will be mowed as needed, in the opinion for the HOA, estimate $50-$100 every 60 days for this.

FINANCING

Interim Interest: If construction will be financed through a lending institute the owner will be obligated to pay the interest on this loan monthly. Before construction begins, the interim construction loan will pay off any balance on the property. Once construction begins monthly draws will be made from this loan to finance the construction of your home. Many banks have different approaches to this, and we can suggest banks to speak with if you are interested

What fees should I expect to pay at my construction loan closing?
The following downloadable document is from Compass Bank in order to give you a good idea of what to expect when you obtain a construction loan.

--Compass Brochure (click to view)--

Deposit: A deposit of 4% to 8% of the total cost of the home will be required prior to construction. This deposit will be applied to the down payment on the permanent loan or be refunded once the permanent loan is closed.

Permanent Financing: If the home will not be paid for by cash, once construction is complete a permanent loan will need to be established. We again can offer suggestions for this if you do not already have a relationship.