Silverpoint Homes Blog

Building Smart for Appraisal

Joseph Coupal - Wednesday, June 14, 2017
Building Smart for Appraisal

Every homeowner wants to ensure they’re making a sound investment when building a new home. After all, our home is the biggest investment most of us will ever make!

As you talk with various builders, lenders, or realtors you’ll hear the words “appraisal value” come up time and again. So what does it all mean, and how do you go about building a home with a “good appraisal value”? Here we’ll explain the appraisal process along with identifying some key factors and considerations. By the time you’re finished reading, you’ll be an appraisal expert and ready to build smarter and easier!

What is an appraisal and how does it work?

As part of the lending process, your lender will want to do an appraisal of the proposed home you are building. This is to ensure the home has similar value to recently sold homes in your area because the lender is also invested in your home. The lender needs to know they could resell the home if something went wrong. The lender hires an independent appraiser to review the floor plan and specs, look at similar homes sold recently near your location, and assign a value to the proposed home. This value will determine what the lender is willing to lend for the home on your property.

Lenders vary on the amount they will loan you based on the appraised value. This is called the loan to value (LTV). Some lenders offer 80% LTV, many are 90%, and a few are even higher. The LTV is an important number to know before selecting your lender. For example, an appraised value of $200,000 with a lender that offers 90% LTV means they will lend you up to $180,000 versus one with 80% LTV would lend you just $160,000. That’s a huge difference!

Ok, so the home should appraise for what it cost to build, right!?

Not quite, and here’s where it can get tricky. Appraisal value is a result of recently sold homes with similar size land and homes in your immediate area. This means if you want to build a $200,000 home in an area where similar homes only sell for $100,000, you may have a hard time getting an appraisal to work.

Another consideration is optional features on the home. An appraiser will assign dollar for dollar value on many items in the home, but on others you may get a fraction of what they cost to buy or build. Remember, the lender is making an investment too and will take steps to guard against any losses. An expensive lighting package may be a must have for you, but it will not add any value to an appraisal. Here are a few examples of items that typically do not receive an appraisal value equal to what they cost to build or even buy materials:

Upgraded Flooring, Lighting, Countertops
Upgraded Trim Packages
Upgraded Appliances

Great, so you’re telling me I can’t get all the nice things I want in my home?

Not at all! Doing a little research and taking some simple steps will allow you to build your dream home. Let’s look at some guidelines for building your new home free of appraisal issues.

1) Choose a builder that understands the appraisal process and is willing to walk you thru it. Builders should be able to provide the lender with an appraisal packet that includes license information, detailed specs of the home, contract details, added features, and certifications for the home. The builder should also be able to speak intelligently with you on options and how they will affect the appraisal value of the home. Specifically, which options are likely to add value to your appraisal and which options will likely be assigned little or no appraisal value. Make sure you choose a builder that will allow you to make changes to your contract if there is an issue with the appraisal value.

2) Ask your lender about their appraisal process. You’ll want to know how they choose appraisers in your area, and if an issue arises how it will be handled. Lenders who finance their own construction loans are much more likely to be proactive in helping you through the process and addressing any issues. Brokers, who are not financing the loan themselves, have little incentive to give your loan process the attention it may need.

Your lender should also be familiar with your builder and vice versa. Builders typically have a list of preferred lenders with whom they have an established relationship. It is very important that the lender and builder are able to work together on your behalf.

3) Research the area in which you are building your new home. Look for recently sold homes with roughly the same finished square footage as your proposed floor plan. Make sure the recent sales are in the same price range you will be budgeting for your home.

4) Keep in mind that if you want optional features that have little appraisal value such as porches, upgraded trim, or a garage, you may need a cash down payment on your loan. If you own your property, you may be able to use the equity in your land as this down payment.

5) Prioritize your optional features. What do you have to have in your home now, and what can be changed a few years down the road? Many options like upgraded counters or flooring can be added to your home later. Focus on options that cannot be changed later such as taller ceilings, roof pitch, and structural components.

The appraisal process is an often misunderstood component of the new home construction process. Don’t let misinformation stand in the way of building your new dream home. Following these simple guidelines will empower you to make a smart investment while building the home you’ve always wanted. Let’s get started!

