Concrete is a mixture of cement, sand, gravel, water...
Reinforced concrete includes wired mesh to avoid some cracking.
The concrete quality is relative to workmanship, stable base (consistency of concrete/good gravel material/good bearing soil), drainage above and under, the final mixture of all the elements.
~Poured concrete (common);
~Block for basement ;
~Pier for unstable soil / concrete with steel beam for soft underground;
~Permanent wood foundation.
The Primary foundation considerations are structural strength, dryness or water proof, energy efficiency.
To understand how a new construction is priced, you need to know what are the costs involved. The percentages below are just approximate numbers and may vary over the years.
~ 28% for the materials
~ 24% for the land
~ 20% for labor <li> 9% overhead
~ 8% profit
~ 6% Sales & Marketing
~ 5% Financing
(Excerpt from Certified New Home Specialist training class)
When the father of one of my clients came from France a few years ago to spend a month with his son, he was shocked to see how poor most of the new constructions were in Chicago. As a contractor himself he was pointing out the lack of attention to details, and was amazed to see that people were willing to pay so much money for such mediocre quality homes. Since then I decided to become a certified new home specialist to understand better new constructions.
First thing to look for when buying a new home is making sure that the developer/builder has the proper license and permit. Pemits should be displayed on the site. If no, you can always contact the Building Department at the City of Chicago to verify that the builder/developer is in good standing meaning that all inspections are being done.
But whether the developer/builder is licensed or not, you must check his/her credentials: years of experience, training and affiliations with trade associations, certifications. Find out if the builder/developer has an after-sale service program and get it in writing. Find out what other projects he/she has done in the past and go talk to the owners to assess quality and service. Quality and service do come at a cost. Never buy a home based solely on its price and features.
You can get more information on the developer/builder through American Homeowners Foundation ( http://www.americanhomeowners.org/AHF/links%20pages/consumerprotectionoffices.htm ) or Better Business Bureau.
Do a court search, to ensure that there is no lawsuit pending again him/her.
Don't rely on your lawyer to do the work for you. Take the time to read the contract, bylaws, rules and regulations and don't be afraid to ask questions. Pay special attention to the disclosure statement regarding the description of the site and buildings, landscaping, common facilities and the proposed budget of expenses for the first nine month of operation. If the development is partly sold, request a proof that monthly assessment have been paid by current owners, and request copy of the minutes of all the meetings that took place if any. The developer/ builder IS the condo association until the last unit is sold. He MUST then turn the association over to the new owners.
10 years of condominium, loft and townhome expertise, that will save you stress, time and money.
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