Cost is one of the most important factors to consider when buying or building a new home, so understanding what goes into the cost to build a house can be extremely helpful. Whether you’re in the market for a new home or just evaluating your options, in this article we’ll explore some of the latest reported housing data for insight about what it may cost you to build a new house. Did you know that the average sales price for a new single-family detached home in the United States is $384,100 and the average cost to build a house is…
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How to Buy Land at Auction: Benefits and Terms for Buyers
Sold …to the highest bidder! If you’re in the market for purchasing real estate, you may want to consider the benefits of an auction. Real estate auctions are an accelerated process for buying properties through public sale, with many potential benefits to the buyer. Here are some of the points to consider if you want to buy land at auction: Commitment to Sale Real estate auctions take the stop, start, false-start out of the land buying process because sellers are committed to the sale. Purchasing property is an important investment, and buyers often invest a lot of time and resources…
Read moreHome Construction Loans (Part 2 – Terms for Construction Loans)
Home construction loans help you finance your new home from the ground up. This page describes the typical Terms for Home Construction Loans, and is the second part of our article that will help you understand all about construction loans and how they work. [Click here for Part 1 of this Article on Home Construction Loans] << Previous Page Terms for New Home Construction Loans In addition to construction budgets, draw schedules, converting loans and some of the other unique aspects of construction loans we’ve described, continue reading to learn about how construction loans work and the typical loan terms….
Read moreConstruction Loans: Financing Your New Home from the Ground Up
Home construction loans help you get from a vacant lot…into your dream home. So if you’re dreaming of building a new house from the ground up, you first need to understand construction loans. Home construction loans are not like most loans and in this article we describe how they work, typical loan terms and how these loans are different from other real estate loans. Also read our other articles in this series on real estate loans for buying land and building homes: First, generally learn about lot loans, land loans and construction loans so you can decide what type you…
Read moreWhy Do Banks Treat Lot And Land Loans Differently?
From a borrower’s perspective, it often is more difficult to get lot and land loans than it is for the same borrower to get a loan for buying a built home. Understanding the bank’s perspective can help explain some of the reasons why lot loans and land loans are treated differently by banks. In the first article in this series we discussed how your own personal situation and needs can help you decide whether you should seek a construction loan, lot loan or land loan for buying a homesite and building a new home. In other related articles we explained…
Read moreLand & Lot Loans: The Dirt on Financing Your Property Purchase
In our first article in this series we help you decide between loan types, and whether your situation means you need a construction loan, lot loan or land loan for financing a lot purchase and building a new home. We’ve also described the details about home construction loans and their unique terms and procedures. This article gives you some more information about the particulars of Land and Lot Loans. It’s safe to say that loans for vacant land are different than “purchase money loans” for buying already-built homes, and there are a number of reasons why banks treat land and lot loans differently. In…
Read moreConstruction, Lot & Land Loans: What Type of Loan Do You Need?
Buying land and building a new home can be an exciting experience, and if you plan to get financing you need to understand your options related to lot loans, land loans and construction loans. What kind of loan is right for you? Even though it may seem obvious, this question does not always have a clear answer and the subject often is misunderstood by potential borrowers. It’s important to understand that these loans have unique characteristics and the lending options that are available for you will depend on factors like your personal situation, the type of property you are buying,…
Read moreWill Your Next Home Be Pre-Owned, Spec or Built from the Ground Up?
Your search for the American Dream. What to consider when choosing the path to your next home… Most people dream of owning their own home at some point; that’s why it’s called the American Dream. All prospective buyers want to find the right home for their family and their lifestyle, but the way each of them get there can be very different. Do you buy an existing new (“spec”) home? A previously-owned home? Or do you build the home of your dreams from the ground up? If you’re ready to pursue the American Dream – for the first time or…
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