By Adam Peterson, General Manager, Silverpoint Homes of Greensboro, NC.

The Buckeye II Cape Cod Style Modular Home has a Trademark Wrap Porch and More - Lincolnton, NC

Joseph Coupal - Monday, June 12, 2017
The Buckeye II Cape Cod Style Modular Home has a Trademark Wrap Porch and More - Lincolnton, NC

The modular homes in Lincolnton, NC prove that the construction industry has phenomenally progressed over the years. Technology has opened up efficient processes in home building and designing. This innovative approach in home construction allows contractors to create any style home that they can envision and gives vast possibilities in drawing out floor plans.

Through modular home construction, many different home models are created and developed so that homeowners can choose the kind of house they want to live in. One of these modular home models is The Buckeye II Cape Cod style modular home. It is a beautiful two-story modular home with three bedrooms and two bathrooms. On first glance, The Buckeye II Cape is just like its stick-built counterpart. It features a low and broad frame building with a pitched gabled roof and little ornamentation. It will greet visitors with the trademark wrap-around porch on the front exterior, but unlike stick-built Cape style homes that are usually one story, this modular Buckeye II Cape model features a second floor.

The The Buckeye II Cape Cod style modular floor plan showcases a 2,064 square foot first floor and 1,081 square foot second floor totaling 3,145 square feet of living area. The interior of the house highlights its spacious living room with an adjacent, equally large dining room that is connected to the kitchen. Off the kitchen is the easily accessible extended utility room. A separate room on the main floor is dedicated to the family room. Of the three bedrooms two share a bath while the other bath is in the master bedroom. Decks are included on all sides, as well as rear entrances and exits. Heating, ventilation, and air conditioning services are also available.

To find out more about The Buckeye II Cape Cod style modular floor plan, contact Silverpoint Homes.

Introducing The Gorgeous Beckley Ranch Style Modular Home - Beckley, WV

Joseph Coupal - Wednesday, May 17, 2017
Introducing The Gorgeous Beckley Ranch Style Modular Home - Beckley, WV

With the phenomenal growth in popularity of modular homes in Beckley, WV, more homeowners than ever are recognizing the benefits and advantages of using innovative modern-day construction to build the home of their dreams. Aside from its utilization of advanced home-building technology modular construction is also proven to be cost-effective and efficient without leaving aesthetic qualities behind. This is why we are so excited about The Beckley.

Meet the Beckley

The Beckley ranch style modular home is 1,875 square feet. This home features 3 large bedrooms and 2 large baths. One of the highlights of this large ranch is the gorgeous 17’8" x 12’11" family room. The 15’2" x 12’11" living room also adds a flair to this open spaced home. The kitchen and dining room offers a wide area of 14’6" x 12’11" and 10’6" x 12’11", respectively. It also has some additional floor plan features such as a utility room, foyer, and an optional porch which can be included in the floor plan.

Modular Construction Benefits

Because modular home construction is a growing trend being utilized by home-builders, homeowners are also enjoying its benefits. In modular construction, materials are safely housed in a factory-like setting. Given this controlled environment, materials are safe from decay, deterioration, or absolute damage. This is because elements such as the weather or transportation do not pose a threat to the materials. Consequently, the reduced amount of waste contributes to the lower price of construction by home owners. As a result home owners can put that money towards additional modular home construction which can enhance the look of their home and add a more personalized touch to the style. Furthermore, modular floor plans are also highly customizable based on the requirements and demands of clients.

To find out more about the Beckley ranch style modular home, contact Silverpoint Homes.

The Carolina T-Ranch Style Modular Home: Get Floored, Literally! - Lincolnton, NC

Joseph Coupal - Wednesday, May 03, 2017
The Carolina T-Ranch Style Modular Home: Get Floored, Literally! - Lincolnton, NC

Modular homes in Lincolnton, NC get everyone floored, literally. Take The Carolina T-Ranch style modular home for example. It is a stunning modular home of approximately 1,713 square feet with three bedrooms and two baths which costs $ 96.41 per sq. ft. You can add a ceiling fan and laminated hardwood floors in the living room, cultured marble vanities in the bathrooms, hickory cabinets in the kitchen, and more. There is a long list of options from which you can choose based on your personal preference and specific needs. If you are considering a mobile home for your next purchase, maybe you should consider modular instead.

