Whether you own a vacant lot, single-family home or a commercial building, you likely will pay property taxes. These types of taxes have been collected in the U.S. since early colonial days, and they are not going away. In the words of Benjamin Franklin…”Nothing is certain but death and taxes.” Here’s some information to help you better understand property taxes. What are Property Taxes? A property tax is a tax that is imposed by a local government entity, like a county, city or town, on the value of property in its jurisdiction. Unlike income or inheritance taxes that are connected to…Read more
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Home 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 more
Construction 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 more
Why 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 more
Land & 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 more
Construction, 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 more
Will 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…Read more
New Years Resolutions for Selling Property in 2014 — And A Look Back At Some Hot Topics
Happy New Year from LotNetwork.com, and here’s to a great 2014 for you whether you are selling residential lots and land, buying property for a new home or project, or building and developing to sell new homes. We covered many useful real estate and homebuilding topics in 2013, and will give you a brief overview of some of our most popular posts from the past year that you can use throughout this new year too. List Now & Sell Your Property with these 3 New Years Resolutions Start off your new year with a fresh look at your property listings….Read more