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Exclusively Inverness Magazine - 0125
Q & A, What To Expect When Building A Home
We sat down for a Q & A with builder Anthony Pecoraro from Benchmark Developers in Arlington Heights to get more info on the process of building a dream home.
Q: How did you get into the building business?
A: It's a family business. So my dad's been doing this a lot longer than I have. He's been doing it for over 50 years, and I was always around it growing up, and doing a little bit more and more, starting from sweeping to framing to this and that. And just started getting more involved in the office side, and, you know, doing my own deals more and more. So it's just growing within the family, and yeah, it's been a fun process.
Q: How long have you been in business?
A: So Benchmark has been since 2014, which was when I started getting more involved. So that's when me and my dad did our own thing. But previous to that, it used to be Wellington Partners, which was around a lot longer than that.
Q: What projects do you currently have in works?
A: We have one single family home a custom spec single family home in Barrington, 610 Fairfield and then we have a couple others that we're getting through in the pipeline, along with some multi-family as well.
Q: How long typically does it take to build a house from the time somebody says, I bought this land, to the time that they can move into the house?
A: So if you already have the property, there's a design period, so you're going to have a period of time that you go back and forth with the architect, which is probably about two months to three months, depending on how long the city takes for permits. And then once you have a permit, once you can physically put a shovel in the ground, you could expect seven to nine months, really, depending on how decisive you are on selections and colors and finishes.
Q: Does a person typically need to get an architect or does the builder have plans? How does that work?
A: We have some plans that we can work off of, but we also have an architect on staff, which is my wife, Eleni, so we could do our own custom design completely, or you could start with some of our designs and make modifications as well. If you're starting with one of our designs, obviously that process can go a lot faster than the two to three months for the design period.
Q: Picking the finishes and things like that, do you have somebody who can do that or help with that.
A: We do. We have a design team that is pretty good at staying up with the trends. They can provide input, and they can go to stores with you, to help make selections and give advice.
Q: A lot of people don't realize how much it costs to build a house today. What is a ballpark cost per square foot to build a home?
A: So, a good number to put into the back of your mind is $350 a square foot. It can be done for cheaper, but it could also very easily cost much more than that. But $350 is a good starting point to plan for. I think if you're thinking less, you're probably lying to yourself, to be honest. There's certain things that a house, whether it's 10,000 square feet or 2,000 square feet, you still need, you still need a furnace system, and that cost is the same, obviously there's more duct work. It's a little bit more on a bigger home, but you still need a furnace, you still need a foundation, you still need windows. So there's certain things that, yes, they become less expensive when they're smaller, but since the home is smaller, those costs still exist.
Q: Building a ranch home is going to be more expensive per square foot than building a two story home, correct?
A: Right, because a ranch, your foundation, is much bigger, your roof is much bigger, there's more brick, there's more siding, more stucco. So yeah, on a per square foot, that number goes up a little bit.
Q: Does that $350 include everything, clearing the land and the driveway and hooking up to the water and sewer?
A: That would get you pretty much all in. I'd say the only thing that wouldn't be counted in that would be design and permitting, because that really varies from city to city. But yes, you would have a full turnkey house. Again, that doesn't include some of the crazy specs that I've seen before. If you want a basketball court in your basement, I don't think that's going to be in that number.
Q: When somebody comes to a builder with their plans and they get a price for that. Obviously the finishes fluctuate, but the basic bones of the house, is that a kind of a fixed price? If the costs of materials go up during building, does the price of the house goes up?
A: At the early stages, we give solid numbers. When we commit to a cost early on, we stick with it. So the price fluctuation of material wouldn't vary through the duration of the project. So once we commit to a number, we'd stick with it! We'd give what we call an allowance for finishes, because it's hard to pick your tile and your flooring and your cabinets so early on. So we factor in what we think it would cost. And then if you make selections that cost more, it would be a little bit extra. If you make selections that cost less than those amounts, you'd get money back.
Q: What type of payment schedule is there? How much do I have to put down to get the house started, that sort of thing?
A: It's a little bit early heavy. So a lot of the expenses of foundation, framing, roofing and windows are really early on. So, 50% of your cost is going to be when you're only 10 to 15% in, and then from there, like I said, if the schedule is seven to nine months, it's kind of broken down relatively evenly on the months after that. Give or take a little bit, 5 or 10% but it's going to be broken down into payments based on percent complete. So we do billing based on what's been completed on the project so far.
