Build Your Own Dream House!

So you’re thinking about building your own house, are you? Well, you’ve come to the right place! It’s a lot of fun (hard work and eventually fun!) to build your own home and it will save you thousands of dollars(we saved over a Hundred Grand by doing it ourselves – that’s pretty significant cash!). If you happen to live in a Large City, like Los Angeles, or anywhere that Real Estate Values are ‘close-to-insane’, you could potentially save millions of dollars. Interested, you say?? Read on, My Friend, Read on…!

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How to Get Money: You’ll need lots of money! Don’t stop reading! There are ways of getting financial support in order to build a house Thiam Siew Condo price. It certainly helps if you have a swack of cash in the bank. I’d say at least $20,000. – $100,000. to have as a back up – there are a surprising number of things that seem to come out of nowhere that require a quick injection of cash. The amount you will need to ‘get in the ground’ is, of course, dependent on the style and size of your home.

Also, if you already own a home, you’ll be familiar with the territory and may have a fair bit of equity, which you can use to leverage other cash. Contact your Bank to get an Appraisal of your current home and see how much you can qualify for a Line of Credit.

We’ll look at Mortgages, Builder’s Loans, Personal Loans and Line of Credit options. Often, it’ll be a big ‘ol combination of all of the money you can get your hands on in order to pull this off! Remember, this is not the same as buying a house already built, hiring a builder to build it, or buying a ‘previously enjoyed’ house. You’ll be completely responsible for every aspect of the building process.

To get the money to Build Your House, the Banks send out Appraisers to determine how much of your house has been completed before they will release the Draw Money — remember the Appraiser Scene in The Sopranos?? Well, that’s one of our favorite scenes — Dwight laughed so hard he nearly fell out of his seat! If you’re not a Sopranos fan, the Appraiser gets into ‘some trouble’ with the Mob, if you know what I mean! ha,ha,ha!

I’m sure there are some good Appraisers out there, who actually know that when the Roof is done, the Subfloor is already in place… d’uh! But even if you have the weeniest appraiser known to mankind, you still have to be really nice and just be prepared with your own cash to continue on with the job. We had to carry the whole project right past the Lock-Up Stage, when the banks usually release the First Draw after the Subfloor is done.

Thank Goodness we had sold our other house first, so that Equity Cash was in the Bank, because that would have been a terrible situation otherwise. So now I would advise having at least $100,000. on hand before you start your own build, just in case. The amount is variant on the size of your house, of course, and we always build big, so do the math and come up with how much you will actually need to get yourself all the way to Lock up, and have that money available before you start.

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