Anne's Advice
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Dear Anne,
For the first time my wife and I are considering buying a lot and building a home. We don't know where to begin. All we know is we need a piece of land. There are so many different lots in all different shapes, sizes, etc...where do we start? How do we know we're headed in the right direction?
- Klueless in Kensington
Dear Klueless,
There is no question you guys can do this! I have several tips to help you get your homework done. First, and most important cross off the lots that aren't in a location/area where you would consider living. Next get on the internet and go to the Maryland State Tax Record page and search lots, by county and address, you still haven't nixed. These records will tell you the details of the lot, deed info, plat reference, and other preliminary info. Then call the county where the lot is located and ask them questions like what zone is the lot, are they aware of any issues, is it well and septic or public water and sewer, are there any past permits that weren't approved, and anything that comes to mind. Now using all of the information narrow down your list to your top 3 choices. Call the sellers of those lots and ask them the same questions you asked the county. This will give you the knowledge you need to make educated decisions in the steps to come. If at anytime you feel lost or confused you can always call us and we will help you stay on track. - Anne
To submit a question, email newspost@classicmd.net or visit our Online Assistance page. |
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Construction to Perm Financing: Your Best Bet "Construction to permanent financing is not complicated," says Bennett, "but many consumers just don't quite understand the nuances that make it different from a conventional mortgage." This Saturday, November 14th, from 1 to 3 p.m. at Classic Homes offices in Rockville, Mike Bennett will join us for a "Construction Financing Q&A" to discuss all issues related to construction financing. In addition, Classic Homes representatives will be available to answer questions about the building process. Refreshments will be served. "While construction financing terms and guidelines vary from bank to bank, many banks doing construction loans today look to final value when evaluating a construction loan mortgage application and appraisal," says Mike Bennett of Presidential Bank in Frederick, Maryland. In other words, the bank and its appraiser will look at the 'total package' - the value of both the lot and the home to be built there - when evaluating the application and appraisal. If you plan to build on the lot immediately or within a short period of time after acquisition, it makes sense to enter into a contract for both the lot and house so that the lender can evaluate the total package when assessing how to determine the value of the project. "The loan we want to consider is for a completed house on a piece of property," says Bennett, "and that is the best way to get full value for the project." A lender will want to see a lot contract together with a builder contract with specs and plans so they can properly assess what will ultimately be the total package.
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Classic's Events Construction Financing Q&A
Now
is a great time to buy! New financing initiatives make building on your
lot easier than ever. At this Q&A meet one of our preferred lenders to learn about Construction-to-Permanent Financing and meet
Classic Homes representatives who will answer your questions on
construction and home design. Refreshments will be served. Other Upcoming Events: Look out for Classic Homes' 2010 Schedule of Events!
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Builder News
Buy a House, Get a Check
By Stephen Ohlemacher November 5, 2009
WASHINGTON (AP) - Missed out on Cash for Clunkers?
Congress has another deal for you: Buy a home before May 1 and collect
up to $6,500 from the government. If you're a first-time homebuyer, get
up to $8,000.
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Jamie's Picks of the Month
- Restaurants: BLT Steak - Pedigreed beef, a dedicated sommelier, a proper cheese course, a room
that doesn't demand a dark suit -- BLT Steak adds something fresh to
its genre.
- Around Town: National Air & Space Museum - Opened in 1976, the Air and Space museum explores the dramatic story of
aviation, from the first fleeting successes to the successful landing
on the moon 60 years later. The museum also explores the science of
flight, the politics of space exploration and the concept of the
universe. The space has soaring galleries and beautiful views of the
Capitol and Mall.
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We hope you enjoyed the latest news and events from Classic Homes of Maryland. We look forward to hearing from you with questions and comments. Just send an inquiry/comment to info@classicmd.net.
Sincerely,
Classic Homes of Maryland
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