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[quote=Anonymous][quote=Anonymous][quote=Anonymous]If you are under contract when do you start paying the mortgage and when do you expect to move in? I have no idea how this works. [/quote]

You pay a deposit when you go under contract. At that point, you then make all your design decisions. You pick your countertops, floors, tile, etc. you also select architectural upgrades like a screened porch, etc. you don’t start paying the mortgage until the house is finished. At that point, we get to inspect it and then once it is ready, we close on it and at that point we start paying the mortgage.

[b]That is the big advantage of building with a large builder vs. a one-off tear down new build. We considered both. Typically with a new custom build, the buyer actually purchases the land and you begin paying the mortgage on the land immediately and then start paying for the construction loan during the construction period[/b]. The advantage with the custom horn though is you can truly personalize it, you pick the floor plan, exterior materials, literately everything. There are certain selections with Toll where we didn’t love any of the options (example - the countertops).[/quote]

Agree that is an advantage, though not always true for tear-downs.  Perhaps with a one-off builders or the ones you connected with.

We live in a Bethesda new build-tear down.   Builder had purchased the lot.  We signed a contract and paid the builder 10% deposit.   Made all the selections as you describe (every single countertop--kitchen, laundry room, each bathroom, cabinets, toilettes, showers, tile in each bathroom, color of floor stain, types of stair case banisters...you name it).   Once the home was complete, inspected, etc. we went to closing and executed the purchase with a normal 30-year loan.

That said, I do love the idea of a completely new neighborhood with amenities as described inside the beltway-- enjoy your new place![/quote]

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