Considering New Construction?

So you want to buy a lot and build your dream home!

ME TOO!

But make sure you are doing your due diligence and know all of the costs ahead of time.

Some costs to consider:

• Digging a well

• Septic system

• If there are utilities run to the property you still have sewer and water tap fees that can be 10’s of thousands of dollars

• Excavation

• Tree removal

• Are there other utilities run to the property?

• Is there a driveway?

• Are there roads, who maintains the roads?

• Survey of the land

• Architectural drawings

• Permits

• Purchasing the land itself. Typically either cash or some local banks will do interest only land loans but they are typically much shorter term and will eventually need to be rolled into the mortgage once house is built.

• Construction loans: Some loans you pay on the loan as you go, some you do not start paying until house is complete and rolled into a regular mortgage at time of completion. Need a good lender to talk to? I’ve got you covered!

And these are all things to consider before you even start building!

If you have questions, please schedule a call with me and let’s chat!