I am interested in having a home built because I think that maybe it would be more affordable for me to have a home bult vs a home that is already built. I don't have a down payment to put on a home that is already built and if i take out a loan from the bank to put a down payment on the house, then I would have to pay the bank and real estate and that would just be more money that I can't pay.. But If I were to just take out a loan and have a home built, the only people I would have to pay back is the bank. Does this sound like I would be making a good decision if I were to have a home built vs. buying one?
2007-03-20 18:40:07 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If you have not saved any money for a down payment then it is time to get more serious and save save save. Having a house built is very time consuming and without experience you will be slugged with those hidden costs that were not initially made clear like extra costs for footings is a classic and this could add up and the reason why some blocks are cheaper than others. Then when built you will need extra for floors and window treatments. Outside work needs to be done. Gardening and landscaping are not cheap and can also be back breaking. More bad news building is usually in areas further out which will cost you time and money in travelling expenses. However if you are still keen check it out yourself. There is no hurry. It is a decision that will keep you in debt for a life time so don't rush. Banks are keen to lend so they will advise. Agents can also advise but be cautious as they do get kick backs. (money for clients)
2007-03-20 23:46:30 · answer #1 · answered by njss 6 · 0⤊ 0⤋
it is MUCH more time consuming to have your own house built, so take that into consideration.
2007-03-20 18:50:16 · answer #2 · answered by Karen H 3 · 0⤊ 0⤋