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Tafkam Hokie
Joined: 10/07/1999
Posts: 40,227
Likes: 21,984
Tafkam Hokie
Founder Subscriber

The lenders I have talked to didn't have an issue financing the land

but they all insisted on only loaning 80% of the final appraised value, so I need 20% up front...which I have. And yes, I'm aware construction loans are interest only, typically at whatever the going mortgage rate is +1%, with a maximum duration of 1 year that needs to roll into a mortgage once you have the occupancy permit. I am trying to deliberate between arranging the mortgage up front so the construction loan auto-rolls into a mortgage vs. worrying about that a year from now. According to the builder, Town of Christiansburg inspectors are reasonable. Montgomery County inspectors are not...and the property is in Christiansburg. He was very concerned whether the land was in C-burg or the county early in the discussion.
Posted: 08/22/2023 at 09:15 AM ET
(In response to this post by MrBayAreaHokie)

Thread Replies (45)

Full Thread →
Anyone contract to have a home built before? What kinds of things
Tafkam Hokie • 08/22/23 08:16 AM ET
My advice get a solid contract with the price of every single trade
jdkhokie • 08/22/23 09:57 AM ET
On the plus side, by girlfriend's dad actually is an attorney
Tafkam Hokie • 08/22/23 11:21 AM ET
Our house was a custom built house and we remained social friends with the
Galenahokie • 08/22/23 09:10 AM ET
^^ this ^^
RichwebHokie • 08/22/23 09:39 AM ET
One of the potential cost-saving measures we're looking at is leaving a lot
Tafkam Hokie • 08/22/23 11:18 AM ET
There are also things I prefer to leave to the professionals, otherwise...
EDGEMAN • 08/22/23 11:19 AM ET
There are also a lot of things I'd rather do myself
Tafkam Hokie • 08/22/23 11:31 AM ET
yup**
PhotoHokieNC • 08/22/23 10:15 AM ET
I had a home built in 2019. Couple of thoughts.
MCL3 Hokie • 08/22/23 08:53 AM ET
And if someone you meet says these things aren’t necessary,
PhotoHokieNC • 08/22/23 10:30 AM ET
Your #3 is exactly the kind of thing I was looking for. Thnx.**
Tafkam Hokie • 08/22/23 09:17 AM ET
On the money side…
MrBayAreaHokie • 08/22/23 08:42 AM ET
The lenders I have talked to didn't have an issue financing the land ◄
Tafkam Hokie • 08/22/23 09:15 AM ET
either that way or buy land with no zoning **
bigbadbird • 08/22/23 08:46 AM ET
Check out manufactured housing too
EDGEMAN • 08/22/23 08:35 AM ET
^^^loves him a quonset hut!^^^**
PhotoHokieNC • 08/22/23 10:16 AM ET
Got any other links?
Tafkam Hokie • 08/22/23 09:31 AM ET
Modules constructed in PA and moved to your site**
SEZ Hokie • 08/22/23 02:06 PM ET
I like this one from sagemodern**
EDGEMAN • 08/22/23 10:13 AM ET
It's pretty clear you and I have very different taste in homes
Tafkam Hokie • 08/22/23 11:34 AM ET
OH HECK YEAH!**
NokieHokie • 08/22/23 11:30 AM ET
Looking through most of the pictures, it appears the ones I like...
EDGEMAN • 08/22/23 10:21 AM ET
And another...**
NokieHokie • 08/22/23 11:39 AM ET
Another good Asheville architect inside...**
NokieHokie • 08/22/23 11:37 AM ET
In Asheville, yes! Link inside...**
NokieHokie • 08/22/23 11:32 AM ET
i would casually bring up fishing and see how much he talks about it
bigbadbird • 08/22/23 08:27 AM ET
First, get a lobotomy. Then try to locate a competent local
PhotoHokieNC • 08/22/23 08:27 AM ET
I genuinely think I've got a contractor that is worthwhile
Tafkam Hokie • 08/22/23 08:37 AM ET
There so much more to homebuilding than framing. If you want to know
PhotoHokieNC • 08/22/23 08:48 AM ET
has he asked for any money up front? **
bigbadbird • 08/22/23 08:40 AM ET
Not yet, but we haven't signed anything either
Tafkam Hokie • 08/22/23 08:43 AM ET
One last bit from me -
PhotoHokieNC • 08/22/23 09:15 AM ET
I'll admit, I'm a little scared. I just don't see any other option
Tafkam Hokie • 08/22/23 09:23 AM ET
I sure understand all that. We were in the same position and got lucky.
PhotoHokieNC • 08/22/23 09:33 AM ET
have you ever tried to have anyone fix anything at your current home?
bigbadbird • 08/22/23 08:49 AM ET
Yeah, that part scares me. I do pretty much everything around the house
Tafkam Hokie • 08/22/23 09:07 AM ET
now this is getting really expensive Photog- i would go KIT Cabin now
bigbadbird • 08/22/23 08:30 AM ET
Cheap in, cheap out.**
PhotoHokieNC • 08/22/23 08:46 AM ET
zoning- septic sewar water utilities,if the GC is bonded - or out on bond
bigbadbird • 08/22/23 08:23 AM ET
We've been looking for a year.
Tafkam Hokie • 08/22/23 08:31 AM ET
any thoughts on expanding current ?
bigbadbird • 08/22/23 08:34 AM ET
Yes, we've looked at that.
Tafkam Hokie • 08/22/23 08:41 AM ET
my boss actually bought a very nice shed type thing and put it in his
bigbadbird • 08/22/23 08:44 AM ET
I need about 600 sq ft, not just a shed
Tafkam Hokie • 08/22/23 09:04 AM ET
Typically banks don't finance lots, so you have to pay cash for the land.
NokieHokie • 08/22/23 08:22 AM ET