Stockpile Cash Before Custom Building a Home
(Newswire.net--February 16, 2013) Carrollwood, FL—So much of the custom building and design of a new home can be so exciting from the idea of handpicking faucets to the shape of the exterior rooflines, but keep in mind that the banks take a different view on the asset valuation from a lending perspective. A home is not a home unless it is already constructed.
Equity valuations in homes are determined by a historical assessment of an existing edifice that has a pre-existing tangible price. Prospective home buyers must keep that in mind when determining whether they are seeking an already built home or a design idea that will be built in the future.
Normal scenarios of home buying involve seeking the total purchase price and negotiating with a bank or lending institution that will accept the market valuation, then determine how much of an “equity” down payment they will require depending upon the buyer’s credit score and other assets in their net worth portfolio. Once this determination is made, the buyer has a set monthly mortgage amount that they pay until the home is paid off or the buyer sells, whichever comes first.
Custom homes require a lot more planning since in order to begin building, the buyer must advance payments to their contractor for building supplies, materials, and labor. This process involves stages of payment drawdown that can be sizeable depending on what stage they are in and the extent of the work and materials involved.
A good professional home builder that designs and custom makes a home, manages this process with the buyer very well. They know what is entailed and the timelines that must be scheduled and met in order to take on this project. Since there are a lot of moving parts, expectations must be managed well with multiple parties that are seated at this “contracting table”. A custom builder that handles this well makes the biggest difference and can actually smooth out the process to make it enjoyable and memorable. In Carrollwood, Fl, which is a bedroom community just North of Tampa proper, there are expansive land areas that are available for such building projects. Here in Carrollwood, Boger Homes has emerged as a very well reputed builder that possesses these skills to keep the clients calm and under control. They have an impressive array of built homes in their portfolio and are proud to share these with any prospective home buyers.
Boger Homes can be contacted for a free consultation at: (813) 949-0074 http://www.bogerhomes.com/
21859 SR 54 Suite 800
Lutz, FL, 33549
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