Modular Homes vs Mobile Homes...What is the Difference?

Make no mistake, modular homes are entirely different than mobile homes, which is a common misconception. Modular homes are built in a factory-like setting, and the finished product is then transported to their permanent location and assembled by a builder on a traditional home foundation. And contrary to common belief, modular homes can be custom built to make them unique. They are highly customizable and have no design limitations. You can highly personalize the design in order to build the house of your dreams.

Why Modular?

Cost-effective and efficient, many who are considering building their own home have turned to modular home construction. Gone are the days of construction delays due to weather, theft or contractor scheduling. Modular homes are built and completed faster than traditionally built homes. This efficiency greatly improves cost effectiveness. With decreased construction time, you can spend less time and money building a new home that is virtually indistinguishable from a traditionally built home. Modular homes are also more energy-efficient and environmentally friendly.

To find out more about Carolina T-Ranch Style Modular Home, a model is available for viewing at our Lincolnton, NC Sales Center. Please take note that pricing shown is based on the area served by the Sales Center location where the model home is displayed. Contact Silverpoint Homes for more details.

It’s All In The Details (Interior Edition)

Joseph Coupal - Wednesday, May 03, 2017

You’re thinking about investing in a new home. As the biggest investment you’ll ever make, you want that home to have some custom details that set your home apart. The problem is every home you see looks the same. Over and over you see the same generic features and bland style. How do you put your own signature on a new home and inject it with some style and flair? There are many exciting new features in new home construction and not all of them cost a fortune. Let’s focus on some details and features you can add to your home without breaking the budget!

Interior Features: *Taller Ceilings – Most homes will come with 8’ ceilings. While there’s certainly nothing wrong with an 8’ ceiling, you will be amazed at the difference taller ceilings can make in your home. A 9’ ceiling gives an open and airy feel to your home and makes any space look larger. Decorating the home becomes easier as you’ll be able to utilize more furniture and décor options. A higher ceiling will also allow you to use taller cabinetry, which will give the home more storage. Details like crown molding and trey ceilings look much more impressive with a taller ceiling height.

9’ Ceiling Height
(9’ Ceiling Height)

*Transom Windows – Transom windows are those small windows that are installed above your standard windows. The purpose of these windows is to give your home more natural light, but they also add some design detail. Transoms do not have to be installed on every window. A few well placed transom windows will add to the exterior and interior detail of any home.

*Window Variations – Almost every home you see has square white windows with white trim and a standard grid pattern. While white is beautiful and timeless, you may want to give your home some added flair. Most window manufacturers will make windows in other colors such as tan for a relatively low upgrade fee. This is guaranteed to give your home a different look from your neighbors. You can also order different grid patterns for your windows. You can also utilize different shape windows such as elliptical or “circle top” windows.

Transom, Decorative Ceiling Options, Columns
(Transom, Decorative Ceiling Options, Columns)

*Wide Window Sills – This adds some architectural detail to the interior of the home and also gives you some freedom to decorate your home in different ways. Want to set those candles in the windows at Christmas or maybe a potted plant in the summer? Wide window sills gives you that option to add those seasonal touches when decorating your home.

*Molding – Pay careful attention to the molding in your home. Most new homes come with small 2 ¼” Window and Door Casing and 3 ¼” Base Molding. Enlarging the size of these moldings will make a huge difference in the detail of your home. You can also choose a completely different trim package that reflects your personal style. Crown Molding adds detail to any space and is relatively inexpensive. Adding a taller crown molding to kitchen cabinetry is a great way to add an elegant touch. Decorative ceilings such as trey or coffered can be added to give a room that “wow” factor.

Coastal Trim Package   Crown Molding, Decorative Ceiling
(Coastal Trim Package)   (Crown Molding, Decorative Ceiling)

*Decorative Columns – Open floor plans are enormously popular, but sometimes this style can leave certain spaces looking undefined. Decorative Columns will preserve the open feel of your home, while separating the rooms.

