Cost +, not to exceed or Lump Sum Contract?
Some of you have graciously followed my saga of selling/buying/or building since my DH passed away NYE and I am back, with a question of many more to follow, I am sure.
I did sell my 4090 SF home and plan to close May 16...and the buyers have been so good to work with and assured me that nothing will stop them from buying this house...they do not have to get a loan.
After having a condo sold out from under me, when I asked for a mold inspection, nothing has come up "back home" to buy or rent, so I am back to the building mode. And as my good fortune, the Amish crew that DH and I had originally talked to about building for us, had their "late Aug.-early Sept." build not be able to get their financing and he said he could slip me in that slot and have me in by Christmas.
I have to keep it modest and watch what I do, and it will be in the 1500-1600 SF range, but is it if DH is looking down "speaking" to me.
Now for my question. I trust these builders completely...we have inspected their work in the past and they have a wonderful reputation for their work and committment. What kind of a contract is more to my advantage?...Cost +, not to exceed $---, or a Lump Sum Contract? Pros and Cons of both will be appreciated.
This is a huge step for an old woman, but since our lot on the little lake never sold, this seems to be another "sign" on what I should do. A former classmate who has just lost her second husband too, has graciously invited me to live with her until my build is complete....UNLESS something ready built comes up very soon~~
Thanks for all your help and I am sure I will be back asking more....this is hard to do by myself, but DH was an architect/contractor and I have been around construction quite a bit....but not on the "paying" side of it.