Does It Matter Which Lender I Use For A Construction Loan? Yes, it absolutely matters! You should choose your lender carefully. Most construction loans are issued by banks, not mortgage companies, as the loans are typically held by the bank until the building is complete. Because construction loans are more complicated and varied than mortgages, you will want to work with a lender that has experience with...
What Is A Contigency? A contingency is funds set aside to cover unexpected costs that may occur during your home building project. This money is not earmarked for any specific scope of work but is reserved for unforeseen costs that may arise. Contingency For Cash Buyers If you are paying cash for your project, balance is required in determining the amount of contingency you should set aside. You will want...
Why Conduct A Feasibility Study? The purpose of a feasibility study is to determine whether it is financially feasible to build on a particular piece of land before you are committed to purchasing the land. A feasibility study can also help determine if building on the land is possible at all. It is recommended that your offer to purchase the land include a minimum 30-day but preferably 45-day contingency...
The simple answer is ‘NO’. Why? Land usually comes with restrictions and limitations that must be accommodated by the house plan. Those restrictions might include: square footage number of bedrooms height length and/or depth of house zoning In addition to requirements imposed by the jurisdiction or property characteristics, which home will fit best on the property can vary. For example, is...
It is tempting to think that the purchase price is the most significant expense when buying land. After all, if you pay less for land, it must be a good deal, right? Not always. The true cost of land includes unseen expenses when your intention is to build a house on that land. Some of these hidden costs can be easily accommodated while others can be detrimental to the success of the build. Sometimes...
There are many decisions that need to be made when you want to build your dream home. Which builder should I select? When should you select a builder? Which lender should I use? Which piece of property should I buy? In what order should you make these decisions? With the ‘on your lot’ building model, it is best to make these decisions in the following order, if you have the opportunity:select your...
Location You get to choose the location of your home, what school district your children will attend, what view you want, and how your home is situated on the property. Are you looking for a water view, a mountain view, access to a park or nature preserve, or room to spread out? You can do it with an ‘on your lot builder’. There is nothing like having full control over your new home build. Lower...
On Your Lot Builder An ‘on your lot builder’ (or ‘build on your land builder’) is a builder who constructs your customized home on your land. The builder does not own the land and has not invested resources into development of the property. Suprema Homes is an ‘on your lot builder’. Spec Builder On the other hand, a spec home builder or ‘speculative home builder’, purchases land, develops...
We can answer any questions you have about building a new home on your land. Free consultation.
"*" indicates required fields
