The time depends on the size of the home, the number of options selected, and whether it is a detached or attached home. A 1,800-2,000 square foot ranch (single-story) can be built in 3 to 4 months. A 1,800 square foot townhome also takes 3 to 4 months. A two/three-story home with 3,000 sqare feet can take 6 -7 months. All these times can vary dependent upon all selections, financing, weather, franchise utilities (electric power, natural gas), etc.
Are you a custom builder?
Terry-Peterson builds homes to suit the needs of our buyers, with careful attention to customization that allows the homeowner to create the interior décor they want. Hundreds of structural and finish options are available on every home we build. Major custom structural changes and/or full home customizations are not available in most of our neighborhoods. Terry-Peterson chooses to focus on producing homes in a highly organized, disciplined environment that allows on-time deliveries and great value/affordability. In certain neighborhoods, Terry-Peterson will create and sell lots to individuals or other Builders to allow for custom homes at different price levels.
What types of options are available?
Terry-Peterson offers hundreds of options for every home we build. The stage at which the customer purchases the home determines how many options are available. For most new homes, options ranging from extra bedrooms, bonus rooms such as room-over-garages, screened porches, added bathrooms, all flooring types, appliances, cabinets, countertops, electrical additions, fixtures, etc., are available for the homeowner to choose. Even with our completed homes that are purchased at the end of construction, our agents have already put on their “buyer hats” and selected many beautiful and popular options.
Can we change options during construction?
Yes. Terry-Peterson has one of the most innovative software programs in the industry, allowing for staged selections to occur during construction. For example, many options can be selected, or re-selected, as long as the request occurs before certain milestones in construction. We call them “option lockouts”, whereby certain stages of construction have been determined as the latest possible time to make an option change without sacrificing the construction schedule. As long as that change is requested in time, it can be achieved. Our software allows for the agent onsite to submit changes to the system throughout 90% of the build process.
How do I go about purchasing a home from Terry-Peterson?
The process of purchasing a home from Terry-Peterson is designed to be simple, efficient, and as stress-free as possible. Interested parties can contact our online sales counselor (see our website front page), call our onsite Sales Agent (visit the particular site page on our website to obtain the phone number), or simply visit our site Model Homes in person. Buyers can use our preferred Lenders to get pre-approved for a mortgage. Once you’ve decided on the perfect home and the right timeframe, contracts can be signed and the process of finalizing financing and picking available selections can begin. Then relax and watch us construct the home and make it 100% move-in ready.
How do I get a mortgage?
In order to obtain a mortgage, speak with our site Sales Agent to get a list of Preferred Lenders for the community you are interested in. The mortgage loan officer can either call you directly, or you can call them. Or you can meet on site in the comfort of our model homes. The Lenders will request the household financial information necessary for review. Then he or she will send the application through the lending company’s “underwriting department” to find out if a mortgage is approved and what terms and attributes such a mortgage would have. There are many types of loans, including Conventional, VA for veterans and active military, FHA, USDA, VHDA. Most of these loans are categorized by which Federal financial institution guarantees the loan. The Mortgage Lender, represented by the loan officer, “originates” the loan by working with you. His/her mortgage company will follow the standards for your particular loan type, and advise both you and the settlement/closing office on the particulars of getting the loan “closed”. The best thing to do is follow the instructions of your loan officer and help them succeed in getting your loan approved and closed.
Is closing cost assistance available?
Yes. At most Terry-Peterson communities, when you purchase a new home, Terry-Peterson will contribute a generous amount toward your closing costs. This helps the buyer close on their home with less cash than they would have needed otherwise. Closing costs are those fees and costs that are outside of the sales price of the home, such as loan origination fees, title search fees, and recording/legal fees. See your site Sales Agent for available closing costs assistance.
Do you offer military discounts?
From time to time, special promotions for Military Personnel may be available. Military buyers who are using their VA loan eligibility, in some cases, are able to receive more closing cost assistance under the VA cap than a buyer who is non-military with another loan type.
Warranty – what if I have a problem after closing?
Your home comes with a 1 year builders warranty and a limited 10 year home buyer’s warranty through Bonded Builders. Within the first year of closing on your home all warranty issues would be directed to our Warranty/Customer Relations Department. Thereafter, you would contact Bonded Builders or your Homeowner’s Association.
Why buy a new home now instead of renting one?
For most buyers who intend to live in a home for more than a year or two, buying is a better financial decision than renting. This is based on nationwide analysis to include all costs associated with buying vs. renting, such as tax advantages, inflation adjustment, and home value forecasts. With today’s historic levels of home affordability, buying a home now is a better decision than ever. Especially considering in recent years, rents have risen up to 5% or more per year. Owning a home removes the risk of being displaced on short notice, or being notified the same apartment you’ve occupied will cost more each year. And a new home is more than just a structure. Owning a home gives you the freedom the make your house or condo into a “home”. Whether it’s painting the walls or adding wallpaper, hanging fixtures or shelving, installing home theatre equipment, adding or changing flooring or fixtures, or remodeling a room as time goes on, you will always know that it’s yours to make whatever enhancements you choose. And that the efforts you put into your home will add value that you retain. We invite you to enjoy the experience of buying and owning a Terry-Peterson home.
Why should I buy a new home instead of a resale?
The top ten reasons for buying a NEW homes over a Resale are the following:
Choice in the building process – getting your dream home
Modern and Updated floorplans
Peace of Mind by eliminating unattended problems of previous owners
No need to remodel
Annual Savings in lower utility bills and owning new products within the home
Better construction techniques and building codes
New homes are easier to sell in the future
Financing options offered by Builders for new homes are better than resale
Builder incentives such as generous Closing Cost Assistance
The heat is rising and the sun is shining! Which means it’s time for summer fun in Hampton Roads. Arguably one of the most popular seasons in the area, summer is the perfect time to get outside, into the water, on the trail or wherever else suits you! It’s a time to make priceless memories with family and friends that will be cherished for a lifetime.