Building a Home
This is a fantastic option for many people. If market conditions are right, and you have the money to do it, there is nothing better than having everything “brand new”. There are some things to consider when building:
How can I be sure I sell my home in time to move into my new home?
This can be a very difficult problem. Often, it is not considered in people's budgets to be able to afford two mortgage payments, and almost always the principle on the first house is to be used as a down-payment on the new house.
As a Realtor, there are things we can do to help the selling process. Right away, a comparative market analysis will be conducted on the home that is going to be sold. At that point an evaluation should be made to determine the asking price for a home. It usually is a balance between more money- more time, or less money, less time. A Realtor can strategically price your home so that it will usually sell within the desired time-frame.
If I don't sell my home in time, what options are available to me?
There are all sorts of flexible financing options available through many different lending institutions such as interest only loans and blanket loans that will make paying for two homes easier financially than carrying the burden of two conventional mortgages. Consult your lending professional regarding specific details about financing options.
posted by Brandon Fowler @ 7:23 PM
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