We just completed building a new home. The estimated "time and materials" contract was for $459,000.00. The actual outlay of money was $746,000.00. That is 62% over budget! In our case, the builder's estimated-"time and materials"-contract, in our opinion, amounted to nothing less than the equivalent of a blank check made out to the builder. Briefly, we signed our contract with our builder on Sept. 30, 2003. We thought we were purchasing a modular home. We believed our contractor was "a builder" for the modular home company. It turns out that instead of the contractor being a "builder for" the modular home company, the modular home company was the builder's subcontractor. This is clearly spelled out on the modular home company's web site, but it is something that we, as novices and naive clients, did not appreciate the significance of until it was too late. If you are new to building a house, this is one reason why you should read on and benefit from our missteps. Our reason for wanting a modular was that we expected a nearly-complete home that would be craned onto our foundation greatly shortening the time it would take to occupy it. "On time and on budget," as advertised by the modular home company. Owing to difficulties preparing the lot and because of the need to blast ledge, the modular home was eventually delivered in September 2004. We finally occupied the house in August 2005, eleven months later . So much for having a nearly-complete, ready-to-occupy, on-time-and-on-budget, home craned onto our foundation! What happened? Without informing us, our builder subcontracted the modular company to build what amounted to a shell. We believe the house was ordered in that condition so that the builder could do more of the work on site. This delayed the completion of the house by months. This was supposed to be our retirement home and our dream house. Instead our contract held us hostage to our project for nearly two years and it nearly decimated our savings. This in no cliché... this dream house is the proverbial nightmare. We have been so soured in our dealings with the builder and the process that we may never occupy this house. Before signing a contract with any builder email us at help@buildingcontract.org and we'll try to help you avoid the mistakes that we paid dearly for.