9 Easy Steps to Owning a Gort Home
Step 1 – Lot Deposit and Selection
If you choose a lot owned by Gort Custom Home Builders, a fully refundable $5000 deposit will hold that lot for up to 90 days while we work with design options and price. We will also build on your lot in any location.
Step 2 – Blueprints
You may use one of Gort Custom Home Builder’s custom blueprints or work with one of our architects to draw up blueprints for your home. We can also work with your architect/blueprint to build your dream home.
Step 3 – Contract
Specifications, or specs, are supplied to homeowners. Specs are approximately 20–25 pages and are comprehensive, covering all aspects of the construction process.
Once pricing, design, options and spec sheets have been agreed upon, the legal contract will be drawn up. Normally, payments are made to Gort Custom Home Builders at the following stages:
- Contract signing
- Pouring of foundation
- Roof sheeting
- Completion of rough-in trades
- Drywall application
- Cabinet installation
- Balance at closing
Step 4 – Permit
Step 5 – Financing
The old adage that “cash is king” certainly applies to custom-home financing. Unless you are fortunate enough to be able to pay for your dream home in cash, you will need a construction loan.
Construction loans are different than mortgages. Traditional mortgages are most commonly 15 or 30 years in duration, and enjoy today’s low borrowing interest rates. A construction loan is usually no more than a year long, with a higher interest than the normal market rate. Before a loan is approved, the homebuyer must present to the lender detailed construction plans, including a budget and timetable for completion.
Unlike mortgages, which are paid in full upon approval, construction loans are paid out upon completion of each phase. The lender also carries an interest in seeing the project to completion. Therefore, the lender may send inspectors to the site to gauge the progress, to verify that construction is on schedule, and to ensure the approved plans are being followed.
A construction loan will usually require 20 percent down from the homebuyer. If a borrower does not have the cash for the down payment, he or she may use the land on which the house is being built, provided that land is owned outright by the borrower.
It is always recommended to not borrow and spend more than the homebuyer can afford. Gort will help you with your construction budget by determining what you want in your dream home and see if it is in line with your financial means. You may have a dream house in mind, but let’s make sure your dream is not a fantasy. If you are in need of a lender, Gort has relationships with lenders to recommend for your financing.
Step 6 – Selections
Step 7 – Construction Process
Construction will begin after the blueprints have been finalized, the building permit has been issued, the spec sheets have been finalized, and the financing secured. Construction time is approximately 150–200 days from the date of excavation, depending on the complexity of the home. Gort Custom Home Builders is proud of the high-quality homes they build—not just the quality you can see, but also the behind-the-walls quality you don’t normally see. Gort Custom Home Builders goes the extra mile to communicate with its clients and include them in every detail of the decision-making process. For example, we will arrange a pre-drywall inspection/orientation. At that time you will confirm your selections prior to installation of drywall.
After drywall is installed, you are approximately eight weeks from completion of your new home.
We know you will have questions during the construction process. We will do all we can to answer them in a timely fashion.
Step 8 – Final Inspection
Step 9 – Closing
Upon closing at a local Chicago Title office, you will receive your surveys and keys. You are now the proud owner of a quality home built by Gort Enterprises, Inc.
Thank You,
Gerry Neilan
FAQs
How long has Gort Enterprises, Inc. been building homes for?
Gort Enterprises, Inc. has been building homes in Chicago and its surrounding suburbs since 1986.
Will Gerry Neilan of Gort Enterprises, Inc. make sure that my home is built to his standard of high quality?
Yes. Gerry gives his promise to make daily inspections to ensure that each phase of construction goes as planned.