Buying, selling, financing, and furnishing your new home is a fun and exciting challenge. Look at the articles, columns, blog posts, radio shows and videos for advice on new construction home building. With these helpful home construction tips, building a new home is a whole lot easier.
Consider Real Estate Market When Making Investment
When you're considering buying an investment property that is pre-construction you need to look at the deal carefully. Certain areas of the country are awash in real estate investment properties such as condominiums. What do you need to consider if you're buying investment property with hopes of flipping it?
Real Estate Lawsuit Concerns New Construction
What happens if your new home gets built on the wrong lot? You may be involved in a lawsuit with the builder, mortgage lender, title company and real estate agent. To sort out who's responsible for what and to ensure that you get clear title to your new home, make sure to hire a good real estate attorney.
Construction Loans Versus End Loans
A residential construction loan is used by a homeowner while he or she builds a home. The lender gives the borrower a bit of money at a time as the building is put up. When the home is up and the homeowner moves into it, an end lender - meaning a lender that wants to give the borrower a permanent loan - will finance the property as it would any home, without dealing with construction issues. During the construction process, the lender will give you money to continue with your construction. Each time you need money for the construction you request a "draw" on the loan. Once a portion of the loan is paid to you, you have to start paying interest on the loan.
Highway Will Affect Home’s Value
A home buyer is considering a home that has a 4-lane expressway proposed being built behind the backyard and wants to know if it will affect the home's value. Having a major highway in the backyard could limit appreciation in the home's value and be more of a nuisance than the buyer might realize. It might be wise to pass on this home and find one that will have an opportunity to grow in value.
New Construction Mistakes Lead To Water Damage
What happens if you buy new construction and the home has a lot of water damage? You can try to work with the new construction builder to repair the water damage. But if that doesn't work and you still have water damage, you'll likely want to talk to a real estate attorney.
New Construction May Eliminate Tall Trees
What can you do if new construction on a neighboring lot will impact your property? You can talk to the new construction developer or to the county to try to get some resolution. In addition, a real estate attorney may be able to help you get compensated for the loss of the trees.