Ask Sir Walter: Cost & Financing
Q: How much does a Lindal Cedar home cost?
A: Your local dealer is the best source to answer this question. They will be able to help you estimate the package price along with local building costs. Variables to address include the lot, the package and the finishes. Without knowing these factors, a price can not be determined with any certainty. Additional issues that you may want to discuss with your own dealer include the cost savings between one and two story homes, total square footage of your home, the footprint and roof pitches, the time of year, your choices in millwork and how the interior finish selections affect the final budget. The home construction loan and current home mortgage rates also need to be taken into consideration.
Q: What will my finished (turn-key) cost be as a percentage of the Lindal package cost?
A: The cost of your home depends on many variables in addition to the Lindal package. Of course the Lindal package price will also vary depending on size and choices you make. Other variables including local labor costs and the lot price and development will be key in what percent the Lindal building system will be of your total project cost. Your local dealer can better address the average cost for your area.
Q: Do I pay extra for using all your 'in house' design and architectural services?
A: When you work with Lindal to build your home, you invest in a package. In turn, we invest in your project. The house design and architectural services are part of that package. In addition, the typical package is an entire weather-tight shell (framing, connectors, fasteners, siding, windows, doors, trim) with many options and upgrades available (decking, SunRooms, interior liner, etc.). All components are designed to be easily integrated into your custom home.
Q:Is the price I get from your dealer when I sign the contract a guaranteed price for a delivery?
A: Yes it is! As Lindal provides a lifetime structural warranty there are sometimes a few cases where changes must be made to meet local codes or conditions, and these may adjust the price. These items can readily be discussed and identified by your local dealer in the planning phase.
Q: How do I pay for the package?
A: Your local dealer can best outline the payment schedule. It is best to make an appointment to go through pricing structures. Lindal typically requires a 15% deposit with an order and a pre-payment of the balance prior to releasing the home package shipment from the plant.
Q: Can I buy my own windows locally?
A: You can opt to do that. However, when most customers start comparing window prices, they decide to purchase Lindal windows. First, they are custom-made to perfectly fit your home, making your home easier to build; local supply would likely be custom. Second, the pricing structure for our windows makes them very affordable. We stand 100% behind the quality we provide, but we cannot guarantee other product warranties.
Q: How long will you hold the price if I order my package today?
A: The price is guaranteed for 60 days. Due to Lindal's large inventory and buying power, we usually do not have a price increase more than once a year. Lumber conditions do change, however, and sometimes we have been able to go two years without a price increase while other times it has been six months.
Your deposit refund will depend on wherein the process you are, and becomes non-refundable after a certain point. Consult your local dealer for details.
Q: Can you suggest a lender who gives mortgages on your homes?
A: We work with several national lenders. Your local dealer also has relationships with regional funding and together we can meet all your needs.
Q: Do you accept VA loans?
A: Typically, our customers who want to use a VA loan finance with a commercial lender in the beginning, then role over into a VA loan after a given time period. Those who have chosen to go this route felt it was a more efficient way to go through the loan process.
Q: What is a Construction-to-Permanent Loan?
A: Often, getting approved for a construction loan can be tricky. In many cases, two loans are required: one for construction and one for permanent financing. Usually you will have to pay closing costs on both loans, not to mention the extra paperwork, time and hassle involved. A Construction-to-Permanent Loan combines both construction and permanent financing into one loan with one closing and related costs.
Q: Is there a way to use the equity in my current house as a down payment on my dream home?
A: Yes, you may obtain a Bridge Loan. This enables you to use the equity in your home as the down payment on a Construction-To-Permanent Loan. And during construction, there are no monthly mortgage payments on the Bridge Loan. This lets you live in your existing home while you're building your dream home. Your Bridge Loan is not due until your new home is finished or you sell your existing home.
Q: Can I buy a piece of land that is not a finished lot and save some money?
A: That's a good question. While it may be possible to purchase an unfinished lot, generally this is not advisable for the individual building his or her own home because the costs of bringing roads and utilities to the first lot in a new area are usually very high. Typically, the first person to build pays for others who will build later. There are land developers who specialize in preparing lots for building (this may include zoning and/or soils issues, as well as bringing roads and utilities to the site, and creating a building pad). Often, these lots are in a planned community.
Q: We would like to purchase a Lindal home that has already been built. How can I find a list on the market?
A: We do not maintain a national list of Lindal's currently on the real estate market, however, agents are welcome to contact us if they have a Lindal home they are selling and we will place it on our Lindal Homes For Sale courtesy listing page. Also, local dealers often know when their customers' homes are for sale. Your best bet is to contact your local dealer.