Q: And then is there a communication process? Do you check in once a week or how does all that work?
A: So we're pretty flexible. If it's your home, we'll let you in as much as you want, walk around as many times as you want. We always have somebody on site. But in general, we have certain scheduled meetings, pre dry wall, obviously. We also have selection meetings throughout the process for cabinets, colors, tiles, flooring. Then, obviously, pre closing, we'd have a walk through and a punch list that we'd create. And then after closing, we'd be addressing that punch list, and then a final walk through.
Q: How quickly do I need to have all my decisions on, tile, floor colors, cabinets etc.? How quickly does that need to be decided?
A: If I had what I wanted, it would be the day after we started. The buyer has to start making decisions right away. It's something that we would be giving some hard deadlines on if we want to keep the schedule moving. But generally, windows need to be very early, roofing colors need to be very early, wood flooring, etc. The lead times on some of these things can be six to eight weeks. So generally, you want to be six to eight weeks ahead of when you need that material for selection.
Q: The permitting process and the inspections. Do you handle all of that?
A: We do. We're well versed with most towns and the permitting process and inspections. Yes, we as the builder are on top of all those.
Q: How have features changed over the years? You've been in the business, a long time. The house you're working on now on Fairfield in Barrington, what are some of the features there that buyers are looking for?
A: So, the first floor ceilings are 10 feet. I wouldn't say that that's average or normal, but I think that's what people like now. I think nobody really does an eight foot ceiling home anymore. I think nine is a little bit more standard, but even that is starting to look a little low. And then we have some rooms that are vaulted. The second floor, all of the bedrooms, we like to vault them, we like to use the ceiling and attic space that we can. But generally, nine to 10 foot is pretty standard for us at this point.
Q: And then I imagine, over the years, insulation has gotten so much better, heating costs are much lower now for a newer house than they were?
A: Yeah, these houses are becoming pretty airtight, so we're able to really save on your bills. I think the last home we built, it was a 5,000 square foot home, their peak winter gas bill was only $90! So that felt like an accomplishment on our part. I've seen older condos with $200 gas bills, so that was really impressive for us.
Q: Is there a warranty on the house?
A: We give a one year warranty that covers general material and labor. So any defects that have come up in the one year. If you go smash your wall, that's obviously not something that is really covered. But if your fridge stops working, if your furnace is having issues, if you're seeing drywall cracks dependent on what's the cause of it. We would address those things and basically servicing any of the equipment that's in the home. We'd be covering that for the first year.
Q: What features are the best bang for your buck, where you could spend a little bit more money but get a lot back for it?
A: I think ceiling heights in general, really, any floor, even the basement. It just creates a wow factor. So anywhere you can maximize ceiling heights, whether that be two story living areas or vaulted areas, that's always a great bang for your buck, and it's something that you can't fix later. You're not going to be adding a foot to your ceiling height in 50 years from now. So if you can do it now, it's something that's money well spent. You can always add lighting and change cabinets and change your floors, but you can't change your ceiling height.
Q: What is the best piece of advice you would tell someone looking to build a home?
A: It's not the easiest process. Regardless of how good of a builder you're dealing with. There's a lot of decisions that need to be made that you don't even realize that you don't agree with a lot of people on. So there's tough conversations that need to be had and arguments that can last a few days, but I think it's important to always remember that this is going to be a beautiful home regardless of the colors that you select and the minor finishes that you make or selections that you make. When you're done, you're going to be very happy regardless. But it's a tough process, but it's enjoyable and it's fun, and you get to put all your own touches and spin on every little item. So enjoy the process. Don't take it for granted and have fun with it.
Q: And what is the biggest mistake people make when they're building a house?
A: When their taste is not today. Go on Instagram, go on all the designer pages. Get educated on what today's styles are and maybe what tomorrow's styles are. Try to stay with what people like today. Also, maybe this is a better answer, stay neutral on style.
Q: So the house you're building in Barrington, when did you start building that house and is it for sale?
A: We broke ground in October and it should be done in May. It is for sale for $1,999,000.
www.610Fairfield.com | | | | | |
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