*Barn Doors – These are enormously popular because they add an element of versatility to your home. Want to close off the living room while the kids watch a movie? Does Dad get a little loud when watching his favorite team? Barn doors allow you to close off a space when necessary, but still have the flexibility of an open floor plan. These doors come in a variety of beautiful styles and colors.

Barn Doors
Barn Doors

*Fireplaces – We all know it’s nice to sit by a fire on a cold winter evening, but fireplaces can also serve an important design function. Fireplaces can come with a variety of different surrounds that allow you to personalize the home with your style. Whether you like a rustic stone or a sleek tile design, the fireplace is an area where you can add a personal touch. Gas fireplaces tend to be much less expensive than wood burning.

Gas Fireplace with Stone Surround and Wood Mantel
(Gas Fireplace with Stone Surround and Wood Mantel)

*Lighting and Bath Fixtures – Seen enough of chrome? Most homes come standard with chrome bath and lighting fixtures. Fixtures are available in a variety of finishes such as satin nickel and oil rubbed bronze. Even the hinges and hardware on doors can be changed. These are small details that greatly contribute to the finished look of a new home.

*Backsplash – Backsplash is the area above the cabinets in your kitchen or bathrooms. Adding a tile backsplash in these areas is an opportunity to add some color and style to the room. Tile comes in a multitude of styles and colors so you’re sure to find something that matches your taste. Backsplashes can also be added around platform tubs to really give your master bath a custom feel.

Taller Cabinet Molding, Crown Molding, Tile Backsplash, Bronze Fixtures
(Taller Cabinet Molding, Crown Molding, Tile Backsplash, Bronze Fixtures)

*Interior Doors – Most new homes will include standard six panel interior doors. Interior doors are available in a variety of panel configurations as well as the popular cottage style.

Your home needs to be special. After all, this is the place where your family will make countless memories. The smallest of details will have an enormous impact on the look and feel of your new home. You shouldn’t have to break the budget to get the style and finishes that set your home apart.

Silverpoint Home Consultants have are experienced in suggesting the details and touches that turn a house into a home. They will work with you to get the floor plan and finished you want in the budget you need. Our home consultants are trained to guide, not sell, you through the design process. Our goal is to create the home you desire in an affordable budget. That’s why Silverpoint Homes is able to offer the best value homes on the market today! Let’s get started designing your new home!

What’s the real cost?

Joseph Coupal - Wednesday, May 03, 2017
What’s the real cost?

Anyone who has shopped for a new construction home knows this question well. You find a home advertised at a great price only to find out later many costly items were not included. Even with a true turn key price on a new home, there are still other factors that will need to be considered. Building a new home can seem overwhelming. Breaking down the process and doing some research will allow you to develop a plan for your perfect home. So how do you get a true cost on your new dream home? Let’s talk about some factors to consider.

What is Included and NOT Included with the home?

Many new construction builders advertise low pricing that does not include essential items such as heating and cooling system, final plumbing and electrical, foundation, grading and backfill, termite treatment, gutters, etc. etc. These are items that every home will need to meet the residential building code, so the cost will need to be calculated into your budget. Ask your builder for a list of what is included in the price. Even better, ask them what is not included and how much those things will add to the price.

Model homes typically have many optional features that add additional cost. If you are looking at a model home, find out what additional features have been added to the home and at what cost. Are those features included in the price quoted? The builder should be able to provide with you a base price quote as well as the price of options that have been added to a particular model home.

Upgrades and Options – What to Expect

New home pricing will typically start with a base price that includes standard features. You will want to study these standard features and think about what aspects of the home are important to you. Most of the time, you’ll find that certain upgrades are needed to get the home you want. Make a list of options you want to consider. Your builder should be able to itemize the cost of each option. Most customers will add 10%-40% to the base home price with optional upgrades. When prioritizing these options, start with the items that cannot be upgraded later. For example, you can always upgrade the countertops later, but you cannot add taller ceilings.

How much will land cost?

