Tear-Down & Build New

Lot Acquisition Videos

	01 Introduction This video reviews the Build-On-Your Lot process and the benefits of building new. It is geared to buyers who are in market for a Tear-Down property or vacant lot where they can build a new home. The steps are very similar to buying a new home in a new home development. John Jorgenson of Long & Foster is the exclusive agent for Stanley Martin Custom Homes.
	02 Overview This video reviews the steps of the Build-On-Your-Lot process beginning with financing with a construction loan. After obtaining loan pre-approval, contact us to discuss the transaction in more detail. During the call we will discuss how to budget for the transaction. Then it is time to make a list of your site considerations preferences and understanding what site costs are associated with those preferences before you start looking for a lot. Once an ideal lot has been found it is time to place a contract contingent upon completion of the feasibility studies. If the buyer and seller agree to the terms after the completion of the studies, then it is time to move to settlement. John Jorgenson of Long & Foster is the exclusive agent for Stanley Martin Custom Homes.
	03 Financing The first step to the Build-On-Your-Lot transaction is to contact one of Stanley Martin Custom Homes’ preferred lenders. You will find the contact details in the Stanley Martin Custom Homes Sales Handout. Typically, a construction loan is a line of credit that the buyer draws on to pay for the land or mortgage. Then the builder will request draws upon reaching different benchmarks. Usually, the buyer only pays interest on the amount of the credit that has been drawn. Once the home has been completed, the line of credit is converted to a permanent loan, hence the name construction to perm loan. John Jorgenson of Long & Foster is the exclusive agent for Stanley Martin Custom Homes.
	04 Budget There are 3 components to a Build-On-Your-Lot transaction: The cost of the land, the new home, and the site costs and permits. Visit WeBuildOnYourLot.com to preview homes and obtain cost estimates. The land price depends on proximity to the city and Metro. Site work costs vary depending on the lot and jurisdiction, however, reference our Stanley Martin Custom Homes Sales Handout for current estimates. Add these three numbers together to budget your total transaction cost. John Jorgenson of Long & Foster is the exclusive agent for Stanley Martin Custom Homes.
	05 Site Considerations When looking for a Tear-Down lot or empty property, make a list of site considerations that are important to you. Some examples are suitability for a walkout basement, home orientation, how many steps to the front door, resource protection areas, etc.. There are many other factors that could affect the type of home you can build on your property. Let Stanley Martin Custom Homes take care of the process with a Services Agreement. John Jorgenson of Long & Foster is the exclusive agent for Stanley Martin Custom Homes.
	06 Site Work Site costs are the activities that are jurisdictionally specific or tasks that are specific to a lot for development. Some examples include: driveways, landscaping, permits, street cleaning, demolition, dirt export, tree removal and fire sprinklers. Site costs are specific to each lot and can vary widely, especially if the lot has never been developed before. So check the Stanley Martin Custom Homes Sales Handout for more detailed information and estimates. John Jorgenson of Long & Foster is the exclusive agent for Stanley Martin Custom Homes.
	07 Contract How to secure a building lot with a contingent contract once you have identified the perfect lot? Because you have already been pre-approved for a construction loan, you should be able to place a contingent contract quickly. Expediency is required because other buyers and other builders are competing for the same properties. The video discusses the steps from locating a property to settlement. John Jorgenson of Long & Foster is the exclusive agent for Stanley Martin Custom Homes.
	08 Next Steps After watching the videos in this site, the next step is: If you would like to learn more about the process, come to one of our presentations at the Reston office of Stanley Martin Custom Homes. If you own a lot or have a ratified contract on a property, call me to set up a meeting. If you are in market for a property, obtain a construction loan pre-approval from one of our preferred lenders. The preferred lenders list is in the Stanley Martin Custom Homes Sales Handout. Buyers who want a higher level of service should consider the Services Agreement to have direct access and answers to their questions before they make an offer on a property. If you are looking for a realtor, I will be happy to help you locate the lot for your future home. John Jorgenson of Long & Foster is the exclusive agent for Stanley Martin Custom Homes.
	09 Services Agreement What is a Services Agreement? If you have a property under contract, with a study period, you do not need a Services Agreement to receive services from Stanley Martin Custom Homes. However, if you want to invest time on the property search with the support of our team, you can sign a Services Agreement. Our team will help you evaluate properties for suitability of building your dream home. For instance, we will verify the lot fit to ensure that the floorplan that you have chosen will actually fit in the lot. If you are looking for a realtor, I will be happy to help you locate the lot for your future home. John Jorgenson of Long & Foster is the exclusive agent for Stanley Martin Custom Homes.
	10 SMCH How to Calculate Square Footage of Your Home At Stanley Martin Custom Homes, we follow the guidelines set by ANSI to calculate the square footage of a house: Conditioned space, above grade, that you can walk on. That means that garages, basements, etc., are not included in the calculation. To determine the price of the house per square foot, divide the cost of the house by the square footage of the home. You must also take into consideration what you get for what you pay: Types of windows, type of siding, appliance package, etc. Join our email list or call us for more information.