Miles Homes provides unlimited options for customizing your home. Because of that flexibility, there are many factors to consider before you make your final decisions. Using the proper resources is essential in organizing your project. Our exclusive program provides the tools necessary to examine every phase of construction and the countless details before you begin. What's also important is that you will be able to make adjustments before closing on your construction loan.
Consider that with your participation in coordinating the project, as well as any work you do yourself, whether it’s framing, painting, or finishing work, money that would have been spent is now yours to save, literally under your own roof. That's what we call "sweat-equity": the more you do, the more you save.
Appraised value of future home, including land:
$250,000
Total expenses including land, materials and labor:
200,000
Amount of equity in your finished home:
$ 50,000
actual sweat-equity
With Miles Homes, you can earn rebates by working to get your home finished in less time. You save by coordinating the work yourself, you save by doing some of the work yourself, plus you can get money rebated back to you by completing your home in less than eight months -- even more is rebated if you finish in less than six months!
Why pay full fees for our services when you don't need our services for the full twelve months?
Where to Begin
1. First, discuss your objectives with one of our experienced home equity consultants and tell us what your particular needs are. We will help you determine how the Miles Homes program can best be utilized for your personal situation.
2. Select a floor plan for us to estimate pricing for you that includes all of your customized features to suit your personal and budget priorities. We will begin to determine your preliminary building budget. Upon submission of a credit application the lender determines the pre-approval status for your construction loan. With the rebates you can earn by finishing your home early, your savings will really add up!
3. Complete our Service Agreement and receive your pre-construction guide.
4. Work with our professional draftsmen to make any necessary modifications to your plans.
5. Find, negotiate, and purchase land, with our assistance if needed. If you already own land, it need not be paid in full.
6. An appraisal is done by a local independent appraiser who uses your plans and your home specifications on the lot you’ve selected.
7. Together we perform the remaining pre-construction tasks such as compiling subcontractor bids, reviewing the real estate contracts and the completed appraisal, making final material selections, completing your final cost to build, and obtaining all necessary title work and insurance required by the lender.
8. The lender issues your final loan approval.
9. Close on your construction loan at a local title company or attorney’s office. Your 12-month loan term will begin. Receive your construction guide.
10. Submit required documentation and blueprints to your local building department for your permit.
11. Begin actual construction.
With Miles Homes you have a true partner while you’re building your home. Our commitment to you is steadfast through the close of your construction loan as well as through the entire building process. While you control the job yourself, you will rely on Miles Homes to monitor your progress and to provide a constant source of information, service, and support.
How to Proceed
All labor will be performed by you or qualified tradesmen of your choice. All materials, labor, and fees will be paid for directly from your loan through draw requests. Inspection checklists are also provided. Keep in mind that Miles Homes has system tools that will empower you to control every phase of your project, one step at a time:
16. Countertops, lights, appliances, floor coverings, and paint.
17. You can choose your permanent loan terms with our lender or with the lender of your choice. On average, actual construction time is only 4 to 6 months, while the term of the construction loan is 12 months.
18. Receive incremental rebates based upon completion.
Contact us today about earning equity while you build your dream home.
