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The Cost Of Building A House

January 26, 2023 by Clean N Dry Today

The Cost Of Building A HouseAre you in the market for a new house? If so, you might be thinking about building your own house. It can be exciting to go through the process of building a house, as you will be in control of just about everything. On the other hand, how much is it going to cost you to build a house? You need to make sure you have an estimate before you decide to move forward with your project. 

What Is The Actual Cost Of Building A House?

First, it is important to go through the actual itemized list line by line. You will need to purchase land if you are interested in building a house. Then, you need to lay the foundation. The price of all of these options is going to vary depending on your location and the square footage of your foundation overall. 

You will also have to go through the process of framing your house, and you will need to put a roof on your house. Then, you will need to purchase appliances, utilities, and various finishes and fixtures along the way. Remember that you will also have to apply for permits from the city.

What About Financing A New Build?

If you are building your house, you still have the option to take out a mortgage; however, you need to specify when the interest rate on your construction loan is locked in. It will be a process to finish the house, and interest rates could change during the course of the construction. The mortgage company will want to start earning interest as soon as possible, so you will need to negotiate both with the lender and the construction company to ensure you understand the terms.

You will also have to go through the same vetting process as you would for any other mortgage. You need to make sure you have favorable credit, enough income to cover your housing payments, a low debt-to-income ratio, and a sizable down payment. If you are interested in building your house, you will probably be required to put 20 percent down, but if you are willing to put more money down, you may be able to qualify for a lower interest rate. 

Filed Under: Real Estate Tagged With: Construction, New Home, Real Estate

Should You Sell Or Rent Your Primary Residence

January 24, 2023 by Clean N Dry Today

Should You Sell Or Rent Your Primary Residence Are you interested in purchasing a rental property? Instead of buying a new one, you might want to convert your primary residence into a rental property, particularly if you plan on moving in the near future. At the same time, you might think it is better to sell the property and take the cash instead. Which option is best for you?

Potential Issues Converting Your Primary Residence To A Rental Property

If you want to convert your primary residence into a rental property, there are a few important issues to keep in mind. First, you must make sure you have lived in the home long enough to qualify for beneficial mortgage rates. Because the property is your primary residence, you probably received a lower interest rate. Check your mortgage contract and make sure you have lived in the property long enough to convert it to a rental property. You don’t want to be accused of mortgage fraud.

Also, remember that your real estate taxes might go up if you convert your primary residence into a rental property. You qualify for lower real estate taxes if you live in the home you own. Once the government realizes you no longer live there, your real estate taxes could rise. 

The Benefits Of Converting It To A Rental Property

If you can navigate these issues, there are a few benefits to converting your primary residence to a rental property. For example, you will have an additional, reliable stream of passive income that you might be able to use to qualify for your next mortgage. Furthermore, the amount of money you may charge for rent could go up over time.

You can hold the property for a longer amount of time, so you will enjoy additional capital appreciation. That means if you wait longer to sell the property, you should get more money for it. 

Think About Your Choices Carefully

You should think carefully about whether you want to sell your primary residence or convert it to a rental property. Each option has its benefits and drawbacks, and you need to think about which choice is best for your needs. Do not hesitate to reach out to an expert who can help you. 

Filed Under: Real Estate Tagged With: Investment, Primary Residence, Real Estate

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