As the old real estate saying goes, “location, location, location.” Property pricing depends entirely on the specific area. Ask yourself some questions about your ideal property. Identify the key features this ideal property would include. How much of my total budget am I willing to spend on property? Do I want the largest parcel of land I can get for my money? Does the property need to be in a certain school zone for my children? How far are am I willing to travel to and from work? These are questions to consider when thinking about the ideal location for your new home.

Once you identify a few target areas, you can begin to look at property listings and develop a property budget. Consulting with a real estate agent familiar with the area can help you find available properties and research pricing. If you would rather take on the work yourself, there are also several helpful websites such as Zillow, Landwatch, and Realtor. You can also consult with your builder about available properties in the area. When researching available properties, be wary of restrictions in certain areas. These restrictions can prevent you from building the home you want or using the land in the way you intend.

You will want to do much of this property research BEFORE you begin pricing homes. Your property budget greatly affects what you will be able to spend on the home. Having an idea of your property budget beforehand allows you to know how much you will be able to allocate for the home.

What about the cost involved with preparing the land?

This can be tricky, as properties can have vastly different site cost based on things like clearing, slope, permit fees, driveways, among other factors. Let’s look at some of these factors in more detail.

*Well and Septic – Most rural properties will require a new well and septic system. Conventional well and septic systems typically have a total cost of $8,000 - $15,000. Your county environmental health office will inspect the property and approve these systems. Some properties may have access to a city system for well and septic. In that case, the county will charge a connection fee to connect your home to these systems. These connection fees will vary by county.

*Slope – Properties with a steep grade typically require more site preparation and therefore incur more sit cost. Many times a basement foundation makes more financial sense in these situations rather than a crawl space foundation.

*Permit Fees – These fees can vary greatly in different areas. Your builder should be familiar with estimated permit fees in a given area.

*Driveways – The cost of a new driveway depends on the length and type of driveway desired. Gravel driveways are relatively inexpensive while asphalt or concrete driveways will be more costly.

*Clearing – Wooded properties will need to have a home site cleared and graded for your home’s foundation. This is a factor to consider when looking at properties that are heavily wooded.

An experienced builder is a valuable asset to help you navigate this process. The builder can meet you at the property to establish a site plan, determine cost factors, and offer guidance and suggestions. Builders can also help with the permitting process and ensure all local and state guidelines are being followed during site preparation and construction. Choose a trustworthy builder with a good reputation and a history of quality work and customer service. You will want to be able to rely on them to give you all the information up front (not in the middle of the project.)

Building a new home is a difficult task, but it can also be a lot of fun. Empower yourself by researching the details and develop a solid plan for your home. Taking these steps will leave you smiling as you stand in front of the home of your dreams!

At Silverpoint Homes, we recognize that new home construction can be a stressful process. An experienced construction coordinator assigned to your project will guide you step by step through the process and provide progress updates. We will meet you on your property to discuss the details of your site plan and budgeting. Silverpoint Homes wants to not only be your builder but also a trusted guide and advisor. Let’s start talking about your dream home today!

Cumberland Traditional Ranch Style Modular Home Improves the Single Story Living Experience - Greensboro, NC

Joseph Coupal - Thursday, April 13, 2017
Cumberland Traditional Ranch Style Modular Home Improves the Single Story Living Experience - Greensboro, NC

The popularity of Modular homes in Greensboro, NC is exploding. The quality of materials and workmanship have improved to the point where modular homes are at least as good as, and sometimes better, than stick-built homes. Naturally, modular homeowners laud their wisdom of selecting this style; thus, more people are getting interested in this type of home construction for custom-building their dream home.

Among the available modular floor plans, traditional ranches are a common choice, the 1,664 sq. ft. Cumberland ranch in particular. This home has 3 bedrooms and 2 bathrooms for both small and large families. The master bedroom is the largest bedroom of the 3 and is located on the opposite side of the home as the other bedrooms. The foyer opens to a large living room which connects to the kitchen and dining space and separates the left and ring wings of the home.

In modular home construction, there are many customization options that allow for modifications in this Cumberland ranch. You can choose the materials, accents and design details for the interior and exterior so that the home is uniquely yours. The Cumberland Traditional Ranch style modular home is beautiful inside and out but features can still be modified to make it more aesthetically pleasing based on your personal taste.

