Frequently Asked Questions
At Madison, we cover the expense of your first appraisal which is used to secure your financing. A normal appraisal fee these days can range from $500 – $650.
A construction loan is typically a higher-interest loan that provides the initial funding required to build your home. As your home is being built, your builder will draw down on this loan to fund its building costs. You are required to not only secure the construction loan, but also pay the interest each month on the outstanding amount of the loan. Also, with construction times running longer than usual, the costs associated with these loans is increasing.
Unlike other builders, Madison builds your house using our money, saving you the hassle and expense of a construction loan. Read more about it here.
We normally leave that up to our customers! You know what type of land is best for your family.
We have several trusted lending partners that have worked with Madison for many years! Our Building Consultants will be happy to direct you to the lender that is best suited for your situation.
Closing costs are the fees and charges in excess of the purchase price of the property due at the closing of a mortgage loan transaction.
At Madison, we agree to pay your standard closing costs up to 2% of the amount of your build. This means even more savings for you!
Many customers will start the land search online through MLS websites like Redfin and Zillow. We have found that customers tend to have the best buying experience when working with the seller’s agent direct – but feel free to work with any agent you prefer.
Our build times (from the time the footer is poured until we receive the certificate of occupancy), is running 250 days, much longer than usual given current supply chain issues and labor shortages. With that said, because we are building your home using our funds, we have every interest in completing your home on a timely basis.
While the base price of our homes is the same in each county, some counties require additional premium fees that will add to the overall cost of your house. When you download our Free Home Plan Book, you will find a summary of these fees by county.
Most lenders, including our trusted lenders, allow for land/home packages so you don’t have to own your land outright to build your new home on it.
For qualified landowners, there is no down payment required. Most home builders require a hefty deposit when the contract is signed. At Madison, except for the $500 application fee, we don’t ask to be paid until the job is finished.
If you own land, you are all set. If not, you will need to at least identify the property that you would like to purchase in order to include that in a land/home financing package, typically called a Construction to Permanent Mortgage Loan. If you own your land, but carry some debt on it, you may be able to arrange a similar type of bundled financing to build your new home and pay off the balance of the land debt. Your Building Consultant or Lender Representative can provide further details using the terms and conditions of each specific property.
Our social media posts will always have a JOB# in the description. For current estimates, relay the job number to your Building Consultant. They’ll know what to do next! If you don’t have a Building Consultant yet, fill out our Free Home Plan Book at the top of our website. A team member will reach out to you soon.
The question should be, what is the lowest credit score a lender will accept and this question can only be answered by the lender you decide to use. One of the first steps you take will be to establish a budget for your home and to do that, you will need to meet with a lender to learn just how much you have to spend on your new home.
We understand that every customer is different with different needs and wants and while we are not a custom homebuilder, we can modify our plans to a certain degree. Our staff of in-house draftsmen are typically able to make the changes you desire, saving you the expense of hiring an architect to draw your plans. We ask that you talk to a Building Consultant about what you are looking for in a home, our professionals are always here to help!
No we are not a modular builder. We build on site, commonly known as “stick-built”. We believe this traditional style of building gives you the quality home you deserve.
This question varies from each house plan we offer. It is best to talk to your Building Consultant regarding the needs of your family and features you want in your forever home!
Since we build all over the Carolina’s for active customers, we do not have any homes for you to walk through. We try to capture virtual walkthroughs on our social media and website by pictures and videos.
There are many areas of opportunity for upgrades in all areas of the home! Below are just a few: Cabinets, Countertops, Flooring, Exterior Siding, Faucets, Lighting, Appliances, Hardware, Interior and Exterior Doors, Tiled Showers, Fireplaces, Garages, Paint Colors, and even the Kitchen Sink.
Yes! Our Building Consultant will guide you as much as you’d like! In each of our sales and design centers, we have samples for see and touch. And, from experience, we can help you narrow down your options to pick out the perfect selections for your home!
Our Building Consultants will show you all the selections we offer, as well as what is standard and what are upgrades. Tight budget? No problem! We know our pricing like the back of our hands and can help you stay within your budget. The base price of your house includes our standard options which we believe are of high quality.
Q. Who do I have as a contact throughout the building process from selections to getting my house built?
You have access to a friendly, capable, and resourceful pool of home experts throughout your build – be it your Building Consultant, your Construction Superintendent, Construction Assistants, our Admin Team, and our Closing Coordinators. Madison has built a team with decades of experience and they have YOU specifically in mind. Not every situation is the same, we want to get to know you and help craft the right solution.