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SVTPerformance's Chain of Restaurants
Road Side Pub
Questions for those who have built a new home while before selling your existing home
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<blockquote data-quote="blownfox" data-source="post: 16306938" data-attributes="member: 57628"><p>We just finished a custom build late February this year. We paid cash for a 1/2 acre lot (our down payment). We did not want to deal with the headaches of a construction loan( dealing with contractors, bad quotes, poor quality, ect). I told the builder what we wanted and if it was not correct, he fixed it at no additional cost to me. So we deeded the land over to the builder. He took 5 months to complete our house mainly because we only finished the upstairs and I'm finishing the basement. We had to qualify for the loan before the builder broke ground. This was based off our debt-to-income ratio for carrying both mortgages. We were fortunate our house sold within 48 hours of being listed and we closed on out</p><p></p><p>As for the budget, we selected a builder with high allowances and we were only 5% over the original estimate. Most of that was because I rolled the wrought iron fence into the loan.</p><p></p><p>I would talk with a couple of realtors and see how fast homes are selling for your current home. We listed our last home for 189K and it sold for 191K. Homes under 200K range were selling very fast in my area.</p><p></p><p>We had a very good building experience and the superintendent still helps me when I have questions on the basement. I even order my cabinets for the basement through him and he even helped me install them.</p></blockquote><p></p>
[QUOTE="blownfox, post: 16306938, member: 57628"] We just finished a custom build late February this year. We paid cash for a 1/2 acre lot (our down payment). We did not want to deal with the headaches of a construction loan( dealing with contractors, bad quotes, poor quality, ect). I told the builder what we wanted and if it was not correct, he fixed it at no additional cost to me. So we deeded the land over to the builder. He took 5 months to complete our house mainly because we only finished the upstairs and I'm finishing the basement. We had to qualify for the loan before the builder broke ground. This was based off our debt-to-income ratio for carrying both mortgages. We were fortunate our house sold within 48 hours of being listed and we closed on out As for the budget, we selected a builder with high allowances and we were only 5% over the original estimate. Most of that was because I rolled the wrought iron fence into the loan. I would talk with a couple of realtors and see how fast homes are selling for your current home. We listed our last home for 189K and it sold for 191K. Homes under 200K range were selling very fast in my area. We had a very good building experience and the superintendent still helps me when I have questions on the basement. I even order my cabinets for the basement through him and he even helped me install them. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Questions for those who have built a new home while before selling your existing home
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