To find out more about the Cumberland Traditional Ranch style modular home and other modular floor plans, contact Silverpoint Homes.

Maiden II Cape Cod Style Modular Home – High Quality, Full Functionality, and Aesthetic Appeal in One - Greensboro, NC

Joseph Coupal - Wednesday, March 29, 2017
Maiden II Cape Cod Style Modular Home – High Quality, Full Functionality, and Aesthetic Appeal in One - Greensboro, NC

Modular homes in Greensboro, NC use advanced building technologies that guarantee high quality, full functionality, and beauty. Today, more modular floor plans are available than ever before, including the Maiden II wrap-around porch Cape Cod style home.

The 3,051 sq. ft. Maiden II Cape Cod style modular homehas a wrap-around porch and many more amazing features. This modular home will stand out from the neighborhood because of an impressive porch that adds to the aesthetic appeal of the exterior.

The Maiden II modular home has two floors. Because modular home construction enables homeowners to have numerous customization options, this Cap Cod can be specifically modifed by adding features that the homeowner can call uniquely theirs.

The lower level has 1,999 sq. ft. which accommodates three bedrooms, three bathrooms, and a living room, kitchen, and dining space at the center. The master bedroom is located in the right wing and has a dedicated bathroom with private access. The two smaller bedrooms share one bathroom closer to the kitchen and living room. Near the dining area, study, and foyer there is another bathroom for guests. The upper level is unfinished with 1,052 sq. ft. which is ideal for future home expansion when additional living space is needed.

To find out more about modular home construction, contact Silverpoint Homes.

What You Get from Modular Home Construction - Princeton, WV

Joseph Coupal - Monday, February 27, 2017
What You Get from Modular Home Construction - Princeton, WV

Modular home construction is growing in demand, especially since it seems to cost more in time and money to custom build a home though traditional construction methods. Modular construction continues to provide interested homeowners with more opportunities for building a better home by offering customization options along with other benefits that can only be found in modular processes.

Pre-designed modular floor plans are available to help prospective homeowners through the planning stage. In addition to the hundreds of options and design possibilities, your builder will also work with you to determine which type of modular home will suit your needs and preferences best. Once you have chosen a floor plan, modified an existing floor plan or had your own plan created, the building process can begin. This stage only takes a few weeks, during which you can pick your preferred style of windows, roofing, siding, countertop material, bath fixtures, and more.

The modular homes in Princeton, WV are different from traditionally built homes simply because they are custom-built in a climate-controlled facility. Building in this way significantly reduces the chances of weather-related issues that could delay the entire construction process. Additionally, all the materials are stored on-site which means there is no threat of theft or weather damage.

To find out more about modular home construction, contact Silverpoint Homes.

This Cape Cod Style Modular Home Comes with New Exciting Features - Greensboro, NC

Joseph Coupal - Wednesday, February 08, 2017
This Cape Cod Style Modular Home Comes with New Exciting Features - Greensboro, NC

Modular home construction in Greensboro, NC has not only advanced custom-building processes but the floor plans have also improved over time. This flourishing sector of the construction industry can help you design and build a home with features that enhance home living. For instance, Cape style homes of the past were not designed with front porches. Now, the Cape Cod modular homes at Silverpoint Homes are designed with wrap-around porches which can been seen on the Maiden II modular floor plan.

The Maiden II Cape Cod style modular floor plan is approximately 3,051 sq. ft. of living space. The lower level is 1,999 sq. ft while the upper is 1,052 sq. ft. The living space is strategically allocated so that the Maiden II offers 3 bedrooms, a large living room open to the kitchen and dining area, and a foyer that opens up to the other areas of the home. There is also a study which sits adjacent to the wrapped porch.

The master bedroom has a dedicated master bathroom and the 2 additional bedrooms in this cape cod style modular home share a common bathroom. The other bathroom is on the main level and is convenient for those in the kitchen, dining, living room, and study areas of the home.

To find out more about the additional features of the Maiden II wrapped porch cape cod modular home, contact Silverpoint Homes.