Pratt’s Custom Homebuilding FAQ

The Top 12 Most Frequently Asked Questions

Because Custom Home Building is such an exciting concept, we get lots of questions. Here are answers to some of the most common. Remember however, that each home is unique. For specific information, be sure to stop by the nearest Pratt Model Home, view our furnished model homes and speak with one of our professional Sales Associates.

We build exactly what you want, exactly where you want it. We'll make your home completely yours. We offer homes at a full range of prices. But even with the most affordable collection of homes, you not only get a long list of plans to choose from, you get all sorts of opportunities for customization. And you get the very same customer care and industry-leading warranty as all our Pratt homes.

1) Question: What is "Build on Your Lot" construction?

Answer: The concept is simple. Use a homesite you already own or pick the exact lot or homesite from among the thousands of building lots in the area that you want to live on and then select a plan from our more than 100 exciting Pratt home designs.

2) Question: Do I need to own a homesite, land or property before I visit a Pratt Home Model?

Answer: Absolutely not! We have skilled staff waiting to help you get started. They can provide tips on what to look for and how to get the most for your money as well as maps and listing showing available lots throughout the area. Please feel free to visit one of our Model Homes at any time or call for an appointment to discuss ideas for your new home.

3) Question: Will I need to purchase home plans?

Answer: There are several major advantages to building your new home with Pratt. One important difference is home plans. Many other builders require that you purchase home plans before they will even begin to work with you. But any of Pratt’s exciting new home designs can be built "stock" with no plan cost whatsoever! You can use the money you save to get just the home you always wanted.

4) Can I build my new home if I have a home to sell?
A great number of our customers do just that. Most lending institutions have no problem with providing construction financing for the new home as long as the customer financially qualifies to do so. With most other homebuilders the customer makes interest payments for the amount of work completed on their new home.  But when you choose a Pratt home we make the interest payments for you so you are not making two house payments during the construction phase of their loan. In addition there is Pratt’s exclusive List to Build program than can help you sell your home and even make your house payments for you* should it not sell before time to close on your new custom home.
*Subject to certain restrictions and limitations.  Your Pratt Associate can provide details.
 
5) Question: How does "Built on Your homesite" financing work?

Answer: It is a lot like purchasing an existing home except that the cost of construction is determined separately from the cost of the land.  Once the total cost is determined, you simply apply for a mortgage loan.  Pratt has an affiliated lender experienced in Build on Your Lot Mortgages who will help with this process.

6) Question: How much of a deposit is required when I sign a Purchase Agreement to build a Pratt home?

Answer: A minimal deposit is normally all that is required to begin the home of your dreams. For more information, simply stop by a Pratt Model Home and let one of our Sales Associates provide all the details.

7) Question: Can I count land equity towards my mortgage down payment?

Answer: Yes. In fact many property owners have enough land equity that they do not need any cash funds at all for a mortgage down payment.

8) Question: Does Pratt provide written estimates?

Answer: Most other builders use your purchased plans (see the question above) to develop a "rough estimate" of costs for your new home. The process can take weeks. But Pratt has Rapid Pricing that provides a basic estimate for any Pratt Plan along with any available changes, options and upgrades you select within 48 hours. You simply select the exact plan to meet your family's needs, choose the elevation (exterior look) that appeals to you most and then personalize your plan to suit your needs. You select exterior materials, paint, floor coverings, roof color, and appliances. You can even move walls, add closet space and square footage to make your home uniquely your own. You get the home you always wanted and avoid costly "custom" prices.

9) What is included in the price of the home?
We pride ourselves in having the most complete standard features in the industry. In surveying our homeowners, the number one reason they selected Pratt and Associates was Price and Value. No other builder could offer this level of craftsmanship, and still offer this much square footage for the price. Visit the Pratt Model Home closest to your building location to see our complete list of standard features.

10) How long will it take to build my new home?
Our commitment to the highest level of quality is unwavering, but we understand how important time is and we respect that. We are one of the few builders that will provide you with a written guaranteed move in date.  Typical construction time is 120 days but may vary depending on lot location, utility hook-ups, etc.

11) When does construction begin?
Although we share your excitement in starting your new home, there are several requirements that must be satisfied prior to commencing the construction phase.  Typically it takes approximately 30 days after completion of the purchase agreement. 
Below are some of the things that take place in the first 30 days:
1) Complete a Purchase Agreement and make your initial deposit
2) Close the construction loan
3) Complete all of your selections, approve your floor plans and elevations
4) Complete all Community architectural approvals, if applicable.
5) Satisfaction of local government approval for septic system and building permits.

12) What warranties are included with the purchase of my new Pratt home?
First and foremost is the exclusive Pratt Peace of Mind Plan.  It is without a doubt the most comprehensive builder warranty in our area.  You are provided a Pratt Warranty binder that contains the Pratt Peace of Mind Plan, as well as our Ten-Year Insured Transferable Structural Warranty. The guidelines to qualify for this warranty are so strict that only 1% of builders nationwide qualify to offer it. Requirements include not only superior building materials and workmanship, but financial management and customer satisfaction as well. Professional Warranty Corporation, which provides the insured warranty, is one of the largest construction insurance companies in the country and Pratt & Associates has been recognized for having one of the lowest claim rates in the nation.