Anne's Advice
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Dear Anne, I am looking into buying a lot, but all of the ones that interest me require demolition. I really want to purchase land, but I don't think I will be able to afford a tear down. What should I do?
-Discouraged in Darnestown A: Dear Discouraged, Dear Mystified, Contrary to popular belief, buying a lot which requires a tear down is often more affordable than purchasing vacant land. This is the case because of government imposed Impact Fees, which are one-time charges meant to offset the additional public-service costs for new development. Impact Fees can range upward of $30,000! Here is the good news; demolition generally ranges around $20,000. Not only this, but you also get the peace of mind knowing that you are entering an established neighborhood. Sometimes venturing out into unchartered territory can be more stressful because of unrealized Home Owner Association (HOA) regulations.
I strongly advise you to reconsider your stance on
buying the land that you are so passionate about.
Don't let a little demolition hinder your chances of obtaining your dream lot! - Anne
To submit a question, email newspost@classicmd.net or visit our Online Assistance page. |
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Builder News
The clock is ticking! Time is running out for significant savings.
You Magazine
February 2010
Attention home buyers! Waiting to buy a home could cost you nearly $20,000 or more over a seven-year period if you time your purchase incorrectly. While the actual impact will vary depending on purchase price, the impact will certainly be significant because of stimulus programs scheduled to end in the coming months.
Economic turmoil and the real estate bubble have created significant opportunity for all those seeking to capitalize on the situation at hand. YOU Magazine will address the real estate purchase market and what people interested in both buying and selling a home need to know this month to take advantage of the current market conditions.
We also consulted with Michael J. Maher of "The Maher Team," one of the busiest agents in the country who sold 216 homes in 2009. With a degree in mathematics, he knows his numbers and the impact on both buyers and sellers.
As little as a few years ago, it would have almost been incomprehensible to expect that actions from Washington would impact decisions involving the purchase and financing of real estate. Well, that was then and this is now and the decisions people make or don't make stand to impact wallets across the country.
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Classic Homes Events...
Attend our "Open House"
In March 2010, Classic Homes is hosting an Open House. This is your best opportunity to learn about Classic Homes. Tour one of our completed models, talk to finance reps, and learn all about our new products and specials. Refreshments will be served.
Other Upcoming Events:
March - Hard Hat Tour
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Jamie's Picks of the Month
- Restaurants: Ray's the Classics is an offshoot of Ray's the Steaks, the Arlington
phenom that shook up the meat market almost six years ago with
top-quality cuts served at agreeable prices in unglamorous digs.
- Around Town: Georgia O'Keeffe: Abstraction More than 90 paintings, drawings and watercolors by O'Keeffe, as well
as a selection of close-up photographic portraits of the artist by
Alfred Stieglitz.
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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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