2007-07-25 12:44:06 · 5 answers · asked by andy t 1 in Business & Finance ➔ Renting & Real Estate
Here are your options:
You could pay cash each week to the workers and suppliers.
You could do it the old fashioned way and chop trees and build it yourself; or
You could get a loan and finance it.
I have done 1 and 3 and am seriously considering doing 2 so this is not a sarcastic answer. There may be more options but I do not know of any. I guess one that I forgot is that you could tap your rich relatives but I have none so that doesn't work for me.
Good luck to you.
2007-07-25 13:00:25 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Advances are made by the lender as any new dwelling is built, and portions completed and approved by the county building inspector.
It's to your advantage to have a construction loan as interest is paid only on the advances. Once you close, your lender will arrange the permanent financing.
2007-07-25 19:57:51 · answer #2 · answered by Credit Expert 5 · 0⤊ 0⤋
You can use a differant kind, but why would you? Unless you have cash to pay for the construction they are the golden ticket.
2007-07-25 19:56:09 · answer #3 · answered by Landlord 7 · 0⤊ 0⤋
No, not if you have the funds to pay cash for the job or have a "hard money" lender willing to back it.
2007-07-25 19:50:21 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
No, but how will you pay the contractors for the construction?
2007-07-25 19:50:32 · answer #5 · answered by William H 5 · 0⤊ 0⤋